15-22-1305. Bonds — Form — Terms.

15-22-1305. Bonds — Form — Terms. (a)(1) The Arkansas Natural Resources Commission shall authorize by resolution the issuance of bonds under this subchapter. (2) The commission shall determine with regard to the bonds: (A) Form and denominations; (B) Date or dates; (C) Time of maturation; (D) Interest, including: (i) Times payable; (ii) Places within or without the state; and (iii) Rate or rates; (E) Terms and prices of redemption in advance of maturity; and (F) Terms and conditions. (3) The bonds shall be denominated in the currency of the United States. (4) The bonds shall have all the qualities of and shall be deemed to be negotiable instruments under the laws of the state, subject to provisions as to registration. (5) The authorizing resolution may contain any other terms, covenants, and conditions that the commission deems reasonable and desirable, including, without limitation, those pertaining to the: (A) Maintenance of various funds and reserves; (B) Nature and extent of any security for payment of the bonds; (C) Custody and application of proceeds of the bonds; (D) Collection and disposition of revenues; (E) Investing for authorized purposes; and (F) Rights, duties, and obligations of the commission and the holders and registered owners of the bonds. (b)(1) The authorizing resolution may provide for the execution of a trust indenture between the commission and any financial institution within or without the state. (2) The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the commission, including without limitation, those pertaining to the: (A) Maintenance of various funds and reserves; (B) Nature and extent of any security for the payment of the bonds; (C) Custody and application of proceeds of the bonds; (D) Collection and disposition of revenues; (E) Investing and reinvesting of any moneys during periods not needed for authorized purposes; and (F) Rights, duties, and obligations of the commission and the holders and registered owners of the bonds. (c)(1) Any authorizing resolution and trust indenture relating to the issuance and security of the bonds shall constitute a contract between the commission and registered owners of the bonds. (2)(A) The contract and all covenants, agreements, and obligations therein shall be promptly performed in strict compliance with the terms and provisions of the contract. (B) The covenants, agreements, and obligations of the commission may be enforced by mandamus or other appropriate proceeding at law or in equity.