Current as of January 01, 2020 | Updated by FindLaw Staff
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(a) The bonds shall be authorized by resolution of the Arkansas Development Finance Authority.
(b) The bonds may be issued at one (1) time or in series from time to time. If in series, the initial series shall be designated “Series A” and subsequent series shall be designated in alphabetical order.
(c) All bonds issued under this subchapter, regardless of series, shall be on a parity as to lien, pledge, and security.
(d)(1)(A) The bonds may be coupon bonds payable to bearer or may be registrable as to principal only with interest coupons or may be made exchangeable for bonds of another denomination.
(B) The bonds of another denomination may in turn be either coupon bonds payable to bearer or coupon bonds registrable as to principal only or bonds registrable as to both principal and interest without coupons.
(2) The bonds may:
(A) Be in such form and denomination;
(B) Have such date or dates;
(C) Be stated to mature at such times;
(D) Bear interest payable at such times and at such rate or rates;
(E) Be made payable at such places within or without the State of Arkansas;
(F) Be made subject to such terms of redemption in advance of maturity at such prices; and
(G) Contain such terms and conditions, all as the authority shall determine.
(e) The bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration of ownership, as set forth in subsection (d) of this section.
(f) The authorizing resolution may contain any other terms, covenants, and conditions that are deemed desirable, including, without limitation, those pertaining to the:
(1) Maintenance of various funds and reserves;
(2) Nature and extent of the security;
(3) Custody and application of the proceeds of the bonds;
(4) Collection and disposition of revenues; and
(5) Rights, duties, and obligations of the authority and of the holders and registered owners of the bonds, as the authority shall determine.
All liens are cancelled when:
(1) There is of record an unsatisfied lien by virtue of an assessment, pledge, or mortgage, delinquent record, or decree of foreclosure made or created under a general or special law relating to a road improvement district of this state or bridge improvement district of which all bonds and other obligations of the district have been paid, and the district has been completely absorbed or taken over by the state or by the Arkansas Department of Transportation; or
(2) The improvements have been completed or abandoned without the issuance of bonds, there are no outstanding obligations of the district, and there remains of record an assessment of benefits lien against the lands of the district.
Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-5-416. Bond terms and conditions - last updated January 01, 2020 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-5-416.html
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