Ark. Code Ann. § 6-61-1005: Additional terms of authorizing resolution

(a) The authorizing resolution may provide for the execution by the board of trustees of the technical college or the community college with a bank or trust company within or without the State of Arkansas of a trust indenture. (b) The trust indenture may contain terms, covenants, and conditions that are deemed desirable by the board of trustees, including, without limitation, provisions: (1) Authorizing the issuance of bonds in series from time to time; (2) Pertaining to the custody and application of bond proceeds; (3) Pertaining to the maintenance of various funds and reserves; (4) Pertaining to the collection, depositing, securing, and disbursing of tax proceeds and other revenues; (5) Pertaining to the nature and extent of the security; and (6) Pertaining to the rights, duties, and obligations of the local board, the trustees, and the holders and registered owners of the bonds. Acts 1993, No. 374, § 9; 1995, No. 1296, § 34.

(a) The authorizing resolution may provide for the execution by the board of trustees of the technical college or the community college with a bank or trust company within or without the State of Arkansas of a trust indenture.

(b) The trust indenture may contain terms, covenants, and conditions that are deemed desirable by the board of trustees, including, without limitation, provisions: (1) Authorizing the issuance of bonds in series from time to time; (2) Pertaining to the custody and application of bond proceeds; (3) Pertaining to the maintenance of various funds and reserves; (4) Pertaining to the collection, depositing, securing, and disbursing of tax proceeds and other revenues; (5) Pertaining to the nature and extent of the security; and (6) Pertaining to the rights, duties, and obligations of the local board, the trustees, and the holders and registered owners of the bonds.

(1) Authorizing the issuance of bonds in series from time to time;

(2) Pertaining to the custody and application of bond proceeds;

(3) Pertaining to the maintenance of various funds and reserves;

(4) Pertaining to the collection, depositing, securing, and disbursing of tax proceeds and other revenues;

(5) Pertaining to the nature and extent of the security; and

(6) Pertaining to the rights, duties, and obligations of the local board, the trustees, and the holders and registered owners of the bonds.