§ 6-20-2604 - Terms and characteristics of bonds. - Arkansas Statutes

6-20-2604. Terms and characteristics of bonds.

(a) The bonds shall be issued in series in amounts sufficient to finance all or any part of public school academic facility project costs with the respective series to be designated in alphabetical order, or by the year in which issued, or both.

(b) (1) Each series of bonds shall have the date as the Commission for Arkansas Public School Academic Facilities and Transportation determines and shall mature or be subject to mandatory sinking fund redemption as determined by the commission over a period ending not later than thirty (30) years after the date of the bonds of each series.

(2) Pending the issuance of bonds under this subchapter, the commission may issue temporary notes maturing not more than five (5) years from the date of issuance to be exchanged for or paid from the proceeds of bonds when the bonds are issued.

(c) (1) Each series of bonds shall bear interest whether or not subject to federal income taxation at the rate or rates accepted by the commission.

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

(d) The commission shall determine:

(1) The form of the bonds;

(2) The denomination of the bonds;

(3) Whether the bonds may be exchanged for bonds of another form or denomination bearing the same rate of interest and date of maturity;

(4) Whether the bonds may be payable within or without the state;

(5) Whether the bonds may be subject to redemption prior to maturity, including:

(A) The manner of redemption; and

(B) The redemption prices; and

(6) Any other terms and conditions of the bonds.

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