Arkansas § 13-5-313 Statements on bonds - Liability

Arkansas Statutes

§ 13-5-313 — Statements on bonds - Liability

(a)It shall be plainly stated on the face of each bond that:

(1)The bond has been issued under the provisions of this subchapter;

(2)The bonds are obligations only of the Secretary of the Department of Parks, Heritage, and Tourism;

(3)In no event do the bonds constitute an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged; and (4) The bonds are not secured by a mortgage or lien on any land or buildings belonging to the State of Arkansas or the Department of Parks, Heritage, and Tourism.

(b)No member of the department shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this subchapter unless he or she shall have acted

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(a) It shall be plainly stated on the face of each bond that: (1) The bond has been issued under the provisions of this subchapter; (2) The bonds are obligations only of the Secretary of the Department of Parks, Heritage, and Tourism; (3) In no event do the bonds constitute an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged; and (4) The bonds are not secured by a mortgage or lien on any land or buildings belonging to the State of Arkansas or the Department of Parks, Heritage, and Tourism. (b) No member of the department shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this subchapter unless he or she shall have acted with a corrupt intent.

Arkansas § 13-5-313 (Statements on bonds - Liability) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Amended by Act 2019, No. 910,§ 5572, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 5571, eff. 7/1/2019. Acts 1971, No. 515, § 5; 1975 (Extended Sess., 1976), No. 1018, § 2; A.S.A. 1947, § 6-1206.