(a)
(1) Prior to the issuance of any series of bonds, the Arkansas Development Finance Authority shall adopt a resolution authorizing the issuance of the bonds.
(2) Each resolution may 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, which may be a master trust indenture, series indenture, supplemental indenture, or any other form of indenture deemed necessary by the authority, 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 or as otherwise authorized by law.
(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 or as otherwise authorized by law.
(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 Arkansas Constitution, Amendment 82, and this subchapter all, any part, or none of the revenues that may be derived from any qualified Amendment 82 project financed by the bonds or financed by the authority in some other manner; and
(2) At the option of the authority and 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.
(c) Any resolution or trust indenture adopted or executed under this section may provide for the retirement and defeasance of the bonds by the depositing of cash or investments in trust to be maintained for the purpose of retirement and defeasance of the bonds. When the provisions of the resolution or trust indenture are complied with, the bonds being defeased shall not be deemed to be outstanding bonded indebtedness for the purposes of this subchapter.
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