§ 27-64-406 - Procedure for issuing bonds. - Arkansas Statutes

27-64-406. Procedure for issuing bonds.

Prior to the issuance of any series of bonds, the State Highway Commission shall adopt a resolution authorizing the issuance of such series of bonds. Each such resolution shall contain such terms, covenants, and conditions as are deemed desirable and consistent with this act, including without limitation, those pertaining to the establishment and maintenance of funds and accounts, the deposit and investment of the federal highway assistance payments and bond proceeds, and the rights and obligations of the state, its officers and officials, the commission, and the registered owners of the bonds. The resolutions of the commission may provide for the execution and delivery by the commission of a trust indenture or trust indentures, with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions referred to above and such other terms and conditions deemed necessary by the commission, which trust indenture or trust indentures shall be binding upon the commission and the state, and their respective officers and officials.