Arkansas § 14-184-123 Bonds - Trust indenture

Arkansas Statutes

§ 14-184-123 — Bonds - Trust indenture

(a)The authorizing resolution may provide for the execution by the district with a bank or trust company, within or without the State of Arkansas, of a trust indenture.

(b)The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the board including, without limitation, those pertaining to:

(1)The maintenance of various funds and reserves;

(2)The nature and extent of the security;

(3)The issuance of additional bonds and the nature of the lien and pledge, parity or priority, in that event;

(4)The custody and application of the proceeds of the bonds;

(5)The collection and disposition of assessments and of revenues;

(6)The investing and reinvesting, in securities specified by the board, of any moneys during periods not needed for authorized purp

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(a) The authorizing resolution may provide for the execution by the district with a bank or trust company, within or without the State of Arkansas, of a trust indenture. (b) The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the board including, without limitation, those pertaining to: (1) The maintenance of various funds and reserves; (2) The nature and extent of the security; (3) The issuance of additional bonds and the nature of the lien and pledge, parity or priority, in that event; (4) The custody and application of the proceeds of the bonds; (5) The collection and disposition of assessments and of revenues; (6) The investing and reinvesting, in securities specified by the board, of any moneys during periods not needed for authorized purposes; and (7) The rights, duties, and obligations of the board and the holders and registered owners of the bonds.

Arkansas § 14-184-123 (Bonds - Trust indenture) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.