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14-202-110. Bonds — Trust indenture.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-202-110. Bonds — Trust indenture.
(a) The ordinance may provide for the execution of a trust indenture by the municipality with a bank or trust company within or without the state.
(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 governing body including, without limitation, those pertaining to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the maintenance of various funds and reserves, the investing and reinvesting of any moneys during periods not needed for authorized purposes, the nature and extent of the security, the rights, duties, and obligations of the municipality and the trustee for the holders or registered owners of the bonds, and the rights of the holders or registered owners of the bonds.
(c) It shall not be necessary for the municipality to publish any trust indenture, or any security agreement or other instrument, if the ordinance authorizing the trust indenture or security agreement or other instrument is published as required by the law governing the publication of ordinances of a municipality, and the ordinance advises that a copy of the trust indenture or security agreement or other instrument, as the case may be, is on file in the office of the clerk of the municipality for inspection by any interested person, and the copy of the trust indenture or security agreement or other instrument, as the case may be, is filed with the clerk of the municipality.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-202-110
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:14-202-110
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4dd20ebc3d370281dd467fe7b45efbd4c684e49f82e685ad45a5a135b5406043
Source location: content.xml paragraph 45748
Stored source content
14-202-110. Bonds — Trust indenture.
(a) The ordinance may provide for the execution of a trust indenture by the municipality with a bank or trust company within or without the state.
(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 governing body including, without limitation, those pertaining to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the maintenance of various funds and reserves, the investing and reinvesting of any moneys during periods not needed for authorized purposes, the nature and extent of the security, the rights, duties, and obligations of the municipality and the trustee for the holders or registered owners of the bonds, and the rights of the holders or registered owners of the bonds.
(c) It shall not be necessary for the municipality to publish any trust indenture, or any security agreement or other instrument, if the ordinance authorizing the trust indenture or security agreement or other instrument is published as required by the law governing the publication of ordinances of a municipality, and the ordinance advises that a copy of the trust indenture or security agreement or other instrument, as the case may be, is on file in the office of the clerk of the municipality for inspection by any interested person, and the copy of the trust indenture or security agreement or other instrument, as the case may be, is filed with the clerk of the municipality.
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