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22-3-1209. Certificates of indebtedness — Pledge of revenues and restrictions generally.
Arkansas Code — all titles (historical 2020) · legal_authorities
22-3-1209. Certificates of indebtedness — Pledge of revenues and restrictions generally.
(a) The certificates shall be the obligations of the Building Authority Division, and the nontax revenues available to the division under the provisions of § 22-3-1210, as distinguished from any tax moneys which may be made available for the operation of the division, are pledged to secure the payment of the certificates.
(b) The certificates shall contain a provision that neither the faith nor credit of the State of Arkansas nor any of its revenues are pledged to the payment of the certificates and that the debt is not the obligation of the division.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 22-3-1209
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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Stable record: arkansas_code:legal_authorities:22-3-1209
Source file: gov.ar.code.title.22.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b9111c08bc6c1bad7abb689ba6e5c629d36420bda7aea3d0c683fcb01a907737
Source location: content.xml paragraph 2257
Stored source content
22-3-1209. Certificates of indebtedness — Pledge of revenues and restrictions generally.
(a) The certificates shall be the obligations of the Building Authority Division, and the nontax revenues available to the division under the provisions of § 22-3-1210, as distinguished from any tax moneys which may be made available for the operation of the division, are pledged to secure the payment of the certificates.
(b) The certificates shall contain a provision that neither the faith nor credit of the State of Arkansas nor any of its revenues are pledged to the payment of the certificates and that the debt is not the obligation of the division.
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Arkansas Code — all titles (historical 2020) · legal_authorities
22-3-1210. Certificates of indebtedness — Public Facilities Debt Service Fund.
(a) The principal of and interest on the certificates of indebtedness issued under this subchapter shall be secured, except as stated in subdivision (c)(1) of this section, by a lien on and pledge of:
(1) All revenue derived from payments by the Arkansas Development Finance Authority pursuant to § 22-3-1225(b) which is a portion of the funds received by the Arkansas Development Finance Authority from the sale of certificates for the inspection of motor vehicles;
(2) All moneys from the sale of or disposition of farm products, livestock, or other products produced in connection with the agriculture and livestock activities at any institution under the control of the Board of Corrections or any successor entity, excluding those moneys that may be accountable from, or the value of, products consumed within the Division of Correction and from rental of farm properties under the control of the board or any successor entity;
(3) All moneys from the sale or disposition of articles and products manufactured or produced by prison labor through the operations of the prison industry program, excluding those moneys that may be accountable from, or the value of, articles and products used or consumed within the Division of Correction; and
(4) Fifty percent (50%) of the gross revenue, if any, derived from the leasing or renting to tenants, other than state agencies, of space in any new facility constructed or acquired with proceeds of any certificates issued under this subchapter.
(b) The pledging of the revenues enumerated in subsection (a) of this section, which are, collectively, the pledged revenues, is authorized. All pledged revenues are specifically declared to be nontax revenues restric
Source: Arkansas Code — historical release 78 (November 6, 2020) · 22-3-1210
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 22-3-1210. This identifies an authority to review, not proof of applicability.