§ 14-203-107 — Bonds - Trust indenture

Arkansas § 14-203-107

• Jurisdiction: Arkansas
• Title: 14

Text

(a) The ordinance may provide for the execution of a trust indenture by the municipality with a bank or trust company within or without the state. (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 governing body including, without limitation, those pertaining to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the maintenance of various funds and reserves, the investing and reinvesting of any moneys during periods not needed for authorized purposes, the nature and extent of the security, the rights, duties, and obligations of the municipality and the trustee for the holders or registered owners of the bonds, and the rights of the holders or registered owners of the bonds. (c) It shall not be necessary for the municipality to publish any trust indenture, or any security agreement or other instrument, if the ordinance authorizing the trust indenture or security agreement or other instrument is published as required by the law governing the publication of ordinances of a municipality. The ordinance advises that a copy of the trust indenture or security agreement or other instrument, as the case may be, is on file in the office of the clerk of the municipality for inspection by an interested person, and the copy of the trust indenture or security agreement or other instrument, as the case may be, is filed with the clerk of the municipality.

Legislative History

Acts 1983, No. 441, § 3; A.S.A. 1947, § 19-6003.