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14-167-208. Bonds — Terms and conditions.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-167-208. Bonds — Terms and conditions.
(a) As the ordinance authorizing their issuance may provide, the bonds may:
(1) Be in such form and denominations;
(2) Be exchangeable for bonds of another denomination;
(3) Be made payable at such places within or without the state;
(4) Be issued in one (1) or more series;
(5) Bear such date or dates;
(6) Mature at such time or times, not exceeding forty (40) years from their respective dates;
(7) Bear interest at such rate or rates;
(8) Be payable in such medium of payment;
(9) Be subject to such terms of redemption; and
(10) Contain such terms, covenants, and conditions, including, without limitation, those pertaining to:
(A) The custody and application of the proceeds of the bonds;
(B) The collection and disposition of revenues;
(C) The rights, duties, and obligations of the municipality or county and the trustee for the holders and registered owners of the bonds; and
(D) The rights of the holders and registered owners of the bonds.
(b) Subject to provisions of the ordinance or of the trust indenture, as prescribed in this section or § 14-167-209 pertaining to registration, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-167-208
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:14-167-208
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 66faeab012055ef66bd9602d9ec6cf48d5d5d3ffaf772b32511e5dc98049567c
Source location: content.xml paragraph 39027
Stored source content
14-167-208. Bonds — Terms and conditions.
(a) As the ordinance authorizing their issuance may provide, the bonds may:
(1) Be in such form and denominations;
(2) Be exchangeable for bonds of another denomination;
(3) Be made payable at such places within or without the state;
(4) Be issued in one (1) or more series;
(5) Bear such date or dates;
(6) Mature at such time or times, not exceeding forty (40) years from their respective dates;
(7) Bear interest at such rate or rates;
(8) Be payable in such medium of payment;
(9) Be subject to such terms of redemption; and
(10) Contain such terms, covenants, and conditions, including, without limitation, those pertaining to:
(A) The custody and application of the proceeds of the bonds;
(B) The collection and disposition of revenues;
(C) The rights, duties, and obligations of the municipality or county and the trustee for the holders and registered owners of the bonds; and
(D) The rights of the holders and registered owners of the bonds.
(b) Subject to provisions of the ordinance or of the trust indenture, as prescribed in this section or § 14-167-209 pertaining to registration, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-167-209. Bonds — Trust indenture, lease, etc.
(a) The ordinance authorizing the bonds may provide for the execution by the municipality or county of an indenture which defines the rights of the holders and registered owners of the bonds and provides for the appointment of a trustee, who may be a trustee within or without the state, for the holders and registered owners of the bonds.
(b) The indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation, those pertaining to:
(1) The custody and application of the proceeds of the bonds;
(2) The maintaining of rates and charges;
(3) The collection and disposition of revenues;
(4) The maintenance of various funds and reserves;
(5) The nature and extent of the security and pledging of revenues;
(6) The rights, duties, and obligations of the municipality or county and the trustee; and
(7) The rights of the holders and registered owners of the bonds.
(c) It shall not be necessary for the municipality or county to publish any indenture, lease, or other agreement if:
(1) The ordinance authorizing an indenture, lease, or other agreement is published as required by law governing the publication of ordinances of a municipality or county;
(2) The ordinance advises that a copy of the indenture, lease, or other agreement, as the case may be, is on file in the office of the clerk or recorder of the municipality or the county clerk of the county for inspection by any interested person; and
(3) The copy of the indenture, lease, or other agreement, as the case may be, is actually filed with the clerk or recorder of the municipality or the county clerk of the county.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-167-209
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 14-167-209. This identifies an authority to review, not proof of applicability.