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Ark. Code Ann. § 14-144-303

Issuance of revenue bonds — Indenture

Known as the Research Park Authority Act

The act spans §§ 14-144-101 to 14-144-318 (31 sections).

Acts 2007, No. 1045, § 1.

(1) The resolution authorizing the bonds may provide for the execution by the research park authority of an indenture that defines the rights of the holders and registered owners of the bonds and provides for the appointment of a trustee for the holders and registered owners of the bonds.

(2) The indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation those pertaining to: The custody and application of the proceeds of the bonds;

(3) The collection and disposition of revenues;

(4) The maintenance of various funds and reserves;

(5) The imposition and maintenance of taxes, fees, rates, and charges for the use of the research park and other facilities of the authority;

(6) The nature and extent of the security;

(7) The rights, duties, and obligations of the authority and the trustee; and

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

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.