(a) The bonds shall be authorized by authorizing resolution of the Board of Trustees of the University of Arkansas.
(b) The authorizing resolution may contain or may provide for the execution with a bank or trust company within or without the State of Arkansas of a trust indenture which may contain any other terms, covenants, and conditions that are deemed desirable by the board, including, without limitation, those pertaining to:
(1) The maintenance of various funds and reserves;
(2) The nature and extent of the security;
(3) The issuance of additional bonds and the nature of the 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 board, of any moneys during periods when the moneys are not needed for authorized purposes; and
(7) The rights, duties, and obligations of the board and of the holders and registered owners of the bonds.
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