§ 14-164-813 — Bonds - Payment - Security

Arkansas § 14-164-813

• Jurisdiction: Arkansas
• Title: 14

Text

(a) The principal of and interest on the bonds may be secured by a pledge of the operating cost savings derived from the energy efficiency project, and a municipality or county may pledge or assign a guaranteed energy cost savings contract to secure the bonds. (b) The total annual principal and interest payments in each fiscal year on bonds shall be charged against and paid from general revenues, special revenues, revenues derived from taxes, or any other revenues available to the municipality or county if the special revenues, revenues derived from taxes, or other revenues have not been previously restricted to another purpose. (c) Notwithstanding any law to the contrary, a municipality or county may use money budgeted for maintenance and operations to pay the principal of and interest on bonds issued for an energy efficiency project under this subchapter. (d) (1) Bonds are not revenue bonds for purposes of any statute. (2) The legislative body is not required to hold a public hearing on the issuance of the bonds.

Legislative History

Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.