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14-303-506. Obligation and liability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-303-506. Obligation and liability.
(a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter, and the bonds issued hereunder shall be obligations only of the authority involved. In no event shall they constitute an indebtedness of the State of Arkansas or of the city involved within the meaning of any constitutional or statutory limitation or for which the faith and credit of the state or the city are pledged.
(b) No member of an authority shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this chapter unless that member shall have acted with a corrupt intent.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-303-506
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:14-303-506
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: acd5035e1b1364fdd56c64a9e20947067d6aa176b53f560bd9b5c25c8f3f2974
Source location: content.xml paragraph 55962
Stored source content
14-303-506. Obligation and liability.
(a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter, and the bonds issued hereunder shall be obligations only of the authority involved. In no event shall they constitute an indebtedness of the State of Arkansas or of the city involved within the meaning of any constitutional or statutory limitation or for which the faith and credit of the state or the city are pledged.
(b) No member of an authority shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this chapter unless that member shall have acted with a corrupt intent.
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