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14-170-209. Security for bonds — Special obligations.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-170-209. Security for bonds — Special obligations.
(a)(1) The bonds issued under this subchapter shall not be general obligations of the municipality or county but shall be special obligations. 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 tourism 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) · 14-170-209
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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Stable record: arkansas_code:legal_authorities:14-170-209
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: bf9b2f3384595d948d2b753ffbef8a72a5feff7fbb5792b597d6a7c6d926b143
Source location: content.xml paragraph 41284
Stored source content
14-170-209. Security for bonds — Special obligations.
(a)(1) The bonds issued under this subchapter shall not be general obligations of the municipality or county but shall be special obligations. 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 tourism project acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.
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