(a) The bonds shall be authorized by resolution of the county jail board.(b) The authorizing resolution may contain any terms, covenants, and conditions that are deemed necessary or desirable by the board, including without limitation, those pertaining to: (1) The creation and maintenance of various funds and reserves;(2) The nature and extent of the security;(3) The issuance of additional series of bonds and the priority of lien and pledge in that event; and(4) The rights, duties, and obligations of the board and of the holders and registered owners of the bonds, all as the board shall determine.(c) The authorizing resolution may provide for the execution of a trust indenture, with a bank or trust company located within or without the State of Arkansas, containing the terms, covenants, and conditions authorized by this subchapter.Acts 1981, No. 879, § 6; A.S.A. 1947, § 46-434.
Arkansas Legal Code