14-238-116. Payment of bonds.

Arkansas Code — all titles (historical 2020) · legal_authorities

14-238-116. Payment of bonds.

14-238-116. Payment of bonds. (a) The principal of and interest on the bonds shall be payable from: (1) Revenues derived from the waterworks facilities and/or wastewater facilities projects acquired, constructed, reconstructed, equipped, extended, or improved, in whole or in part, with the proceeds of the bonds; (2) Obligations of: (A) The owners of waterworks facilities and/or wastewater facilities projects; or (B) Any person with whom the proceeds of the bonds, or a portion thereof, are invested by contract or otherwise; (3) Any other funds or sources of funds of the board specifically pledged and which are set aside as a special fund or source, other than taxes or assessments for local improvements, for the purpose of paying the principal of and interest on the bonds; or (4) Any combination of subdivisions (a)(1)-(3) of this section. (b) The board is authorized to pledge those revenues, obligations, and other special funds or sources to pay the principal of and interest on the bonds.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-238-116

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.