Ark. Code Ann. § 6-62-308: Bonds or notes - Terms and conditions

(a) The notes or bonds shall be payable at such time or times and at such place or places, shall be in such form and denominations, may be subject to such terms of redemption, with or without a premium, shall bear such rate or rates of interest, shall be payable annually or semiannually, and shall be sold for such price and in such manner, as the board of trustees by resolution shall determine.

(b) In the resolution, the board may provide for the initial issuance of one (1) or more bonds aggregating the principal amount of the entire issue and may, in the resolution, make such provisions for installment payments of the principal amount of the bonds as it may consider desirable and may provide for the making of the bonds payable to bearer or otherwise, registrable as to principal or as to both principal and interest and where interest accruing thereon is not represented by interest coupons for the endorsement of payment of interest on the bonds.

(c) The board may make provision in the resolution for the manner and circumstances in which and under which the bonds may, in the future at the request of the holders thereof, be converted into bonds of smaller denomination, which bonds of smaller denomination may in turn be either coupon bonds or bonds registrable as to principal or registrable as to principal and interest.