§ 14-144-302 - Issuance of revenue bonds -- Resolution of research park authority -- Nature of bonds.
14-144-302. Issuance of revenue bonds -- Resolution of research park authority -- Nature of bonds.
(a) The issuance of revenue bonds shall be by resolution of the research park authority.
(b) The bonds of each issue may:
(1) Be coupon bonds payable to bearer or may be registrable as to principal only or as to both principal and interest;
(2) Be in such form and denominations as may be appropriate and necessary;
(3) Be made payable at such places within or without the state as may be appropriate and necessary;
(4) Be issued in one (1) or more series;
(5) Have such date or dates as may be appropriate and necessary;
(6) Mature at such time or times as may be appropriate and necessary, not exceeding forty (40) years from their respective dates;
(7) Bear interest at such rate or rates;
(8) Be payable in such medium of payment as may be appropriate and necessary;
(9) Be subject to such terms of redemption as may be appropriate and necessary; and
(10) Contain such terms, covenants, and conditions as the resolution authorizing their issuance may provide, including without limitation those pertaining to:
(A) The custody and application of the proceeds of the bonds;
(B) The collection and disposition of revenues;
(C) The maintenance and investment of various funds and reserves;
(D) The imposition and maintenance of taxes, fees, rates, and charges for the use of the research park and other facilities of the authority;
(E) The nature and extent of the security;
(F) The rights, duties, and obligations of the authority and the trustee for the holders and registered owners of the bonds; and
(G) The rights of the holders and registered owners of the bonds.
(c) (1) (A) There may be successive bond issues for the purpose of financing the same project.
(B) There may also be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping projects already in existence, whether or not originally financed by bonds issued under this chapter, with each successive issue to be authorized as provided in this chapter.
(2) The priority between and among issues and successive issues as to security and the pledge of revenues and lien on and security interest in the land, buildings, and facilities involved may be controlled by the resolutions authorizing the issuance of bonds under this chapter.
(d) Subject to this section, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.