Arkansas § 14-233-110 - Bonds — Trust indenture.

§ 14-233-110. Bonds — Trust indenture.

The resolution authorizing the bonds may provide for the execution by the authority with a bank or trust company within or without this state of a trust indenture that defines the rights of the holders and registered owners of the bonds. The resolution or indenture may control the priority between and among successive issues and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation those pertaining to the custody and application of proceeds of the bonds, the maintaining of rates and charges, the collection and disposition of revenues, the maintenance of various funds and reserves, the nature and extent of the security and pledging of revenues, the rights, duties, and obligations of the agency and the trustee for the holders or registered owners of the bonds, and the rights of the holders and registered owners of the bonds. The resolution or trust indenture authorizing or securing any bonds issued under this chapter may or may not impose a foreclosable mortgage lien upon or security interest in the project financed in whole or in part with the proceeds of the bonds or other properties of the authority, and the nature and extent of the mortgage lien or security interest may be controlled by the resolution or trust indenture, including without limitation provisions pertaining to the release of all or part of the authority's properties from the mortgage lien or security interest and the priority of the mortgage lien or security interest in the event of the issuance of additional bonds. Subject to the terms, conditions, and restrictions that may be contained in the resolution or trust indenture, any holder or registered owner of bonds issued under this chapter or of any coupon attached thereto may either at law or in equity enforce the mortgage lien or security interest and may by proper suit compel the performance of the duties of the members and employees of the sanitation authority as set forth in the resolution or trust indenture authorizing or securing the bonds.