Section 14-167-208 - Bonds - Terms and conditions(a) As the ordinance authorizing their issuance may provide, the bonds may: (1) Be in such form and denominations;(2) Be exchangeable for bonds of another denomination;(3) Be made payable at such places within or without the state;(4) Be issued in one (1) or more series;(5) Bear such date or dates;(6) Mature at such time or times, not exceeding forty (40) years from their respective dates;(7) Bear interest at such rate or rates;(8) Be payable in such medium of payment;(9) Be subject to such terms of redemption; and(10) Contain such terms, covenants, and conditions, including, without limitation, those pertaining to: (A) The custody and application of the proceeds of the bonds;(B) The collection and disposition of revenues;(C) The rights, duties, and obligations of the municipality or county and the trustee for the holders and registered owners of the bonds; and(D) The rights of the holders and registered owners of the bonds.(b) Subject to provisions of the ordinance or of the trust indenture, as prescribed in this section or § 14-167-209 pertaining to registration, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.Acts 1981, No. 53, § 6; A.S.A. 1947, § 13-2406.