§ 15-4-3009 - Authorization of bonds.
15-4-3009. Authorization of bonds.
(a) (1) The bonds shall be authorized by resolution of the Arkansas Development Finance Authority.
(2) Each resolution shall contain terms, covenants, and conditions as deemed desirable, including, without limitation, those pertaining to:
(A) The establishment and maintenance of funds and accounts;
(B) The deposit and investment of revenues and of bond proceeds; and
(C) The rights and obligations of the state, its officers and officials, the authority, and the registered owners of the bonds.
(3) (A) The resolution of the authority may provide for the execution and delivery by the authority of a trust indenture or indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions referred to in this subchapter.
(B) The trust indenture or indentures shall be binding upon the state and its agencies, officers, and officials to the extent set forth in this subchapter.
(b) Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved:
(1) To apply to the payment of debt service on the bonds issued or secured under this subchapter all or any part of the revenues that may be derived from any superproject financed by the bonds or financed by the authority in some other manner; and
(2) To the extent of the revenues that the authority elects to apply to debt service, to release from any requirement of the resolution or trust indenture other revenues and resources of the state, including, without limitation, the Economic Development Superprojects Project Fund revenues or other revenues required to be transferred under this subchapter.