(a) Turnpike revenue bonds shall be authorized by resolution of the State Highway Commission, the authorizing resolution.(b) The bonds may be registrable as to both principal and interest without coupons and may be made exchangeable for bonds of another denomination.(c) The bonds may: (1) Be in such form and denominations;(2) Have such date or dates;(3) Mature at such time or times;(4) Bear interest payable at such time or times and at such rate or rates, including variable rates;(5) Be payable at such place or places within or without the State of Arkansas;(6) Be subject to such terms of redemption in advance of maturity at such prices, including such premiums; and(7) Contain such terms and provisions all as the commission may determine.(d) The authorizing resolution may contain any other terms, covenants, and conditions that are deemed desirable by the commission, including, without limitation:(1) Those pertaining to the custody, investment, and application of bond proceeds;(2) The maintenance and investment of various funds and reserves;(3) The nature and extent of the security; and(4) The rights, duties, and obligations of the commission and of the holders and registered The maintenance and investment of various funds and reserves;(3) The nature and extent of the security; and(4) The rights, duties, and obligations of the commission and of the holders and registered owners of the bonds.(e) Interest on the bonds may be payable currently or on a compound basis.(f) The commission may enter into any contracts which it determines to be necessary or appropriate to achieve desirable effective interest rates on bonds and the mitigation of investment and interest rate risk by means of, but not limited to, contracts commonly known as investment and interest rate contracts, funding agreements, interest rate swap agreements, or contracts providing for payments based on levels of or changes in interest rates, or contracts.Acts 2003, No. 296, § 5.
Arkansas Legal Code