§ 12-41-708 — Bonds - Terms and conditions

(a) As the county jail board, municipal jail board, or public instrumentality jail board shall determine, the bonds: (1) Shall be registrable as to both principal and interest; (2) May contain exchange provisions; (3) May be in a form and denomination as the board determines; (4) May be payable on a date or dates as the board determines; (5) May be stated to mature at a time or times as the board determines; (6) May bear interest payable at such times and at such rate or rates as the board determines; (7) May be made payable at places within and without the State of Arkansas; (8) May be made subject to terms of redemption in advance of maturity at times and at prices as the board determines; and (9) May contain other terms and conditions as the board determines. (b) The bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration or ownerships as set forth in subsection (a) of this section. (c) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and under the provisions of the resolution of the board authorizing the issuance thereof.

Legislative History

Acts 1983, No. 918, §§ 10, 11; A.S.A. 1947, §§ 46-456, 46-457; Acts 2003, No. 1772, § 1.