§ 6-81-109 - Bonds, notes, etc. -- Authorizing resolution -- Terms and conditions. - Arkansas Statutes

6-81-109. Bonds, notes, etc. -- Authorizing resolution -- Terms and conditions.

(a) The obligations of each series shall be authorized by resolution of the Arkansas Student Loan Authority.

(b) The obligations may have coupons attached and may be payable to bearer or may be registrable as to principal only or as to principal and interest, may be made exchangeable for obligations of another denomination, may be in such form and denomination, may have such date or dates, may be stated to mature at such times, may bear interest payable at such times and at such rate or rates, may be made payable at such places within or without the State of Arkansas, may be made subject to such terms of redemption in advance of maturity at such prices, and may contain such terms and conditions, all as the authority shall determine.

(c) The obligations shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration as set forth in subsection (b) of this section.

(d) The authorizing resolution may contain such other terms, covenants, and conditions not inconsistent with this subchapter that are deemed desirable by the authority, including, without limitation, those pertaining to:

(1) The maintenance of various funds and reserves;

(2) The nature and extent of the security;

(3) The issuance of additional obligations and nature of the lien and pledge, parity or priority, in that event;

(4) The custody and application of the proceeds of the obligations;

(5) The collection and disposition of revenues;

(6) The investing in securities specified by the authority of any funds during periods of time when the funds are not needed for authorized purposes; and

(7) The rights and duties of the authority and the holders and registered owners of the obligations.