§ 22-3-909 — Bonds - Trust indenture

The authorizing resolution may provide for the execution by the Arkansas Development Finance Authority with a bank or trust company within or without the State of Arkansas of a trust indenture which may contain any terms, covenants, and conditions that are deemed desirable by the authority, including, without limitation, those pertaining to the maintenance of various funds and reserves, the nature and extent of the security, the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the issuance of additional bonds, and the nature of the pledge and security, whether parity or priority, in that event, and the rights, duties, and obligations of the authority, of the trustee, and of the holders and registered owners of the bonds.

Legislative History

Acts 1955, No. 375, § 16; 1973, No. 632, § 2; A.S.A. 1947, § 5-615.