§ 14-303-502 - Authorizing resolution.
14-303-502. Authorizing resolution.
(a) Tollway revenue bonds shall be authorized by resolution of the authority involved.
(b) They may be coupon bonds payable to bearer; may be registrable as to principal only with interest coupons; or may be registrable as to both principal and interest without coupons; and may be made exchangeable for bonds of another denomination, which bonds of another denomination may in turn be either coupon bonds payable to bearer, bonds registrable as to principal only with coupons, or bonds registrable as to both principal and interest without coupons. The bonds may be in such form and denominations; the bonds may have such date or dates; the bonds may mature at such time or times; the bonds may bear interest payable at such times and at such rate or rates, provided that no bonds may bear interest at a rate exceeding seven percent (7%) per annum; the bonds may be payable at such place or places within or without the State of Arkansas; the bonds may be subject to such terms of redemption in advance of maturity at such prices, including such premiums; and the bonds may contain such terms and provisions, all as the authority involved shall determine.
(c) The authorizing resolution may contain any other terms, covenants, and conditions that are deemed desirable by the authority involved including, without limitation, those pertaining to the custody and application of bond proceeds, the maintenance of various funds and reserves, the nature and extent of the security, and the rights, duties, and obligations of the authority involved and of the holders and owners of the bonds.