(a) As provided by an ordinance or trust indenture authorized under this subchapter, bonds may: (1) Be in registered or other form;(2) Be in such denominations as determined by the legislative body;(3) Be exchangeable for bonds of another denomination;(4) Be made payable at places within or without the state;(5) Be issued in one (1) or more series;(6) Bear the date or dates determined by the legislative body of the issuer;(7) Mature at the time or times determined by the legislative body of the issuer;(8) Be payable in such medium of payment determined by the legislative body of the issuer;(9) Be subject to the terms of redemption determined by the legislative body of the issuer; and(10) Contain other terms, covenants, and conditions determined by the legislative body of the issuer, including without limitation terms, covenants, and conditions pertaining to: (A) The custody and application of the proceeds of the bonds;(B) The maintenance of various funds and reserves;(C) The nature and extent of the pledge and security;(D) The remedies on default; and(E) The rights, duties, and obligations of the legislative body of the issuer and the trustee, if any, for the owners of the bonds, d extent of the pledge and security;(D) The remedies on default; and(E) The rights, duties, and obligations of the legislative body of the issuer and the trustee, if any, for the owners of the bonds, and the rights of the owners of the bonds.(b) All bonds are negotiable instruments within the meaning of the negotiable instruments law of the state.Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015. (a) As provided by an ordinance or trust indenture authorized under this subchapter, bonds may: (1) Be in registered or other form;(2) Be in such denominations as determined by the legislative body;(3) Be exchangeable for bonds of another denomination;(4) Be made payable at places within or without the state;(5) Be issued in one (1) or more series;(6) Bear the date or dates determined by the legislative body of the issuer;(7) Mature at the time or times determined by the legislative body of the issuer;(8) Be payable in such medium of payment determined by the legislative body of the issuer;(9) Be subject to the terms of redemption determined by the legislative body of the issuer; and(10) Contain other terms, covenants, and conditions determined by the legislative body of the issuer, including without limitation terms, covenants, and conditions pertaining to: (A) The custody and application of the proceeds of the bonds;(B) The maintenance of various funds and reserves;(C) The nature and extent of the pledge and security;(D) The remedies on default; and(E) The rights, duties, and obligations of the legislative body of the issuer and the trustee, if any, for the owners of the bonds, d extent of the pledge and security;(D) The remedies on default; and(E) The rights, duties, and obligations of the legislative body of the issuer and the trustee, if any, for the owners of the bonds, and the rights of the owners of the bonds.(b) All bonds are negotiable instruments within the meaning of the negotiable instruments law of the state.Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Legal Code