Bonds generally — Terms and conditions

  1. Law
  2. Arkansas Code
  3. Local Government
  4. Economic Development And Tourism Generally
  5. Industrial Development Bonds
  6. Local Government Bond Act
  7. Bonds generally — Terms and conditions

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  1. (a) As the ordinance or trust indenture as authorized in this subchapter may provide, the bonds may:

    1. (1) Be in registered or other form;

    2. (2) Be in such denominations;

    3. (3) Be exchangeable for bonds of another denomination;

    4. (4) Be made payable at such places within or without the state;

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

    6. (6) Bear such date or dates;

    7. (7) Mature at such time or times;

    8. (8) Be payable in such medium of payment;

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

    10. (10) May contain such other 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 tax collections;

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

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

      5. (E) The maintaining of taxes;

      6. (F) The remedies on default;

      7. (G) The rights, duties, and obligations of the legislative body of the issuer and the trustee, if any, for the owners of the bonds; and

      8. (H) The rights of the owners of the bonds.

  2. (b) All bonds and notes issued under the provisions of this subchapter shall be and are declared to be negotiable instruments within the meaning of the negotiable instruments law of the state.


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