§ 14-184-121 - Bonds -- Authorizing resolution. - Arkansas Statutes

14-184-121. Bonds -- Authorizing resolution.

(a) The bonds of the district, whether payable from assessments, from revenues, or from both shall be authorized by a resolution of the board of commissioners.

(b) The authorizing resolution may contain any of the 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, parity or priority, 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 not needed for authorized purposes; and

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