(a) The bonds shall be authorized by resolution of the county jail board, municipal jail board, or public instrumentality jail board.
(b) The authorizing resolution, as the board shall determine, may contain any terms, covenants, and conditions that are deemed necessary or desirable by the board including, without limitation, those pertaining to the:
(1) Creation and maintenance of various funds and reserves;
(2) Nature and extent of the security;
(3) Issuance of additional series of bonds and the priority of lien and pledge in that event; and
(4) Rights, duties, and obligations of the board and of the holders and registered owners of the bonds.
(c) The authorizing resolution may provide for the execution of a trust indenture with a bank or trust company located within or outside the State of Arkansas containing appropriate terms, covenants, and conditions.