§ 14-167-209 — Bonds - Trust indenture, lease, etc

(a) The ordinance authorizing the bonds may provide for the execution by the municipality or county of an indenture which defines the rights of the holders and registered owners of the bonds and provides for the appointment of a trustee, who may be a trustee within or without the state, for the holders and registered owners of the bonds. (b) The indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation, those pertaining to: (1) The custody and application of the proceeds of the bonds; (2) The maintaining of rates and charges; (3) The collection and disposition of revenues; (4) The maintenance of various funds and reserves; (5) The nature and extent of the security and pledging of revenues; (6) The rights, duties, and obligations of the municipality or county and the trustee; and (7) The rights of the holders and registered owners of the bonds. (c) It shall not be necessary for the municipality or county to publish any indenture, lease, or other agreement if: (1) The ordinance authorizing an indenture, lease, or other agreement is published as required by law governing the publication of ordinances of a municipality or county; (2) The ordinance advises that a copy of the indenture, lease, or other agreement, as the case may be, is on file in the office of the clerk or recorder of the municipality or the county clerk of the county for inspection by any interested person; and (3) The copy of the indenture, lease, or other agreement, as the case may be, is actually filed with the clerk or recorder of the municipality or the county clerk of the county.

Legislative History

Acts 1981, No. 53, § 6; A.S.A. 1947, § 13-2406.