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14-167-214. Bond obligation.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-167-214. Bond obligation.
(a)(1) The 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 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) The principal of, and interest on, the bonds shall be secured by a pledge of, and shall be payable from, revenues derived from the energy project acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-167-214
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:14-167-214
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b9d663a40e6c83371d4926245b863a10056c2017a5c5a1fd1012cde0911d2d31
Source location: content.xml paragraph 39086
Stored source content
14-167-214. Bond obligation.
(a)(1) The 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 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) The principal of, and interest on, the bonds shall be secured by a pledge of, and shall be payable from, revenues derived from the energy project acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.
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