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§ 13-5-308. Authorizing resolutions

AR Code § 13-5-308 (2018) (N/A)
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(a) Bonds shall be authorized by resolution of the Director of the Department of Parks and Tourism.

(b) The authorizing resolution may contain or may provide for the execution of a trust indenture which may contain any other terms, covenants, and conditions that are deemed desirable by the director, including, without limitation, those pertaining to:

(1) The maintenance of various funds and reserves;

(2) The nature and extent of revenue pledges and security;

(3) The conditions precedent to the issuance of additional bonds and the priority of lien and pledge in that event;

(4) The custody and application of the proceeds of the bonds;

(5) The collection and disposition of revenues;

(6) The investing and reinvesting in securities specified by the director of any moneys during periods not needed for authorized purposes; and

(7) The rights, duties, and obligations of the director and of the holders and registered owners of the bonds.

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