§ 14-164-312 — Bonds generally - Trust indenture

(a) The ordinance authorizing the bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture which defines the rights of the owners of the bonds and provides for the appointment of a trustee for the owners of the bonds. (b) The trust indenture may provide for the priority between and among successive issues and may contain any of the provisions set forth in § 14-164-310 and any other terms, covenants, and conditions that are deemed desirable. (c) A municipality or county is not required to publish an indenture or other agreement if: (1) The ordinance that authorizes the indenture or other agreement: (A) Is published as required by law governing the publication of an ordinance; and (B) States that a copy of the indenture or other agreement is on file in the office of the clerk or recorder of the municipality or county for inspection by an interested person; and (2) A copy of the indenture or other agreement is filed in the office of the clerk or recorder of the municipality or county.

Legislative History

Acts 1985, No. 871, § 5; A.S.A. 1947, § 13-1243; Acts 2007, No. 603, § 1.