(a) The bonds shall be authorized by resolution of the Commission for Arkansas Public School Academic Facilities and Transportation.(b) Each resolution shall contain the terms, covenants, and conditions deemed desirable for the bonds, including without limitation conditions pertaining to: (1) The establishment and maintenance of funds and accounts;(2) The deposit and investment of revenues and of bond proceeds; and(3) The rights and obligations of the state, its officers and officials, the commission, and the registered owners of the bonds.(c) The resolution of the commission may provide for the execution and delivery by the commission of one (1) or more trust indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions stated in subsection (b) of this section.(d) A trust indenture shall be binding upon the state and its agencies, officers, and officials to the extent set forth in this subchapter.Acts 2007, No. 1021, § 2.
Arkansas Legal Code