14-186-306. Issuance of revenue bonds generally.

14-186-306. Issuance of revenue bonds generally. (a)(1) The issuance of revenue bonds shall be by ordinance of the municipality. (2) As the ordinance authorizing their issuance may provide, the bonds of each issue may: (A) Be coupon bonds payable to bearer or may be made registrable as to principal only or as to both principal and interest; (B) Be in such form and denominations; (C) Be made payable at such places within or without the state; (D) Be issued in one (1) or more series; (E) Bear such date or dates; (F) Mature at such time or times, not exceeding forty (40) years from their respective dates; (G) Bear interest at such rate or rates; (H) Be payable in such medium of payment; (I) Be subject to such terms of redemption; and (J) Contain such terms, covenants, and conditions, including without limitation those pertaining to: (i) The custody and application of the proceeds of the bonds; (ii) The collection and disposition of revenues; (iii) The maintenance and investment of various funds and reserves; (iv) The imposition and maintenance of rates and charges for the use of port authority facilities; (v) The nature and extent of the security; (vi) The rights, duties, and obligations of the municipality and the trustee for the holders and registered owners of the bonds; and (vii) The rights of the holders and registered owners of the bonds. (b) There may be successive bond issues for the purpose of financing the same project. There may also be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping projects already in existence, whether or not originally financed by bonds issued under this subchapter, with each successive issue to be authorized as provided by this subchapter. (c) Priority between and among issues and successive issues as to security, the pledge of revenues and lien on and security interest in the land, buildings, and facilities involved, may be controlled by the ordinances authorizing the issuance of bonds under this subchapter. (d) Subject to the provisions of this section pertaining to registration, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.