§ 14-201-113 — Bonds or notes - Terms and conditions

(a) The bonds or notes may: (1) Be coupon bonds payable to bearer, subject to registration as to principal or as to principal and interest, or fully registered bonds without coupons; (2) Contain exchange privileges; (3) Be issued in one (1) or more series; (4) Bear such date or dates; (5) Mature at such time or times; (6) Bear interest at such rate or rates; (7) Be in such form; (8) Be executed in such manner; (9) Be payable in such medium of payment, at such place or places; (10) Be subject to such terms of redemption in advance of maturity at such prices; and (11) Contain such terms, covenants, and conditions as the resolution may provide, including, without limitation, those pertaining to: (A) The custody and application of the proceeds of the bonds or notes; (B) The collection and disposition of revenues; (C) The maintenance of various funds and reserves; (D) The investing and reinvesting of any moneys during periods not needed for authorized purposes; (E) The nature and extent of the security; (F) The rights, duties, and obligations of the commission and the trustee for the holders or registered owners of the bonds or notes; and (G) The rights of the holders or registered owners of the bonds or notes. (b) The bonds and notes shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions for registration set forth herein.

Legislative History

Acts 1957, No. 115, § 11; 1981, No. 425, § 48; 1983, No. 442, § 2; A.S.A. 1947, § 19-4071.