2015 Arkansas Code
Title 14 - Local Government
Subtitle 7 - Water And Soil Improvement Districts
Chapter 122 - Municipal Drainage Improvement Districts
Subchapter 2 - District Financing
§ 14-122-203 - Authorizing resolution.
The authorizing resolution may contain any of the 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, parity or priority, 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 the periods not needed for authorized purposes; and
(7) The rights, duties, and obligations of the district, the board, and of the holders and of the registered owners of the bonds.
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