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14-143-115. Issuance of revenue bonds — Obligation of authority.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-143-115. Issuance of revenue bonds — Obligation of authority.
(a) The revenue bonds issued under this chapter shall be obligations only of the authority and shall not be general obligations of any county or municipality, or the state.
(b)(1) In no event shall the revenue bonds constitute an indebtedness of any county or municipality, or the state within the meaning of any constitutional or statutory limitation.
(2) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter and that it does not constitute an indebtedness of any county or municipality, or the state within any constitutional or statutory limitation.
(c) The principal of and interest on the bonds may be secured, to the extent set forth in the resolution or indenture securing the bonds, by a pledge of and payable from all or any part of revenues derived from the use of facilities of the authority, including, without limitation:
(1) Revenues derived from rates and charges imposed and maintained for the use of facilities of the authority;
(2) Revenues derived from taxes or fees levied under subdivision (a)(15) and (16) of § 14-143-109 of this chapter; and
(3) Lease rentals under leases or payments under security agreements or other instruments entered into under this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-143-115
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:14-143-115
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2b3a18d4842e81730de21fb40e8325005002650ca54c9e8aad40914c258eb8ab
Source location: content.xml paragraph 35844
Stored source content
14-143-115. Issuance of revenue bonds — Obligation of authority.
(a) The revenue bonds issued under this chapter shall be obligations only of the authority and shall not be general obligations of any county or municipality, or the state.
(b)(1) In no event shall the revenue bonds constitute an indebtedness of any county or municipality, or the state within the meaning of any constitutional or statutory limitation.
(2) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter and that it does not constitute an indebtedness of any county or municipality, or the state within any constitutional or statutory limitation.
(c) The principal of and interest on the bonds may be secured, to the extent set forth in the resolution or indenture securing the bonds, by a pledge of and payable from all or any part of revenues derived from the use of facilities of the authority, including, without limitation:
(1) Revenues derived from rates and charges imposed and maintained for the use of facilities of the authority;
(2) Revenues derived from taxes or fees levied under subdivision (a)(15) and (16) of § 14-143-109 of this chapter; and
(3) Lease rentals under leases or payments under security agreements or other instruments entered into under this chapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-143-109. Powers of authority generally.
(a) Each authority is given power and authority as follows:
(1) To make and adopt all necessary bylaws, rules, and regulations for its organization and operations not inconsistent with law;
(2) To elect its own officers, to appoint committees, and to employ and fix the compensation for personnel necessary for its operation;
(3) To enter into contracts with any person, governmental department, firm, or corporation, including both public and private corporations, and generally to do any and all things necessary or convenient for the purpose of acquiring, equipping, constructing, maintaining, improving, extending, financing, and operating an intermodal facility including, without limitation, railway-highway terminals, highway-railway terminals, shipping facilities, railroad sidings, turnouts, spur branches, switches, yards tracks, bridges and trestles, parks for industrial facilities, buildings, warehouses, utilities, highways, roads, streets, roadways and approaches, bulk loading and unloading facilities, elevators, tipples, compresses, refrigeration storage plants, transfer equipment, and related improvements and facilities as it may deem feasible for the expeditious and efficient handling of freight, commerce, and passengers to and from any other part of the state or any other state and foreign countries to best serve the region in which it is located;
(4) To assume the rights and responsibilities of the municipality with respect to all existing and future permits and franchises with public utilities for the supplying of public utility service to be intermodal facility;
(5) To delegate any authority given to it by law to any of its officers, committees, agents, or employees;
(6) To apply for, receive, and use gran
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-143-109
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-143-109. This identifies an authority to review, not proof of applicability.