(a) Bonds shall be authorized by ordinance of the governing body of the municipality.
(b) They may be coupon bonds, payable to bearer, or may be registrable as to principal only, with interest coupons, or may be registrable as to both principal and interest without coupons, and may be made exchangeable for bonds of another denomination, which bonds of another denomination may in turn be either coupon bonds, payable to bearer, or bonds registrable as to principal only with coupons, or bonds registrable as to both principal and interest without coupons. The bonds may be in such form and denominations; the bonds may have such date or dates; the bonds may mature at such time or times and in such amount or amounts, provided that no bonds may mature more than forty (40) years from date; the bonds may bear interest payable at such times and at such rate or rates; the bonds may be payable at such place or places within or without the State of Arkansas; the bonds may be subject to such terms of redemption in advance of maturity at such prices, including such premiums; and the bonds may contain such other terms and provisions, all as the municipality issuing the bonds shall determine.
(c) The authorizing ordinance may contain any other terms, covenants, and conditions that are deemed desirable by the municipality including, without limitation:
(1) Provisions controlling the priority between and among successive issues;
(2) Those pertaining to the custody and application of bond proceeds, the maintenance and investment of various funds and reserves;
(3) The nature and extent of the security;
(4) The rights, duties, and obligations of the municipality and of the holders and registered owners of the bonds.
(d) Bonds may be sold in the manner the municipality involved may determine to be in its best interest and may be sold for such price including, without limitation, sale at a discount. The bonds may be sold with the privilege of conversion upon terms and conditions as the municipality involved shall specify, but in no event shall the municipality involved receive less or pay more than it would receive and pay if the bonds were not converted.
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