(a) The authorizing resolution may provide for the execution by the State Highway Commission with a bank or trust company within or without the State of Arkansas of a trust indenture.
(b) The trust indenture may control the priority between and among successive issues and series and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation:
(1) Terms pertaining to the custody, application, and investment of the proceeds of bonds;
(2) The collection, disposition, and investment of turnpike project revenues;
(3) The maintenance and investment of various funds and reserves;
(4) The nature and extent of the security and the rights, duties, and obligations of the commission and the trustee for the holders or registered owners of the bonds; and
(5) The rights of the holders or registered owners of the bonds.
Section: Previous 27-90-202 27-90-203 27-90-204 27-90-205 27-90-206 27-90-207 27-90-208 27-90-209 27-90-210 27-90-211 27-90-212 27-90-213 27-90-214 27-90-215 NextLast modified: November 15, 2016