§ 15-4-704 - Authorizing resolution -- Bond issuance, form, and contents.
15-4-704. Authorizing resolution -- Bond issuance, form, and contents.
(a) The bonds shall be authorized by resolution of the Arkansas Economic Development Council.
(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) The bonds may:
(1) (A) Be coupon bonds payable to bearer or 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.
(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; and
(2) Be in such form and denomination, may have such date or dates, may be stated to mature at such times, may bear interest payable at such times and at such rate or rates, provided that no bond may bear interest at a rate exceeding ten percent (10%) per annum, may be made payable at such places within or without the State of Arkansas, may be made subject to such terms of redemption in advance of maturity at such prices, and may contain such terms and conditions, all as the commission 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 the council determines are 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 council and of the holders and registered owners of the bonds.