§ 14-164-411 — Bonds - Payment - Security

(a) The principal of and interest on the revenue bonds issued pursuant to this section and § 14-164-402 shall be secured by a pledge of, and shall be payable from, revenues, as defined in § 14-164-402 . (b) Notwithstanding any provision of Arkansas law including, but not limited, § 14-200-101 , et seq., in any municipality or county in which revenues have been pledged to secure the payment of revenue bonds as authorized by this subchapter, the portion of the revenues pledged to retire the revenue bonds shall not, except as permitted by the ordinance, order or trust indenture pursuant to which such revenue bonds are issued and secured, be repealed, abolished, or reduced so long as such revenue bonds, and any bonds issued to refund such revenue bonds, are outstanding.

Legislative History

Acts 1985, No. 974, § 3; A.S.A. 1947, § 13-1263; Acts 1987, No. 58, § 2; 1997, No. 1130, § 2.