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14-201-114. Bonds or notes — Trust indenture.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-201-114. Bonds or notes — Trust indenture.
(a) The authorizing resolution may provide for the execution of a trust indenture by the commission with a bank or trust company within or without the State of Arkansas.
(b) The trust indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable by the commission, including, without limitation, those pertaining to:
(1) The custody and application of the proceeds of the bonds or notes;
(2) The collection and disposition of revenues;
(3) The maintenance of various funds and reserves;
(4) The investing and reinvesting of any moneys during periods not needed for authorized purposes;
(5) The nature and extent of the security;
(6) The rights, duties, and obligations of the commission and the trustee for the holders or registered owners of the bonds; and
(7) The rights of the holders or registered owners of the bonds or notes.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-201-114
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:14-201-114
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 22d402aae10aded2fd61d002d6b73c0da1624134885d39d3f55f7cb6c67d18f9
Source location: content.xml paragraph 45150
Stored source content
14-201-114. Bonds or notes — Trust indenture.
(a) The authorizing resolution may provide for the execution of a trust indenture by the commission with a bank or trust company within or without the State of Arkansas.
(b) The trust indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable by the commission, including, without limitation, those pertaining to:
(1) The custody and application of the proceeds of the bonds or notes;
(2) The collection and disposition of revenues;
(3) The maintenance of various funds and reserves;
(4) The investing and reinvesting of any moneys during periods not needed for authorized purposes;
(5) The nature and extent of the security;
(6) The rights, duties, and obligations of the commission and the trustee for the holders or registered owners of the bonds; and
(7) The rights of the holders or registered owners of the bonds or notes.
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