Bonds — Terms and conditions

  1. Law
  2. Arkansas Code
  3. Local Government
  4. Economic Development And Tourism Generally
  5. Industrial Commissions
  6. Cities of the First Class in Counties of 105,000 or More
  7. Bonds — Terms and conditions

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  1. (a) The bonds shall be coupon bonds payable to bearer, but may be made subject to registration as to principal only.

  2. (b) As the authorizing ordinance may provide, the bonds may:

    1. (1) Be in one (1) or more series;

    2. (2) Bear such date or dates;

    3. (3) Mature at such time or times, not exceeding thirty-five (35) years from their respective dates;

    4. (4) Bear interest at such rate or rates;

    5. (5) Be in such form;

    6. (6) Be executed in such manner;

    7. (7) Be payable in such medium of payment, at such place or places;

    8. (8) Be subject to such terms of redemption; and

    9. (9) Contain such terms, covenants, and conditions, including without limitation, those pertaining to:

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

      2. (B) The collection and disposition of revenues and tax collections;

      3. (C) The maintenance and investment of various funds and reserves;

      4. (D) The nature and extent of the security;

      5. (E) The rights, duties, and obligations of the city and of the trustee, if a trustee is designated, for the holders and registered owners of the bonds; and

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

  3. (c) Bonds issued under this subchapter shall have all the qualities of negotiable instruments under the negotiable instruments laws of the State of Arkansas.


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