(a) The resolution of an authority authorizing the issuance of bonds may provide for the execution, by the authority involved with a bank or trust company within or without the State of Arkansas, of a trust indenture.(b) The trust indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable including, without limitation, those pertaining to the custody and application of the proceeds of bonds, the collection and disposition of tollway project revenues, the maintenance of various funds and reserves, the nature and extent of the security, the rights, duties, and obligations of the authority involved, and the trustee for the holders and owners of the bonds, and the rights of the holders and owners of the bonds.Acts 1968 (1st Ex. Sess.), No. 33, § 12; A.S.A. 1947, § 76-2612.
Arkansas Legal Code