§ 14-186-310 - Indentures and other agreements. - Arkansas Statutes

14-186-310. Indentures and other agreements.

(a) (1) The ordinance authorizing revenue bonds may provide for the execution by the municipality of an indenture which defines the rights of the holders and registered owners of the bonds and provides for the appointment of a trustee for the holders and registered owners of the bonds.

(2) The indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable, 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 of various funds and reserves;

(D) The imposition and maintenance of rates and charges for the use of port authority facilities;

(E) The nature and extent of the security; and

(F) The rights, duties, and obligations of the municipality and the trustee and the rights of the holders and registered owners of the bonds.

(b) It shall not be necessary for the municipality to publish any indenture, lease, or other security agreement or instrument if:

(1) The ordinance authorizing the indenture, lease, or other security agreement or instrument is published as required by law governing the publication of ordinances of a municipality and the ordinance advises that a copy of the indenture, lease, or other security agreement or instrument, as the case may be, is on file in the office of the clerk or recorder of the municipality for inspection by any interested person; and

(2) The copy of the indenture, lease, or other security agreement or instrument, as the case may be, is actually filed with the clerk or recorder of the municipality.