State Codes and Statutes

Statutes > Arkansas > Title-22 > Chapter-3 > Subchapter-14 > 22-3-1412

22-3-1412. Deposit of bond proceeds.

(a) Arkansas Development Finance Authority shall include necessary provisions in the authorizing resolution or trust indenture to provide for the deposit of the proceeds of the bonds pursuant to the provisions of 15-5-209.

(b) The authority may create and establish one (1) or more special funds in such depositories and make such investment as it may designate to provide for the construction, secure the bonds, establish reserves, and fund other necessary functions or activities authorized by this subchapter.

State Codes and Statutes

Statutes > Arkansas > Title-22 > Chapter-3 > Subchapter-14 > 22-3-1412

22-3-1412. Deposit of bond proceeds.

(a) Arkansas Development Finance Authority shall include necessary provisions in the authorizing resolution or trust indenture to provide for the deposit of the proceeds of the bonds pursuant to the provisions of 15-5-209.

(b) The authority may create and establish one (1) or more special funds in such depositories and make such investment as it may designate to provide for the construction, secure the bonds, establish reserves, and fund other necessary functions or activities authorized by this subchapter.