Arkansas § 14-164-810 Bonds - Trust indenture

Arkansas Statutes

§ 14-164-810 — Bonds - Trust indenture

(a)The ordinance authorizing bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture that:

(1)Defines the rights of the owners of the bonds; and (2) Provides for the appointment of a trustee for the owners of the bonds.

(b)A trust indenture executed under this section may:

(1)Provide for the priority between and among successive issues; and (2) Contain one (1) or more of the provisions stated in § 14-164-809 and any other terms, covenants, and conditions that are deemed desirable.

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(a) The ordinance authorizing bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture that: (1) Defines the rights of the owners of the bonds; and (2) Provides for the appointment of a trustee for the owners of the bonds. (b) A trust indenture executed under this section may: (1) Provide for the priority between and among successive issues; and (2) Contain one (1) or more of the provisions stated in § 14-164-809 and any other terms, covenants, and conditions that are deemed desirable.

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