(a) The resolution authorizing the bonds may provide for the execution by the authority of an indenture which defines the rights of the holders and registered owners of the bonds and provides for the appointment of a trustee for the holders and registered owners of the bonds.(b) 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: (1) The custody and application of the proceeds of the bonds;(2) The collection and disposition of revenues;(3) The maintenance of various funds and reserves;(4) The imposition and maintenance of taxes, fees, rates and charges for the use of regional intermodal facilities and other facilities of the authority;(5) The nature and extent of the security;(6) The rights, duties, and obligations of the authority and the trustee; and(7) The rights of the holders and registered owners of the bonds.Acts 1997, No. 690, § 12.
Arkansas Legal Code