§ 6-20-1006 - Authorizing resolution -- Nature and contents of bonds.
6-20-1006. Authorizing resolution -- Nature and contents of bonds.
(a) The bonds shall be authorized by resolution of the State Board of Education.
(b) The bonds may be coupon bonds, payable to bearer, or may be registered as to principal only or as to principal and interest, and may be made exchangeable for bonds of another denomination, may be in such form and denomination, may have such date or dates, may be stated to mature at such time or times, may bear interest payable at such times and at such rate or rates, not exceeding the maximum lawful rate, as defined in 6-20-1001, 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 state board shall determine.
(c) The bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration, as set forth in subsection (b) of this section.
(d) The authorizing resolution may provide for the execution by the state board of a trust indenture with a bank or trust company within or without the State of Arkansas.
(e) The authorizing resolution or the indenture may contain any other terms, covenants, and conditions that are deemed desirable by the state board, including, without limitation, those pertaining to:
(1) The maintenance of various funds and reserves, the nature and extent of the security, the issuance of additional bonds, and the nature of the security and pledge, as set forth in 6-20-1011, in that event;
(2) The custody and application of the proceeds of the bonds;
(3) The collection and disposition of revenues;
(4) The investing and reinvesting, in securities specified by the state board, of any moneys during the periods not needed for authorized purposes; and
(5) The rights, duties, and obligations of the state board and of the holders and registered owners of the bonds.