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1958-1960 Arkansas Attorney General Reports and Opinions 1 (1958-1960)

handle is hein.sag/sagar0018 and id is 1 raw text is: STATE OF ARKANSAS
OFFICE OF ATTORNEY GENERAL
Jaar p,   9 54
bonorable Walter Aldridge
City Treasurer
haber Springs, Arkansas
Dear Mr. Aldridge:
I have your letter of January 3, 1959, which I quote as
follows
2he money received from this bond issue is now on
deposit in he 4leburne County Bank, Heber Springs,
Arkansas and amounts to a total of #286,61l.56 which
is secured by j40,LW4.00 in kovernment Securities
held by he Commercial Natiunal Bunk, Little .ock,
Arkansas. The bond issues were   ate*   Swer ;-evenue
Bond issues and Various Purpose Bond issues.
You ask the ftllowing questionsi
1., Who is to be responsible for the hanaling and
disburkiing o these Junas' The Uity Treasurer or
the commissioners appointed by the atty council?
P.  0an these funds as trust funda already secured
be legally divided between two banhat
.'  he is the final authority on designating a
depository for said funds.
Yhe answers to your questions are as follows:
1. Ark. State. (1947)    19-4107, dealing with the issuance
of sever bonds, proviaes in relevant part;
a . . All the details of such bonds shcil be determined
by ordinance or ordinances of the oty or town.
Also, Ark. State. (1947)   19-4121, with reference to the
issuanoe of sewer bonds that are secured by a trust indenture,
provides in relevant parts
. * . The ordinance authorizing the revenue bonds and
fIiing the details thereof may provide that such trust
indenture may contain such provisione for protecting
and enforcing the rights and r*medles of the bond-
holders as uay be reasonable and proper, . . .

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