(a) The authorizing resolution may provide for the execution by the board of trustees of the technical college or the community college with a bank or trust company within or without the State of Arkansas of a trust indenture.(b) The trust indenture may contain terms, covenants, and conditions that are deemed desirable by the board of trustees, including, without limitation, provisions:(1) Authorizing the issuance of bonds in series from time to time;(2) Pertaining to the custody and application of bond proceeds;(3) Pertaining to the maintenance of various funds and reserves;(4) Pertaining to the collection, depositing, securing, and disbursing of tax proceeds and other revenues;(5) Pertaining to the nature and extent of the security; and(6) Pertaining to the rights, duties, and obligations of the local board, the trustees, and the holders and registered owners of the bonds.Acts 1993, No. 374, § 9; 1995, No. 1296, § 34.
Arkansas Legal Code