§ 14-201-114 — Bonds or notes - Trust indenture

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

Legislative History

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