Arkansas § 14-184-210 - Bonds — Trust indenture.

§ 14-184-210. Bonds — Trust indenture.

The authorizing resolution may provide for the execution by the district with a bank or trust company, within or without the State of Arkansas, of a trust indenture. The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the board including, without limitation, those pertaining to: The maintenance of various funds and reserves; The nature and extent of the security; The issuance of additional bonds and the nature of the lien and pledge, parity or priority, in that event; The custody and application of the proceeds of the bonds; The collection and disposition of assessments and revenues; The investing and reinvesting, in securities specified by the board, of any moneys during periods not needed for authorized purposes; and The rights, duties, and obligations of the board and the holders and registered owners of the bonds.