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27-90-207. Trust indenture.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-90-207. Trust indenture.
(a) The authorizing resolution may provide for the execution by the State Highway Commission with a bank or trust company within or without the State of Arkansas of a trust indenture.
(b) The trust indenture may control the priority between and among successive issues and series and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation:
(1) Terms pertaining to the custody, application, and investment of the proceeds of bonds;
(2) The collection, disposition, and investment of turnpike project revenues;
(3) The maintenance and investment of various funds and reserves;
(4) The nature and extent of the security and the rights, duties, and obligations of the commission and the trustee for the holders or registered owners of the bonds; and
(5) The rights of the holders or registered owners of the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-90-207
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:27-90-207
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5c4f8db2e06ebd91d535725f7564962e3dd49907ca738e251fa257bcca0a1559
Source location: content.xml paragraph 27674
Stored source content
27-90-207. Trust indenture.
(a) The authorizing resolution may provide for the execution by the State Highway Commission with a bank or trust company within or without the State of Arkansas of a trust indenture.
(b) The trust indenture may control the priority between and among successive issues and series and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation:
(1) Terms pertaining to the custody, application, and investment of the proceeds of bonds;
(2) The collection, disposition, and investment of turnpike project revenues;
(3) The maintenance and investment of various funds and reserves;
(4) The nature and extent of the security and the rights, duties, and obligations of the commission and the trustee for the holders or registered owners of the bonds; and
(5) The rights of the holders or registered owners of the bonds.
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