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2017 Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development of Economic and Natural Resources Generally
Chapter 4 - Development of Business and Industry Generally
Subchapter 32 - Arkansas Amendment 82 Implementation Act
§ 15-4-3209. Series of bonds
Universal Citation: AR Code § 15-4-3209 (2017)
- (a) The bonds shall be issued, whether or not the interest on the bonds is subject to federal taxation, in series in amounts sufficient to finance or refinance all or any part of a qualified Amendment 82 project's costs, with the respective series to be designated by the year in which issued, and if more than one (1) series is to be issued in a particular year, by alphabetical designation.
- (b) Each series of bonds shall have such date as the Arkansas Development Finance Authority shall determine and shall mature or be subject to mandatory sinking-fund redemption as determined by the authority over a period ending not later than thirty (30) years after the date of issuing the bonds of each series.
- (c) Pending the issuance of bonds, the authority may issue temporary notes maturing not more than five (5) years after the date of issuance to be exchanged for or paid from the proceeds of bonds at such time as the bonds may be issued.
- (d)
- (1) Each series of the bonds shall bear interest at the rate or rates accepted by the authority. The bonds may bear interest at either a fixed or variable rate or may be convertible from one (1) interest-rate mode to another.
- (2) Interest shall be payable at such times as the authority shall determine, including the use of zero-coupon or capital appreciation bonds.
- (e) As determined by the authority, the bonds may:
- (1) Be issued in the form of a bond registered as to principal and interest without coupons;
- (2) Be in denominations;
- (3) Be made exchangeable for bonds of another form or denomination bearing the same rate of interest and date of maturity;
- (4) Be made payable at the places within or without the state;
- (5) Be made subject to redemption prior to maturity in the manner and for redemption prices; and
- (6) Contain other terms and conditions.
- (f) The bonds shall have all of the qualities of negotiable instruments or securities under the laws of this state, subject to the provision for registration of ownership.
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