(a) Bonds shall be authorized by resolution of the Secretary of the Department of Parks, Heritage, and Tourism.(b) The authorizing resolution may contain or may provide for the execution of a trust indenture which may contain any other terms, covenants, and conditions that are deemed desirable by the secretary, including, without limitation, those pertaining to: (1) The maintenance of various funds and reserves;(2) The nature and extent of revenue pledges and security;(3) The conditions precedent to the issuance of additional bonds and the priority of lien and pledge in that event;(4) The custody and application of the proceeds of the bonds;(5) The collection and disposition of revenues;(6) The investing and reinvesting in securities specified by the secretary of any moneys during periods not needed for authorized purposes; and(7) The rights, duties, and obligations of the secretary and of the holders and registered owners of the bonds.Amended by Act 2019, No. 910,§ 5565, eff. 7/1/2019.Amended by Act 2019, No. 910,§ 5564, eff. 7/1/2019.Acts 1971, No. 515, § 5; 1975 (Extended Sess., 1976), No. 1018, § 2; A.S.A. 1947, § 6-1206.
Arkansas Legal Code