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14-57-608. Pledge not to discontinue operation of meters.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-57-608. Pledge not to discontinue operation of meters.
A municipality issuing revenue bonds for the payment of which it pledges the net revenues derived from the ownership and operation of parking meters shall, by the favorable vote at the election for the purpose of issuing the revenue bonds, be construed to have made a binding contract with the holders of the bonds that the municipality will not remove or discontinue the operation of the parking meters until the revenue bonds, and all interest thereon, for the payment of which the net revenues have been pledged, have been paid in full.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-57-608
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:14-57-608
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 74522672077d1462a5c32518815c2d629cf550de11cc4e39bbbf29e7fdac3587
Source location: content.xml paragraph 18217
Stored source content
14-57-608. Pledge not to discontinue operation of meters.
A municipality issuing revenue bonds for the payment of which it pledges the net revenues derived from the ownership and operation of parking meters shall, by the favorable vote at the election for the purpose of issuing the revenue bonds, be construed to have made a binding contract with the holders of the bonds that the municipality will not remove or discontinue the operation of the parking meters until the revenue bonds, and all interest thereon, for the payment of which the net revenues have been pledged, have been paid in full.
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