15-4-518. Security for bonds.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-4-518. Security for bonds.

15-4-518. Security for bonds. (a)(1) Such bonds, notes, or other obligations as may be issued by the corporation may be secured by a mortgage or deed of trust of any of the lands of the corporation and the improvements constructed or proposed to be constructed thereon and machinery and equipment installed or to be installed therein. (2) However, no corporation shall issue first lien obligations under the provisions of this act in excess of eighty percent (80%) of the appraised or cost value duly established of such lands, improvements, machinery, and equipment mortgaged to secure payment of the obligations. (b) Obligations may be secured additionally by a mortgage or deed of trust on any other personal property of the corporation, by a pledge of the revenues of the corporation derived from the properties mortgaged to secure the obligations, and by a pledge of any and all other income of the corporation.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-518

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.