§ 12-41-609 - Bonds -- Terms and conditions. - Arkansas Statutes

12-41-609. Bonds -- Terms and conditions.

(a) As the county jail board shall determine, the bonds may:

(1) Be coupon bonds, payable to bearer, or be registrable as to the principal only, or be registrable as to both principal and interest;

(2) Contain exchange provisions;

(3) Be in a form and denomination as the board determines;

(4) Have such date or dates as the board determines;

(5) Be stated to mature at a time or times as the board determines;

(6) Bear interest payable at times and at rate or rates as the board determines;

(7) Be made payable at places within and without the State of Arkansas;

(8) Be made subject to terms of redemption in advance of maturity at times and at prices as the board determines; and

(9) Contain other terms and conditions as the board determines.

(b) The bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration of ownerships as set forth in subsection (a) of this section.

(c) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and under the provisions of the ordinance of the quorum court authorizing the issuance thereof.