§ 13-5-308 - Authorizing resolutions. - Arkansas Statutes

13-5-308. Authorizing resolutions.

(a) Bonds shall be authorized by resolution of the Director of the Department of Parks and Tourism.

(b) The authorizing resolution may contain or may provide for the execution of a trust indenture which may contain any other terms, covenants, and conditions that are deemed desirable by the director, including, without limitation, those pertaining to:

(1) The maintenance of various funds and reserves;

(2) The nature and extent of revenue pledges and security;

(3) The conditions precedent to the issuance of additional bonds and the priority of 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 director of any moneys during periods not needed for authorized purposes; and

(7) The rights, duties, and obligations of the director and of the holders and registered owners of the bonds.