§ 19-9-403 - Definitions. - Arkansas Statutes

19-9-403. Definitions.

As used in this subchapter, unless the context otherwise requires:

(1) "Authorized officer" means any individual required or permitted, alone or with others, by any provision of law or by the issuing public entity, to execute, on behalf of the public entity, a certificated registered public obligation or a writing relating to an uncertificated registered public obligation;

(2) "Certificated registered public obligation" means a registered public obligation which is represented by an instrument;

(3) "Code" means the Internal Revenue Code of 1954, as amended;

(4) "Facsimile seal" means the reproduction by engraving, imprinting, stamping, or by other means of the seal of the issuer, official, or official body;

(5) "Facsimile signature" means the reproduction by engraving, imprinting, stamping, or by other means of a manual signature;

(6) "Financial intermediary" means a bank, broker, clearing corporation, or other person, or the nominee of any of them, which in the ordinary course of its business maintains registered public obligation accounts for its customers, when so acting;

(7) "Issuer" means a public entity which issues an obligation;

(8) "Obligation" means an agreement of a public entity to pay principal and any interest thereon, whether in the form of a contract to repay borrowed money, a lease, an installment purchase agreement, or otherwise and includes a share, participation, or other interest in any such agreement;

(9) "Official actions" means the actions by statute, order, ordinance, resolution, contract, or other authorized means by which the issuer provides for issuance of a registered public obligation;

(10) "Official or official body" means the officer or board that is empowered under the laws of one (1) or more states, including this state, to provide for original issuance of an obligation of the issuer by defining the obligation and its terms, conditions, and other incidents, the successor of any such official or official body, and such other person or group of persons as shall be assigned duties of an official or official body with respect to a registered public obligation under applicable law from time to time;

(11) "Public entity" means any entity, department, or agency which is empowered under the laws of one (1) or more states, territories, possessions of the United States, or the District of Columbia, including this state, to issue obligations, any interest with respect to which, under any provision of law, may be provided an exemption from the income tax referred to in the code. The term "public entity" may thus include, without limitation, this state, an entity deriving powers from and acting pursuant to the Arkansas Constitution or a special legislative act, a political subdivision, a municipal corporation, a state university or college, a school or other special district, a joint agreement entity, a public authority, a public facilities board, a nonprofit corporation, and other organizations;

(12) "Registered public obligation" means an obligation issued by a public entity pursuant to a system of registration;

(13) "State" means the State of Arkansas;

(14) "System of registration" and its variants means a plan that provides:

(A) With respect to a certificated registered public obligation, that:

(i) The certificated registered public obligation specifies a person entitled to the registered public obligation and the rights it represents; and

(ii) Transfer of the certificated registered public obligation and the rights it represents may be registered upon books maintained for that purpose by or on behalf of the issuer; and

(B) With respect to an uncertificated registered public obligation, that:

(i) Books maintained by or on behalf of the issuer for the purpose of registration of the transfer of a registered public obligation specify a person entitled to the registered public obligation and the rights evidenced thereby; and

(ii) Transfer of the uncertificated registered public obligation and the rights evidenced thereby be registered upon such book; and

(15) "Uncertificated registered public obligation" means a registered public obligation which is not represented by an instrument.