Arkansas § 22-3-1410 Contract between Arkansas Development Finance Authority and holders and owners of bonds

Arkansas Statutes

§ 22-3-1410 — Contract between Arkansas Development Finance Authority and holders and owners of bonds

Arkansas § 22-3-1410

Title22

This text of Arkansas § 22-3-1410 (Contract between Arkansas Development Finance Authority and holders and owners of bonds) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 22-3-1410 (2026).

Text

(a)Any authorizing resolution and trust indenture shall, together with this subchapter, constitute a contract between the Arkansas Development Finance Authority and the holders and registered owners of the bonds, which contract, and all covenants, agreements, and obligations therein, shall be promptly performed in strict compliance with the terms and provisions of such contract, and the covenants, agreements, and obligations of the Building Authority Division may be enforced by mandamus or other appropriate proceedings at law or in equity.

(b)In this regard, in addition to other provisions referred to in this subchapter, the division is hereby expressly authorized to include in any authorizing resolution or trust indenture assurance that, to the fullest extent possible, it will always ch

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(a) Any authorizing resolution and trust indenture shall, together with this subchapter, constitute a contract between the Arkansas Development Finance Authority and the holders and registered owners of the bonds, which contract, and all covenants, agreements, and obligations therein, shall be promptly performed in strict compliance with the terms and provisions of such contract, and the covenants, agreements, and obligations of the Building Authority Division may be enforced by mandamus or other appropriate proceedings at law or in equity. (b) In this regard, in addition to other provisions referred to in this subchapter, the division is hereby expressly authorized to include in any authorizing resolution or trust indenture assurance that, to the fullest extent possible, it will always charge, impose, and collect sufficient rentals and other revenue to meet, as due, all debt service requirements, maintain reserves at proper levels, and otherwise comply with any provisions of authorizing resolutions or trust indentures concerning revenues and bonds.