14-164-217. Bonds — Payment.

14-164-217. Bonds — Payment. (a)(1) Revenue bonds issued under this subchapter shall not be general obligations of the municipality or county, but shall be special obligations, and in no event shall the revenue bonds constitute an indebtedness of the municipality or county 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 subchapter and that it does not constitute an indebtedness of the municipality or county within any constitutional or statutory limitation. (b)(1) The principal of and interest on the revenue bonds and trustee's and paying agent's fees shall be payable from one (1) or more of the following sources as determined by the municipality or county: (A) Revenues derived from the lands, buildings, or facilities acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds; (B) Surplus revenues derived from other lands, buildings, or facilities used and useful for securing and developing industry; (C) Surplus revenues derived from water, sewer, sanitation, gas, and electric utilities owned by the municipality or county; (D) Revenues derived from payments in lieu of ad valorem taxes to the municipality or county with respect to the lands, buildings, or facilities acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds; and (E) Revenues derived from governmental grants and tax rebates and credits received or anticipated to be received with respect to the lands, buildings, or facilities acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds. (2) The revenues may also be pledged to and used for the reimbursement for payments of the principal of and interest on the bonds and trustee's and paying agent's fees made by the Arkansas Economic Development Commission or the Arkansas Economic Development Council pursuant to guaranties issued under the Industrial Revenue Bond Guaranty Law, § 15-4-601 et seq., or made by the Arkansas Development Finance Authority pursuant to guaranties issued under the Arkansas Development Finance Authority Bond Guaranty Act of 1985, § 15-5-401 et seq. (3) Surplus funds on hand derived from the water, sewer, sanitation, gas, and electric utilities owned by the municipality or county may also be pledged and used for any of the foregoing purposes, including the establishment and maintenance of a reserve fund or funds for the payment of the principal of and interest on the bonds and trustee's and paying agent's fees or the reimbursement thereof.