(a) The ordinance authorizing bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture that: (1) Defines the rights of the owners of the bonds; and(2) Provides for the appointment of a trustee for the owners of the bonds.(b) A trust indenture executed under this section may:(1) Provide for the priority between and among successive issues; and(2) Contain one (1) or more of the provisions stated in § 14-164-809 and any other terms, covenants, and conditions that are deemed desirable.Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015. (a) The ordinance authorizing bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture that: (1) Defines the rights of the owners of the bonds; and(2) Provides for the appointment of a trustee for the owners of the bonds.(b) A trust indenture executed under this section may:(1) Provide for the priority between and among successive issues; and(2) Contain one (1) or more of the provisions stated in § 14-164-809 and any other terms, covenants, and conditions that are deemed desirable.Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Legal Code