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Arkansas Code Title 13. Libraries, Archives, and Cultural Resources § 13-5-308. Authorizing resolutions for bonds

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) Bonds shall be authorized by resolution of the Secretary of the Department of Parks, Heritage, and Tourism.

(b) The authorizing resolution may contain or may provide for the execution of a trust indenture which may contain any other terms, covenants, and conditions that are deemed desirable by the secretary, including, without limitation, those pertaining to:

(1) The maintenance of various funds and reserves;

(2) The nature and extent of revenue pledges and security;

(3) The conditions precedent to the issuance of additional bonds and the priority of lien and pledge 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 secretary of any moneys during periods not needed for authorized purposes; and

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

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Cite this article: FindLaw.com - Arkansas Code Title 13. Libraries, Archives, and Cultural Resources § 13-5-308. Authorizing resolutions for bonds - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-13-libraries-archives-and-cultural-resources/ar-code-sect-13-5-308/

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