(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.
Structure Arkansas Code
Subtitle 5 - Postsecondary and Higher Education Generally
Chapter 61 - Postsecondary Institutions Generally
Subchapter 10 - Technical College and Community College Capital Improvement Act of 1993
§ 6-61-1003. Issuance of bonds
§ 6-61-1004. Authorization of bond issue — Terms of authorizing resolution
§ 6-61-1005. Additional terms of authorizing resolution
§ 6-61-1006. Signature on bonds
§ 6-61-1007. Interest on bonds
§ 6-61-1010. Authority of Arkansas Higher Education Coordinating Board
§ 6-61-1011. Authority of board of trustees — Issuance of bonds
§ 6-61-1012. Authority of board of trustees — Financing a project
§ 6-61-1013. Authority of board of trustees — Refunding bonds
§ 6-61-1014. Authority of board of trustees — Use of available funds