§ 22-3-1208 - Certificates of indebtedness -- Terms and execution.
22-3-1208. Certificates of indebtedness -- Terms and execution.
(a) (1) The certificates of indebtedness shall be in such form and denomination, and shall have such dates and maturities, and may be issued in such series, as the Arkansas Building Authority shall determine.
(2) The schedule of principal and interest maturities shall be arranged so that the aggregate amount maturing each year, except for the initial year or portion thereof, shall be equal, to the nearest hundred dollars, to each other annual installment, and that not more than twenty-one (21) years from date of issue will be required to retire all the certificates of any one (1) issue or series of certificates of indebtedness.
(b) The certificates shall contain a provision providing for their redemption in advance of maturity, at par, in inverse number order, at the option of the authority.
(c) (1) The certificates shall bear interest from the date of issuance at the rate of eight and one-half percent (81/2%) per annum, payable semiannually on January 1 and July 1; the payment of the interest is to be evidenced by endorsement on the certificates by the Treasurer of State.
(2) Payment of the principal of and interest on the certificates shall be made in lawful money of the United States at the office of the Treasurer of State.
(d) The certificates of indebtedness shall be executed on behalf of the authority by the Chair and the Secretary of the Arkansas Building Authority Council.