Ark. Code Ann. § 14-184-123: Bonds - Trust indenture

(a) The authorizing resolution may provide for the execution by the district with a bank or trust company, within or without the State of Arkansas, of a trust indenture. (b) The trust indenture may contain any 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 assessments and of revenues; (6) The investing and reinvesting, in securities specified by the board, of any moneys during periods not needed for authorized purposes; and (7) The rights, duties, and obligations of the board and the holders and registered owners of the bonds. Acts 1973, No. 162, § 18; 1975, No. 402, § 6; 1981, No. 474, § 3; A.S.A. 1947, § 20-1617.

(a) The authorizing resolution may provide for the execution by the district with a bank or trust company, within or without the State of Arkansas, of a trust indenture.

(b) The trust indenture may contain any 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 assessments and of revenues; (6) The investing and reinvesting, in securities specified by the board, of any moneys during periods not needed for authorized purposes; and (7) The rights, duties, and obligations of the board and the holders and registered owners of the bonds.

(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 assessments and of revenues;

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

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