§ 19-9-401. Title

This subchapter may be cited as the “Registered Public Obligations Act of Arkansas”.

§ 19-9-402. Purpose

(a) The Internal Revenue Code provides that interest with respect to certain obligations may not be exempt from federal income taxation unless the obligations are in registered form. It is therefore a matter of state concern that public entities be authorized to provide for the issuance of obligations in such form. It is a purpose […]

§ 19-9-403. Definitions

As used in this subchapter, unless the context otherwise requires: (1) “Authorized officer” means any individual required or permitted, alone or with others, by any provision of law or by the issuing public entity, to execute, on behalf of the public entity, a certificated registered public obligation or a writing relating to an uncertificated registered […]

§ 19-9-404. Applicability

(a) Unless, at any time prior to or at original issuance of a registered public obligation, the official or official body of the issuer determines otherwise, this subchapter shall be applicable to such registered public obligation, notwithstanding any provision of law to the contrary. When this subchapter is applicable, no contrary provision shall apply. (b) […]

§ 19-9-405. Construction

(a) This subchapter shall be liberally construed to accomplish the intent and purposes hereof and shall be the sole authority required for the accomplishment of such purposes. (b) This subchapter shall be construed in conjunction with the Uniform Commercial Code, § 4-1-101 et seq., and the principles of contract law relative to the registration and […]

§ 19-9-406. System of registration

(a) (1) Each issuer is authorized to establish and maintain a system of registration with respect to each obligation which it issues. The system may either be: (A) A system pursuant to which only certificated registered public obligations are issued; (B) A system pursuant to which only uncertificated registered public obligations are issued; or (C) […]

§ 19-9-407. Signatures required

(a) A certificated registered public obligation shall be executed by the issuer by the manual or facsimile signatures of authorized officers. Any signature of an authorized officer may be attested by the manual or facsimile signature of another authorized officer. (b) In addition to the signatures referred to in subsection (a) of this section, any […]

§ 19-9-408. Signature of predecessor in office

(a) Any certificated registered public obligation signed by the authorized officers at the time of the signing thereof shall remain valid and binding, notwithstanding that before the issuance thereof any or all of the officers shall have ceased to fill their respective offices. (b) (1) Any authorized officer empowered to sign any certificated registered public […]

§ 19-9-409. Seal

When a seal is required or permitted in the execution of any certificated registered public obligation, an authorized officer may cause the seal to be printed, engraved, stamped, or otherwise placed in facsimile thereon. The facsimile seal has the same legal effect as the impression of the seal.

§ 19-9-410. Appointment of agents by issuer

(a) An issuer may appoint for such term as may be agreed, including for so long as a registered public obligation may be outstanding, corporate or other authenticating agents, transfer agents, registrars, and paying or other agents. The issuer may also specify the terms of their appointment, including their rights, their compensation and duties, limits […]

§ 19-9-411. Payment of costs

(a) An issuer, prior to or at original issuance of registered public obligations, may provide as a part of a system of registration that the transferor or transferee of the registered public obligations pay all or a designated part of the costs of the system as a condition precedent to transfer, that costs be paid […]

§ 19-9-412. Reciprocal recognition for obligations

Obligations issued by public entities under the laws of one (1) or more states, territories, possessions, or the District of Columbia, which are in registered form, whether or not represented by an instrument, and which, except for their form, satisfy the requirements with regard to security for deposits of moneys of public agencies prescribed pursuant […]

§ 19-9-413. Registration records

(a) Records, with regard to the ownership of or security interest in registered public obligations, are not subject to inspection or copying under any law of this state relating to the right of the public to inspect or copy public records, notwithstanding any law to the contrary. (b) Registration records of the issuer may be […]

§ 19-9-414. Exemption of interest from taxation

The state covenants with the owners of any registered public obligations that it will not amend or repeal this subchapter if the effect may be to impair the exemption from income taxation of interest on registered public obligations.