§ 6-64-608 - Bonds -- Authorizing resolution -- Trust indenture.
6-64-608. Bonds -- Authorizing resolution -- Trust indenture.
(a) The bonds shall be authorized by authorizing resolution of the board.
(b) The authorizing resolution may contain or may provide for the execution with a bank or trust company within or without the State of Arkansas of a trust indenture which may contain any other terms, covenants, and conditions that are deemed desirable by the board, including, without limitation, those pertaining to:
(1) The maintenance of various funds and reserves;
(2) The nature and extent of the security;
(3) The issuance of additional bonds and the nature of the lien and pledge in that event;
(4) The custody and application of the proceeds of the bonds;
(5) The collection and disposition of revenues;
(6) The investing and reinvesting, in securities specified by the board, of any moneys during periods when the moneys are not needed for authorized purposes; and
(7) The rights, duties, and obligations of the board and of the holders and registered owners of the bonds.