(a) The bonds shall be coupon bonds payable to bearer, but may be made subject to registration as to principal only.
(b) As the authorizing ordinance may provide, the bonds may:
(1) Be in one (1) or more series;
(2) Bear such date or dates;
(3) Mature at such time or times, not exceeding thirty-five (35) years from their respective dates;
(4) Bear interest at such rate or rates;
(5) Be in such form;
(6) Be executed in such manner;
(7) Be payable in such medium of payment, at such place or places;
(8) Be subject to such terms of redemption; and
(9) Contain such terms, covenants, and conditions, including without limitation, those pertaining to:
(A) The custody and application of the proceeds of the bonds;
(B) The collection and disposition of revenues and tax collections;
(C) The maintenance and investment of various funds and reserves;
(D) The nature and extent of the security;
(E) The rights, duties, and obligations of the city and of the trustee, if a trustee is designated, for the holders and registered owners of the bonds; and
(F) The rights of the holders or registered owners of the bonds.
(c) Bonds issued under this subchapter shall have all the qualities of negotiable instruments under the negotiable instruments laws of the State of Arkansas.
Section: Previous 14-163-203 14-163-204 14-163-205 14-163-206 14-163-207 14-163-208 14-163-209 14-163-210 14-163-211 14-163-212 14-163-213 14-163-214 14-163-215 14-163-216 14-163-217 NextLast modified: November 15, 2016