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Arkansas Code Title 14. Local Government § 14-185-124. Execution of indenture

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

(a) Each resolution of an authority authorizing the issuance of bonds may provide for the execution of an indenture defining the rights of the holders and registered owners of the bonds and providing for the appointment of a trustee for the holders and registered owners of the bonds.

(b) The indenture may control the priority, between and among successive issues, of the pledge of revenues and mortgage lien and may control any other terms, covenants, and conditions that are deemed desirable, including without limitation, those pertaining to:

(1) The custody and application of the proceeds of the bonds;

(2) The collection and disposition of revenues;

(3) The maintenance of various funds and reserves;

(4) The nature and extent of the security;

(5) The rights, duties, and obligations of the authority and the trustee for the holders and registered owners of the bonds; and

(6) The rights of the holders and registered owners of the bonds.

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Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-185-124. Execution of indenture - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-185-124/

Read this complete Arkansas Code Title 14. Local Government § 14-185-124. Execution of indenture on Westlaw

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