§ 6-61-1005 - Additional terms of authorizing resolution.
6-61-1005. Additional terms of authorizing resolution.
(a) The authorizing resolution may provide for the execution by the board of trustees of the technical college or the community college with a bank or trust company within or without the State of Arkansas of a trust indenture.
(b) The trust indenture may contain terms, covenants, and conditions that are deemed desirable by the board of trustees, including, without limitation, provisions:
(1) Authorizing the issuance of bonds in series from time to time;
(2) Pertaining to the custody and application of bond proceeds;
(3) Pertaining to the maintenance of various funds and reserves;
(4) Pertaining to the collection, depositing, securing, and disbursing of tax proceeds and other revenues;
(5) Pertaining to the nature and extent of the security; and
(6) Pertaining to the rights, duties, and obligations of the local board, the trustees, and the holders and registered owners of the bonds.