(a) The bonds shall be issued in series as set forth in this subchapter in amounts sufficient to finance all or any part of project costs with the respective series to be designated in alphabetical order or by the year in which issued.(b) The bonds of each series shall: (1)(A) Have such date as the Arkansas Natural Resources Commission shall determine and shall mature annually over a period ending not later than thirty (30) years after the date of the bonds of each series with the maturities to be so fixed that the aggregate principal and interest payments shall be approximately equal, insofar as practicable, each year throughout the maturity schedule, as determined by the commission.(B) Pending the issuance of bonds hereunder, the commission may issue temporary notes to be exchanged for or paid from the proceeds of bonds at such time as bonds may be issued;(2)(A) Bear interest at the rate or rates accepted by the commission at the public sale of the bonds.(B) Interest shall be payable at such times as the commission shall determine, but no bond issued under this subchapter shall bear interest at a rate in excess of ten percent (10%) per annum; and(3) Have all the qualities of able at such times as the commission shall determine, but no bond issued under this subchapter shall bear interest at a rate in excess of ten percent (10%) per annum; and(3) Have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions regarding registration of ownership set forth in § 15-22-609.Acts 1981, No. 496, § 4; 1985, No. 280, § 3; A.S.A. 1947, § 21-2304; Acts 1991, No. 786, § 18.
Arkansas Legal Code