15-22-717. Contract not to be impaired — Remedies of bondholder.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-22-717. Contract not to be impaired — Remedies of bondholder.

15-22-717. Contract not to be impaired — Remedies of bondholder. (a) This subchapter shall constitute a contract between the State of Arkansas and the holders or registered owners of all bonds issued under this subchapter which shall never be impaired, and any violation of its terms, whether under purported legislative authority or otherwise, shall be enjoined by the courts at the suit of any bondholder or any taxpayer. (b) The courts, in like suit against the Arkansas Natural Resources Commission, the Treasurer of State, or other appropriate officer or official of the state, shall prevent a diversion of any revenues pledged under this subchapter and shall compel the restoration of diverted revenues by injunction or mandamus. (c) In addition and without limitation as to any other appropriate remedy at law or in equity, any bondholder, by an appropriate action, including, without limitation, injunction or mandamus, may compel the performance of all covenants and obligations of the state, its officers, and its officials under this subchapter.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-717

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.