§ 15-4-3007 - Series of bonds. - Arkansas Statutes

15-4-3007. Series of bonds.

(a) The bonds shall be issued in series in amounts sufficient to finance or refinance all or any part of a superproject's costs, with the respective series to be designated in alphabetical order or by the year in which issued, or both.

(b) Each series of bonds shall have such date as the Arkansas Development Finance Authority shall determine and shall mature or be subject to mandatory sinking fund redemption as determined by the authority over a period ending not later than thirty (30) years after the date of issuing the bonds of each series.

(c) Pending the issuance of bonds, the authority may issue temporary notes maturing not more than five (5) years after the date of issuance, to be exchanged for or paid from the proceeds of bonds at such time as the bonds may be issued.

(d) (1) Each series of the bonds shall bear interest at the rate or rates accepted by the authority.

(2) Interest shall be payable at such times as the authority shall determine.

(e) The bonds may:

(1) Be issued in the form;

(2) Be in the denominations;

(3) Be made exchangeable for bonds of another form or denomination bearing the same rate of interest and date of maturity;

(4) Be made payable at the places within or without the state;

(5) Be made subject to redemption prior to maturity in the manner and for redemption prices; and

(6) Contain other terms and conditions as the authority shall determine.

(f) The bonds shall have all of the qualities of negotiable instruments or securities under the laws of this state, subject to the provision for registration of ownership.