§ 27-64-307 - Terms of bonds.
27-64-307. Terms of bonds.
The State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds shall be subject to the following terms and conditions:
(1) The bonds shall be issued in series in amounts sufficient to finance all or part of the costs of construction and maintenance of highway improvements. The respective series of bonds shall be designated by the year in which the bonds are issued. If more than one (1) series of bonds is to be issued in a particular year, the series shall be designated alphabetically;
(2) The bonds of each series shall have the date or dates as the State Highway Commission shall determine. The bonds shall mature or be subject to mandatory sinking fund redemption over a period ending not later than twelve (12) years after the date of issue of each series;
(3) The bonds of each series shall bear interest at the rate or rates determined by the commission at the sale of the bonds. The bonds may bear interest at either a fixed or a variable rate or may be convertible from one (1) interest rate mode to another. The interest shall be payable at the times as the commission shall determine;
(4) The bonds shall be issued in the form of bonds registered as to both principal and interest without coupons;
(5) The commission shall determine:
(A) The denominations of the bonds;
(B) Whether the bonds may be made exchangeable for bonds of another form or denomination bearing the same rate of interest;
(C) When the bonds may be made payable and the places within or without the state where the bonds may be payable;
(D) Whether the bonds may be made subject to redemption prior to maturity and the manner of and prices for redemption; and
(E) Any other terms and conditions; and
(6) Each bond shall be executed with the facsimile signatures of the chair and secretary of the commission, and the seal of the commission shall be affixed or imprinted on the bond. Delivery of executed bonds shall be valid, notwithstanding any change in the persons holding the offices that occurs after the bonds have been executed.