Arkansas § 6-61-1004 Authorization of bond issue - Terms of authorizing resolution

Arkansas Statutes

§ 6-61-1004 — Authorization of bond issue - Terms of authorizing resolution

(a)The bonds shall be authorized by resolution of the board of trustees of the technical college or the community college.

(b)The authorizing resolution may contain terms, covenants, and conditions that are deemed desirable by the board of trustees, including, without limitation, provisions:

(1)Authorizing the issuance of bonds in series from time to time;

(2)Pertaining to the custody and application of bond proceeds;

(3)Pertaining to the maintenance of various funds and reserves;

(4)Pertaining to the collection, depositing, securing, and disbursing of tax proceeds and other revenues;

(5)Pertaining to the nature and extent of the security; and (6) Pertaining to the rights, duties, and obligations of the board of trustees and the holders and registered owners of the bonds.

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(a) The bonds shall be authorized by resolution of the board of trustees of the technical college or the community college. (b) The authorizing resolution may contain terms, covenants, and conditions that are deemed desirable by the board of trustees, including, without limitation, provisions: (1) Authorizing the issuance of bonds in series from time to time; (2) Pertaining to the custody and application of bond proceeds; (3) Pertaining to the maintenance of various funds and reserves; (4) Pertaining to the collection, depositing, securing, and disbursing of tax proceeds and other revenues; (5) Pertaining to the nature and extent of the security; and (6) Pertaining to the rights, duties, and obligations of the board of trustees and the holders and registered owners of the bonds.

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