Arkansas § 27-90-207 Trust indenture

Arkansas Statutes

§ 27-90-207 — Trust indenture

Arkansas § 27-90-207

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This text of Arkansas § 27-90-207 (Trust indenture) 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. § 27-90-207 (2026).

Text

(a)The authorizing resolution may provide for the execution by the State Highway Commission with a bank or trust company within or without the State of Arkansas of a trust indenture.

(b)The trust indenture may control the priority between and among successive issues and series and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation:

(1)Terms pertaining to the custody, application, and investment of the proceeds of bonds;

(2)The collection, disposition, and investment of turnpike project revenues;

(3)The maintenance and investment of various funds and reserves;

(4)The nature and extent of the security and the rights, duties, and obligations of the commission and the trustee for the holders or registered owners of the bonds; an

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(a) The authorizing resolution may provide for the execution by the State Highway Commission with a bank or trust company within or without the State of Arkansas of a trust indenture. (b) The trust indenture may control the priority between and among successive issues and series and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation: (1) Terms pertaining to the custody, application, and investment of the proceeds of bonds; (2) The collection, disposition, and investment of turnpike project revenues; (3) The maintenance and investment of various funds and reserves; (4) The nature and extent of the security and the rights, duties, and obligations of the commission and the trustee for the holders or registered owners of the bonds; and (5) The rights of the holders or registered owners of the bonds.