Arkansas Code
Subchapter 2 - Housing Authorities in Cities and Counties
§ 14-169-221. Issuance of bonds

(a)
(1) Bonds of a housing authority shall be authorized by its resolution upon a vote of at least three (3) commissioners.
(2) Bonds may be issued in one (1) or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be sold in such manner and on such terms, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium, as the resolution, its trust indenture, or mortgage may provide.

(b) In case any of the commissioners or officers of the authority whose signatures appear on any bonds or coupons shall cease to be such commissioners or officers before the delivery of the bonds, their signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if the commissioners or officers had remained in office until the delivery.
(c) Any provision of any law to the contrary notwithstanding, any bonds issued pursuant to this subchapter, subject to the provisions of this section with regard to registration, shall be fully negotiable.
(d) In any suit, action, or proceeding involving the validity or enforceability of any bond of an authority or the security therefor, any bond reciting, in substance, that it has been issued by the authority to aid in financing a housing project to provide dwelling accommodations for persons of low income shall be conclusively deemed to have been issued for a housing project of such character. The project shall be conclusively deemed to have been planned, located, and constructed in accordance with the purposes and provisions of this subchapter.

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