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
§ 11-10-1008. Terms of bonds

The Arkansas Unemployment Trust Fund Bonds are subject to the following terms and conditions:

1. (1)

   1. (A) The bonds may be issued in more than one (1) series in an amount sufficient to accomplish the purposes of this subchapter.

   2. (B) The respective series of bonds shall be designated by the year in which the bonds are issued.

   3. (C) If one (1) or more series of bonds is to be issued in a particular year, the series shall be designated alphabetically;

2. (2)

   1. (A) The bonds shall have the date or dates as the Arkansas Development Finance Authority determines.

   2. (B) The bonds shall mature or be subject to mandatory sinking fund redemption over a period ending not later than twelve (12) years after the date of issue of the bonds.

   3. (C) Refunding bonds issued under § 11-10-1013 shall mature or be subject to mandatory sinking fund redemption over a period not ending later than twelve (12) years after the date of issue of the original bonds;

3. (3)

   1. (A) The bonds shall bear interest at the rate or rates determined by the Arkansas Development Finance Authority at the sale of the bonds.

   2. (B) The bonds may bear interest at either a fixed or a variable rate or may be convertible from one (1) interest rate mode to another.

   3. (C) The interest shall be payable at the times as the Arkansas Development Finance Authority shall determine.

   4. (D) The true interest cost of an issue of bonds after taking into account original issue discount and premium and underwriter's discount shall not exceed the federal interest rate;

4. (4) The bonds shall be issued in the form of bonds registered as to both principal and interest without coupons;

5. (5) The Arkansas Development Finance Authority shall determine:

   1. (A) The denominations of the bonds;

   2. (B) Whether the bonds may be made exchangeable for bonds of another form or denomination bearing the same rate of interest;

   3. (C) When the bonds may be made payable and the places within or without the state where the bonds may be payable;

   4. (D) Whether the bonds may be made subject to redemption prior to maturity and the manner of and prices for redemption; and

   5. (E) Any other terms and conditions; and

6. (6)

   1. (A) Each bond shall be executed with the facsimile or manual signatures of the Chair and Secretary of the Arkansas Development Finance Authority and shall have affixed or imprinted thereon the seal of the state.

   2. (B) Delivery of the bonds executed shall be valid notwithstanding any change in the persons holding the offices occurring after the bonds have been executed.