# Ark. Code Ann. § 15-4-3009: Authorization of bonds > Arkansas · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3009 ## Section - **Citation:** Ark. Code Ann. § 15-4-3009 - **Heading:** Authorization of bonds - **Jurisdiction:** Arkansas - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** AR Code / Title 15 / Chapter 4 / Subchapter 30 / Section 15-4-3009 ## Text (a) (1) The bonds shall be authorized by resolution of the Arkansas Development Finance Authority. (2) Each resolution shall contain terms, covenants, and conditions as deemed desirable, including without limitation, those pertaining to: (A) The establishment and maintenance of funds and accounts; (B) The deposit and investment of revenues and of bond proceeds; and (C) The rights and obligations of the state, its officers and officials, the authority, and the registered owners of the bonds. (3) (A) The resolution of the authority may provide for the execution and delivery by the authority of a trust indenture or indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions referred to in this subchapter. (B) The trust indenture or indentures shall be binding upon the state and its agencies, officers, and officials to the extent set forth in this subchapter. (b) Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved: (1) To apply to the payment of debt service on the bonds issued or secured under this subchapter all or any part of the revenues that may be derived from any superproject financed by the bonds or financed by the authority in some other manner; and (2) To the extent of the revenues that the authority elects to apply to debt service, to release from any requirement of the resolution or trust indenture other revenues and resources of the state, including without limitation, the Economic Development Superprojects Project Fund revenues or other revenues required to be transferred under this subchapter. Acts 2003, No. 1751, § 9. (a) (1) The bonds shall be authorized by resolution of the Arkansas Development Finance Authority. (2) Each resolution shall contain terms, covenants, and conditions as deemed desirable, including without limitation, those pertaining to: (A) The establishment and maintenance of funds and accounts; (B) The deposit and investment of revenues and of bond proceeds; and (C) The rights and obligations of the state, its officers and officials, the authority, and the registered owners of the bonds. (3) (A) The resolution of the authority may provide for the execution and delivery by the authority of a trust indenture or indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions referred to in this subchapter. (B) The trust indenture or indentures shall be binding upon the state and its agencies, officers, and officials to the extent set forth in this subchapter. (1) The bonds shall be authorized by resolution of the Arkansas Development Finance Authority. (2) Each resolution shall contain terms, covenants, and conditions as deemed desirable, including without limitation, those pertaining to: (A) The establishment and maintenance of funds and accounts; (B) The deposit and investment of revenues and of bond proceeds; and (C) The rights and obligations of the state, its officers and officials, the authority, and the registered owners of the bonds. (A) The establishment and maintenance of funds and accounts; (B) The deposit and investment of revenues and of bond proceeds; and (C) The rights and obligations of the state, its officers and officials, the authority, and the registered owners of the bonds. oceeds; and (C) The rights and obligations of the state, its officers and officials, the authority, and the registered owners of the bonds. (A) The establishment and maintenance of funds and accounts; (B) The deposit and investment of revenues and of bond proceeds; and (C) The rights and obligations of the state, its officers and officials, the authority, and the registered owners of the bonds. (3) (A) The resolution of the authority may provide for the execution and delivery by the authority of a trust indenture or indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions referred to in this subchapter. (B) The trust indenture or indentures shall be binding upon the state and its agencies, officers, and officials to the extent set forth in this subchapter. (A) The resolution of the authority may provide for the execution and delivery by the authority of a trust indenture or indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions referred to in this subchapter. (B) The trust indenture or indentures shall be binding upon the state and its agencies, officers, and officials to the extent set forth in this subchapter. (b) Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved: (1) To apply to the payment of debt service on the bonds issued or secured under this subchapter all or any part of the revenues that may be derived from any superproject financed by the bonds or financed by the authority in some other manner; and (2) To the extent of the revenues that the authority elects to apply to debt service, to release from any requirement of the resolution or trust indenture other revenues and resources of the state, including without limitation, the Economic Development Superprojects Project Fund revenues or other revenues required to be transferred under this subchapter. (1) To apply to the payment of debt service on the bonds issued or secured under this subchapter all or any part of the revenues that may be derived from any superproject financed by the bonds or financed by the authority in some other manner; and (2) To the extent of the revenues that the authority elects to apply to debt service, to release from any requirement of the resolution or trust indenture other revenues and resources of the state, including without limitation, the Economic Development Superprojects Project Fund revenues or other revenues required to be transferred under this subchapter. Acts 2003, No. 1751, § 9. ## Nearby sections - [Ark. Code Ann. § 15-4-3001 Title](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3001.md) - [Ark. Code Ann. § 15-4-3002 Legislative findings](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3002.md) - [Ark. Code Ann. § 15-4-3003 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3003.md) - [Ark. Code Ann. § 15-4-3004 Authority to issue bonds](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3004.md) - [Ark. Code Ann. § 15-4-3005 State of Arkansas Economic Development General Obligation Bonds](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3005.md) - [Ark. Code Ann. § 15-4-3006 Qualification as a superproject](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3006.md) - [Ark. Code Ann. § 15-4-3007 Series of bonds](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3007.md) - [Ark. Code Ann. § 15-4-3008 Purpose of bonds](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3008.md) - [Ark. Code Ann. § 15-4-3009 Authorization of bonds](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3009.md) - [Ark. Code Ann. § 15-4-3010 Form and delivery of bonds](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3010.md) - [Ark. Code Ann. § 15-4-3011 Sale and price of bonds](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3011.md) - [Ark. Code Ann. § 15-4-3012 Deposit of bond proceeds](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3012.md) - [Ark. Code Ann. § 15-4-3013 Powers of the Arkansas Economic Development Commission](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3013.md) - [Ark. Code Ann. § 15-4-3014 General obligations bonds](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3014.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C4_S30_S15-4-3009. Check the current official text before relying on it. Not legal advice.