Ark. Code Ann. § 14-122-203: Authorizing resolution

The authorizing resolution may contain any of the terms, covenants, and conditions that are deemed desirable by the board including, without limitation, those pertaining to:

(1) The maintenance of various funds and reserves;

(2) The nature and extent of the security;

(3) The issuance of additional bonds and the nature of the lien and pledge, parity or priority, in that event;

(4) The custody and application of the proceeds of the bonds;

(5) The collection and disposition of revenues;

(6) The investing and reinvesting in securities specified by the board of any moneys during the periods not needed for authorized purposes; and

(7) The rights, duties, and obligations of the district, the board, and of the holders and of the registered owners of the bonds.