Arkansas § 14-184-215 Obligation on bonds

Arkansas Statutes

§ 14-184-215 — Obligation on bonds

Arkansas § 14-184-215

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This text of Arkansas § 14-184-215 (Obligation on bonds) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 14-184-215 (2026).

Text

(a)(1) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that the bonds shall be obligations only of the central business improvement district, and that in no event shall they constitute any indebtedness for which the faith and credit of the municipality or any of its revenues are pledged.

(2)No member of the board of commissioners 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 shall have acted with corrupt intent.

(b)The principal of, interest on, and paying agent's fees in connection with the bonds shall be secured by a lien on and pledge of the instruments evidencing loans

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(a) (1) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that the bonds shall be obligations only of the central business improvement district, and that in no event shall they constitute any indebtedness for which the faith and credit of the municipality or any of its revenues are pledged. (2) No member of the board of commissioners 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 shall have acted with corrupt intent. (b) The principal of, interest on, and paying agent's fees in connection with the bonds shall be secured by a lien on and pledge of the instruments evidencing loans specified in § 14-184-206 .