2020 Arkansas Code
Title 11 - Labor and Industrial Relations
Chapter 10 - Division of Workforce Services Law
Subchapter 10 - Unemployment Trust Fund Financing Act of 2011
§ 11-10-1007. Procedure for issuing Arkansas Unemployment Trust Fund Bonds
(a) Prior to the issuance of Arkansas Unemployment Trust Fund Bonds, the Arkansas Development Finance Authority shall adopt a resolution authorizing the issuance of the bonds.
(b) Each resolution adopted under this section shall contain the terms, covenants, and conditions as are deemed desirable and consistent with this subchapter, including without limitation those pertaining to:
(1) The establishment and maintenance of funds and accounts;
(2) The deposit and investment of the bond proceeds; and
(3) The rights and obligations of the state, its officers and officials, the Arkansas Development Finance Authority, and the registered owners of the bonds.
(c)
(1) The resolutions of the Arkansas Development Finance Authority may provide for the execution and delivery by the Arkansas Development Finance Authority of a trust indenture or trust indentures, with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions required under subsection (b) of this section and any other terms and conditions deemed necessary by the Arkansas Development Finance Authority.
(2) The trust indenture or trust indentures shall be binding upon the Arkansas Development Finance Authority and the state, and their respective officers and officials.
