§ 6-81-110 - Bonds, notes, etc. -- Trust indentures. - Arkansas Statutes

6-81-110. Bonds, notes, etc. -- Trust indentures.

The authorizing resolution may provide for the execution by the Arkansas Student Loan Authority with a bank or trust department within or without the State of Arkansas of a trust indenture containing such terms, covenants, and conditions not inconsistent with this subchapter as are deemed desirable by the authority, including, without limitation, those pertaining to:

(1) The maintenance of various funds and reserves, the nature and extent of the security;

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

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

(4) The collection and disposition of revenues;

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

(6) The rights and duties of the authority, of the trustee, and of the holders and registered owners of the obligations.