§ 15-20-1306 — Resolutions and trust indentures

(a) (1) The bonds shall be authorized by resolution of the Arkansas Natural Resources Commission. (2) Each resolution shall contain the terms, covenants, and conditions deemed desirable for the bonds, including without limitation conditions pertaining to: (A) The establishment and maintenance of funds and accounts; (B) The deposit and investment of revenues and of bond proceeds; and (C) The rights and obligations of the state, its officers and officials, the commission, and the registered owners of the bonds. (3) The resolution of the commission may provide for the execution and delivery by the commission of one (1) or more trust indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions stated in subdivision (a)(2) of this section. (4) A trust indenture shall be binding upon the state and its agencies, officers, and officials to the extent set forth in this subchapter. (b) Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved to: (1) Apply to the payment of debt service on the bonds issued or secured under all or any part of the revenues that may be derived from any project financed by the bonds or financed by the commission in some other manner; and (2) To the extent of revenues that the commission elects to apply to debt service, to release from any requirement of the resolution or trust indenture other revenues and resources of the state, including without limitation the general revenues of the state required to be transferred under § 15-20-1311 .

Legislative History

Acts 2007, No. 631, § 1.