Arkansas Code Title 13. Libraries, Archives, and Cultural Resources § 13-5-309. Bonds--Terms and conditions

(1) Be coupon bonds, payable to bearer, or may be registrable as to principal only or as to principal and interest, and may be made exchangeable for bonds of another denomination;

(2) Be in a form and denomination as the secretary determines;

(3) Have such date or dates, may be stated to mature at such times, and bear interest payable at such times and at such rate or rates, as the secretary determines, provided that no bond may bear interest at a rate exceeding eight percent (8%) per annum;

(4) Be made payable at places within or without the State of Arkansas;

(5) Be made subject to terms of redemption in advance of maturity at such prices, as determined by the secretary;

(6) Be issued in series from time to time; and

(7) Contain such terms and conditions as the secretary determines.