(a) Prior to the issuance of any series of State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds, the State Highway Commission shall adopt a resolution authorizing the issuance of the series of bonds.
(b) Each resolution shall contain those terms, covenants, and conditions as are desirable and consistent with this subchapter, including without limitation those pertaining to the establishment and maintenance of funds and accounts, the deposit and investment of the federal highway assistance payments and bond proceeds, and the rights and obligations of the state, its officers and officials, the commission, and the registered owners of the bonds.
(c) (1) The resolutions of the commission may provide for the execution and delivery by the commission of a trust indenture or trust indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions required under subsection (b) of this section and any other terms and conditions deemed necessary by the commission.
(2) The trust indenture or trust indentures are binding upon the commission and the state and their respective officers and officials.
Section: Previous 27-64-502 27-64-503 27-64-504 27-64-505 27-64-506 27-64-507 27-64-508 27-64-509 27-64-510 27-64-511 27-64-512 27-64-513 27-64-514 NextLast modified: November 15, 2016