(a) (1) The obligations issued under this subchapter shall be authorized by resolution of the Arkansas Student Loan Authority.
(2) The obligations may be issued as registered bonds or coupon bonds payable to bearer and, if coupon bonds, may be registerable as to principal only or as to principal and interest and may be exchangeable for obligations of another denomination or in another form.
(3) The obligations may:
(A) Be in such form and denomination;
(B) Have such date or dates;
(C) Be stated to mature at such time or times;
(D) Bear interest payable at such times and at such rate or rates, including variable rates;
(E) Be zero coupon or capital appreciation bonds;
(F) Be payable at such places within or without the State of Arkansas;
(G) Be subject to such terms of redemption in advance of maturity at such prices; and
(H) Contain such terms and conditions, all as the authority shall determine.
(b) The obligations shall be denominated in the currency of the United States unless the authority determines that denominating the obligations in the currency of a foreign country is in the best interest of the authority.
(c) The obligations shall have all the qualities of and are deemed to be negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration as set forth in subsection (a) of this section.
(d) The authorizing resolution may contain such other terms, covenants, and conditions consistent with this subchapter that the authority deems reasonable and desirable, including without limitation those pertaining to the:
(1) Maintenance of various funds and reserves;
(2) Nature and extent of the security for payment of the obligations;
(3) Issuance of additional obligations and nature of the lien and pledge, parity or priority, in that event;
(4) Custody and application of the proceeds of the obligations;
(5) Collection and disposition of revenues;
(6) Investing for authorized purposes; and
(7) Rights and duties of the authority and the holders and registered owners of the obligations.
Section: Previous 6-81-102 6-81-104 6-81-106 6-81-107 6-81-108 6-81-109 6-81-110 6-81-111 6-81-112 6-81-113 6-81-114 6-81-115 6-81-116 6-81-118 NextLast modified: November 15, 2016