26-75-608. Issuance of bonds.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-75-608. Issuance of bonds.

26-75-608. Issuance of bonds. (a) Bonds issued by a municipality pursuant to this subchapter shall be authorized by ordinance of the governing body of the city. (b) The bonds may: (1) Be in registered or other form; (2) Be exchangeable for bonds of another denomination; (3) Be in such form and denominations; (4) Be made payable at such places within or without the state; (5) Be issued in one (1) or more series; (6) Bear such date or dates; (7) Mature at such time or times, not exceeding forty (40) years from their respective dates; (8) Bear interest at such rate or rates; (9) Be payable in such medium of payment; (10) Be subject to such terms of redemption; and (11) Contain such other terms, covenants, and conditions, as the ordinance authorizing their issuance may provide, including, without limitation, those pertaining to: (A) The custody and application of the proceeds of the bonds; (B) The collection and disposition of revenues; (C) The maintenance and investment of various funds and reserves; (D) The nature and extent of the security and pledging of revenues; (E) The rights, duties, and obligations of the municipality and the trustee for the holders and registered owners of the bonds; and (F) The rights of the holders and registered owners of the bonds. (c) There may be successive bond issues for the purpose of financing the same convention center project, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping convention center projects already in existence, whether or not originally financed by bonds issued under this subchapter and with each successive issue to be authorized as provided by this subchapter. Priority between a

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-75-608

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.