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Arkansas Code Title 6. Education § 6-62-310. Loan acquisition--Certain agreements

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

(a) For the purpose of obtaining any loan or carrying out any condition imposed by the original purchaser of the notes or bonds in connection with any loan, the board of trustees may execute such documents and enter into such agreements as it may deem necessary or proper in connection therewith, including, but without limiting the generality of the foregoing, any agreement relating to:

(1) The maintenance of a maximum percentage of occupancy of buildings;

(2) The imposition of minimum rates for occupancy or use adequate to provide for the payment of the principal of and interest on any notes or bonds;

(3)(A) The priority of the lien of notes or bonds on the gross tolls, fees, rents, other charges, surplus not pledged of gross tolls, fees, rents, and other charges, activity fees and gate receipts of athletic contests, and other revenues of whatever nature authorized to be pledged to the payment of the principal of and interest on the notes or bonds.

(B) It is the intention of this subdivision that the board, in any resolution authorizing the issuance of a particular series of notes or bonds, may provide that subsequent series of notes or bonds payable from the tolls, fees, rents, activity fees, and gate receipts pledged to the particular issue authorized by the resolution may not be issued, that subsequent series of notes or bonds shall be subordinate as to lien, or that subsequent series of notes or bonds shall enjoy parity of lien upon such conditions and restrictions as may be inserted by the board in the authorizing resolution; and

(4) The deposits into banks and the manner of withdrawal of revenues for payment of the principal of and interest on the notes or bonds and the deposits into banks and the manner of withdrawal of the proceeds of the sale of notes or bonds.

(b)(1) Any agreement entered into by the board shall be binding in all respects upon the board and their successors from time to time in accordance with the terms and all of the provisions of the agreement.

(2) The terms and provisions shall be enforceable by appropriate proceedings at law or in equity, or otherwise, provided no mortgage or other lien shall be executed on any of the lands or buildings belonging to the State of Arkansas.

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Cite this article: FindLaw.com - Arkansas Code Title 6. Education § 6-62-310. Loan acquisition--Certain agreements - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-6-education/ar-code-sect-6-62-310/

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