Ark. Code Ann. § 15-4-705
This is the official text of Ark. Code Ann. § 15-4-705, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Trust indenture
Official statutory text
(a) The resolution authorizing the issuance of bonds may provide for the execution of a trust indenture by the Arkansas Economic Development Council with a bank or trust company within or without the State of Arkansas. (b) The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the council, including without limitation, those pertaining to the maintenance of various funds and reserves, the nature and extent of the security, the custody and application of the proceeds of the bonds, the collection and disposition of revenues, and the rights, duties, and obligations of the council and of the holders and registered owners of the bonds. Acts 1969, No. 397, § 1; A.S.A. 1947, § 9-567.
(a) The resolution authorizing the issuance of bonds may provide for the execution of a trust indenture by the Arkansas Economic Development Council with a bank or trust company within or without the State of Arkansas.
(b) The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the council, including without limitation, those pertaining to the maintenance of various funds and reserves, the nature and extent of the security, the custody and application of the proceeds of the bonds, the collection and disposition of revenues, and the rights, duties, and obligations of the council and of the holders and registered owners of the bonds.
Acts 1969, No. 397, § 1; A.S.A. 1947, § 9-567.
(a) The resolution authorizing the issuance of bonds may provide for the execution of a trust indenture by the Arkansas Economic Development Council with a bank or trust company within or without the State of Arkansas.
(b) The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the council, including without limitation, those pertaining to the maintenance of various funds and reserves, the nature and extent of the security, the custody and application of the proceeds of the bonds, the collection and disposition of revenues, and the rights, duties, and obligations of the council and of the holders and registered owners of the bonds.
Acts 1969, No. 397, § 1; A.S.A. 1947, § 9-567.
Status: in_force
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