§ 14-185-123 - Bonds -- Terms and conditions. - Arkansas Statutes

14-185-123. Bonds -- Terms and conditions.

(a) As the authorizing resolution may provide, the bonds may:

(1) Be coupon bonds payable to bearer;

(2) Be registered as to principal or as to principal and interest, or be coupon bonds subject to registration as to principal or as to principal and interest;

(3) Be in one (1) or more series;

(4) Bear such date or dates;

(5) Mature at such time or times, not exceeding thirty-five (35) years from their respective dates;

(6) Bear interest at such rate or rates;

(7) Be in such form;

(8) Be executed in such manner;

(9) Be payable in such medium of payment at such place or places;

(10) Be subject to such terms of redemption; and

(11) Contain such terms, covenants, and conditions including, without limitation, those pertaining to:

(A) The custody and application of the proceeds of the bonds;

(B) The collection and disposition of revenues;

(C) The maintenance and investment of various funds and reserves;

(D) The nature and extent of the security;

(E) The rights, duties, and obligations of the authority issuing the bonds and of the trustee for the holders or registered owners of the bonds; and

(F) The rights of the holders or registered owners of the bonds.

(b) Bonds issued under this chapter shall have all of the qualities of negotiable instruments under the negotiable instruments laws of the State of Arkansas, subject to the provisions of this section pertaining to registration.