Arkansas Code § 14-164-510 - Bonds -- Terms and Conditions

(a) As the ordinance may provide, the bonds issued under the authority of this subchapter may:

(1) Be in bearer or registered form, with or without coupons, and may be subject to exchange or modification in that regard;

(2) Be issued in one (1) or more series;

(3) Bear such date or dates;

(4) Mature at such time or times;

(5) Bear interest at such rate or rates;

(6) Be in such form;

(7) Be executed in such manner;

(8) Be payable in such medium of payment and at such place or places;

(9) Be subject to such terms of redemption; and

(10) Contain such terms, covenants, and conditions as the ordinance may provide, including, without limitation, those pertaining to:

(A) The custody and application of proceeds of the bonds;

(B) The collection and disposition of revenues;

(C) The maintenance of various funds and reserves;

(D) The nature and extent of the security;

(E) The rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds; and

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

(b) The bonds shall have all the qualities of negotiable instruments under the negotiable instruments laws of this state.

Last modified: November 15, 2016