§ 27-90-207 - Trust indenture. - Arkansas Statutes

27-90-207. Trust indenture.

(a) The authorizing resolution may provide for the execution by the State Highway Commission with a bank or trust company within or without the State of Arkansas of a trust indenture.

(b) The trust indenture may control the priority between and among successive issues and series and may contain any other terms, covenants, and conditions that are deemed desirable, including, without limitation:

(1) Terms pertaining to the custody, application, and investment of the proceeds of bonds;

(2) The collection, disposition, and investment of turnpike project revenues;

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

(4) The nature and extent of the security, the rights, duties, and obligations of the commission and the trustee for the holders or registered owners of the bonds; and

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