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14-362-115. Issuance of revenue bonds — Obligation of authority.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-362-115. Issuance of revenue bonds — Obligation of authority.
(a) The revenue bonds issued under this chapter shall be obligations only of the authority and shall not be general obligations of any county, municipality, or the state.
(b)(1) In no event shall the revenue bonds constitute an indebtedness of any county, municipality, or the state 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 chapter and that it does not constitute an indebtedness of any county, municipality, or the state within any constitutional or statutory limitation.
(c) The principal of and interest on the bonds may be secured, to the extent set forth in the resolution or indenture securing the bonds, by a pledge of and payable from all or any part of revenues derived from the use of the facilities of the authority, including, without limitation:
(1) Revenues derived from rates and charges imposed and maintained for the use of the facilities of the authority;
(2) Revenues derived from taxes levied under §§ 14-362-109(14) and 14-362-109(20);
(3) Lease rentals under leases or payments under security agreements or other instruments entered into under this chapter; and
(4) Revenues derived from tolls imposed upon vehicles utilizing intermodal access roads providing service to the airport and revenues derived from related auxiliary services and facilities.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-362-115
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:14-362-115
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 50cbb5f3f5e52ffe18f87b20e48ab8d29bdc9b70e26ad54f1a03c0437385a49f
Source location: content.xml paragraph 58886
Stored source content
14-362-115. Issuance of revenue bonds — Obligation of authority.
(a) The revenue bonds issued under this chapter shall be obligations only of the authority and shall not be general obligations of any county, municipality, or the state.
(b)(1) In no event shall the revenue bonds constitute an indebtedness of any county, municipality, or the state 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 chapter and that it does not constitute an indebtedness of any county, municipality, or the state within any constitutional or statutory limitation.
(c) The principal of and interest on the bonds may be secured, to the extent set forth in the resolution or indenture securing the bonds, by a pledge of and payable from all or any part of revenues derived from the use of the facilities of the authority, including, without limitation:
(1) Revenues derived from rates and charges imposed and maintained for the use of the facilities of the authority;
(2) Revenues derived from taxes levied under §§ 14-362-109(14) and 14-362-109(20);
(3) Lease rentals under leases or payments under security agreements or other instruments entered into under this chapter; and
(4) Revenues derived from tolls imposed upon vehicles utilizing intermodal access roads providing service to the airport and revenues derived from related auxiliary services and facilities.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-362-109. Powers of authority generally.
Each authority is given power and authority as follows:
(1) To make and adopt all necessary bylaws, rules, and regulations for its organization and operations not inconsistent with law;
(2) To elect its own officers, to appoint committees, and to employ and fix the compensation for personnel necessary for its operation;
(3) To enter into contracts with any person, governmental department, firm, or corporation, including both public and private corporations, and generally to do any and all things necessary or convenient for the purpose of acquiring, equipping, constructing, maintaining, improving, extending, financing, and operating a public airport to best serve the region in which it is located;
(4) To delegate any authority given to it by law to any of its officers, committees, agents, or employees;
(5) To apply for, receive, and use grants-in-aid, donations, and contributions from any source, including, but not limited to, the United States Government or any agency thereof and the State of Arkansas or any agency thereof and to accept and use bequests, devises, gifts, and donations from any person, firm, or corporation;
(6) To acquire lands and hold title to those lands in its own name;
(7) To acquire, own, hold, lease as lessor or as lessee, sell, encumber, dispose of, or otherwise deal in and with any facilities or real, personal, or mixed property, wherever located;
(8) To borrow money and execute and deliver negotiable notes, mortgage bonds, other bonds, debentures, and other evidences of indebtedness, and give such security therefor as shall be requisite, including giving a mortgage or deed of trust on its airport properties and facilities in connection with the issuance of mortgage bonds;
(9) To raise
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-362-109
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. The source passage cites 14-362-109. This identifies an authority to review, not proof of applicability.