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15-22-610. Bonds — Individual series.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-22-610. Bonds — Individual series.
(a) The bonds shall be issued in series as set forth in this subchapter in amounts sufficient to finance all or any part of project costs with the respective series to be designated in alphabetical order or by the year in which issued.
(b) The bonds of each series shall:
(1)(A) Have such date as the Arkansas Natural Resources Commission shall determine and shall mature annually over a period ending not later than thirty (30) years after the date of the bonds of each series with the maturities to be so fixed that the aggregate principal and interest payments shall be approximately equal, insofar as practicable, each year throughout the maturity schedule, as determined by the commission.
(B) Pending the issuance of bonds hereunder, the commission may issue temporary notes to be exchanged for or paid from the proceeds of bonds at such time as bonds may be issued;
(2)(A) Bear interest at the rate or rates accepted by the commission at the public sale of the bonds.
(B) Interest shall be payable at such times as the commission shall determine, but no bond issued under this subchapter shall bear interest at a rate in excess of ten percent (10%) per annum; and
(3) Have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions regarding registration of ownership set forth in § 15-22-609.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-610
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:15-22-610
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1dbc7df5a904e027828764e65027dfd7e1ef9eb38827f8c1916ec7965018b528
Source location: content.xml paragraph 15675
Stored source content
15-22-610. Bonds — Individual series.
(a) The bonds shall be issued in series as set forth in this subchapter in amounts sufficient to finance all or any part of project costs with the respective series to be designated in alphabetical order or by the year in which issued.
(b) The bonds of each series shall:
(1)(A) Have such date as the Arkansas Natural Resources Commission shall determine and shall mature annually over a period ending not later than thirty (30) years after the date of the bonds of each series with the maturities to be so fixed that the aggregate principal and interest payments shall be approximately equal, insofar as practicable, each year throughout the maturity schedule, as determined by the commission.
(B) Pending the issuance of bonds hereunder, the commission may issue temporary notes to be exchanged for or paid from the proceeds of bonds at such time as bonds may be issued;
(2)(A) Bear interest at the rate or rates accepted by the commission at the public sale of the bonds.
(B) Interest shall be payable at such times as the commission shall determine, but no bond issued under this subchapter shall bear interest at a rate in excess of ten percent (10%) per annum; and
(3) Have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions regarding registration of ownership set forth in § 15-22-609.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-22-609. Bonds — Form.
Bonds may be issued in the form of coupon bonds, payable to bearer, or as bonds registered as to principal only with interest coupons, or as bonds registered as to both principal and interest without coupons; may be in such denominations; may be made exchangeable for bonds of another form or denomination, bearing the same rate of interest and date of maturity; principal and interest may be made payable at such places within or without the state; may be made subject to redemption prior to maturity in such manner and for such redemption prices; and may contain such other terms and conditions, all as the Arkansas Natural Resources Commission shall determine.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-609
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. The source passage cites 15-22-609. This identifies an authority to review, not proof of applicability.