14-185-124. Bonds — Trust indenture.

Arkansas Code — all titles (historical 2020) · legal_authorities

14-185-124. Bonds — Trust indenture.

14-185-124. Bonds — Trust indenture. (a) Each resolution of an authority authorizing the issuance of bonds may provide for the execution of an indenture defining the rights of the holders and registered owners of the bonds and providing for the appointment of a trustee for the holders and registered owners of the bonds. (b) The indenture may control the priority, between and among successive issues, of the pledge of revenues and mortgage lien and may control 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 collection and disposition of revenues; (3) The maintenance of various funds and reserves; (4) The nature and extent of the security; (5) The rights, duties, and obligations of the authority and the trustee for the holders and registered owners of the bonds; and (6) The rights of the holders and registered owners of the bonds.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-185-124

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.