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14-164-810. Bonds — Trust indenture.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-810. Bonds — Trust indenture.
(a) The ordinance authorizing bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture that:
(1) Defines the rights of the owners of the bonds; and
(2) Provides for the appointment of a trustee for the owners of the bonds.
(b) A trust indenture executed under this section may:
(1) Provide for the priority between and among successive issues; and
(2) Contain one (1) or more of the provisions stated in § 14-164-809 and any other terms, covenants, and conditions that are deemed desirable.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-810
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:14-164-810
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 87a5a45c9fed6a44de684af8411a545fc2e71bf05b51484298382c26908979eb
Source location: content.xml paragraph 38678
Stored source content
14-164-810. Bonds — Trust indenture.
(a) The ordinance authorizing bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture that:
(1) Defines the rights of the owners of the bonds; and
(2) Provides for the appointment of a trustee for the owners of the bonds.
(b) A trust indenture executed under this section may:
(1) Provide for the priority between and among successive issues; and
(2) Contain one (1) or more of the provisions stated in § 14-164-809 and any other terms, covenants, and conditions that are deemed desirable.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-809. Bonds — Terms and conditions.
(a) As provided by an ordinance or trust indenture authorized under this subchapter, bonds may:
(1) Be in registered or other form;
(2) Be in such denominations as determined by the legislative body;
(3) Be exchangeable for bonds of another denomination;
(4) Be made payable at places within or without the state;
(5) Be issued in one (1) or more series;
(6) Bear the date or dates determined by the legislative body of the issuer;
(7) Mature at the time or times determined by the legislative body of the issuer;
(8) Be payable in such medium of payment determined by the legislative body of the issuer;
(9) Be subject to the terms of redemption determined by the legislative body of the issuer; and
(10) Contain other terms, covenants, and conditions determined by the legislative body of the issuer, including without limitation terms, covenants, and conditions pertaining to:
(A) The custody and application of the proceeds of the bonds;
(B) The maintenance of various funds and reserves;
(C) The nature and extent of the pledge and security;
(D) The remedies on default; and
(E) The rights, duties, and obligations of the legislative body of the issuer and the trustee, if any, for the owners of the bonds, and the rights of the owners of the bonds.
(b) All bonds are negotiable instruments within the meaning of the negotiable instruments law of the state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-809
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-164-809. This identifies an authority to review, not proof of applicability.