Arkansas § 14-232-107 Bonds - Nature of indebtedness - Security

Arkansas Statutes

§ 14-232-107 — Bonds - Nature of indebtedness - Security

(a)The revenue bonds issued under this chapter shall not be general obligations of the county or municipality but shall be special obligations.

(b)In no event shall the revenue bonds constitute an indebtedness of the county or municipality within the meaning of any constitutional or statutory limitation.

(c)It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter and that it does not constitute an indebtedness of the county or municipality within any constitutional or statutory limitation.

(d)The principal of and interest on the revenue bonds and the paying agent's fees shall be secured by a pledge of and payable from revenues derived from the rates or charges imposed and collected under the authority of this chapter.

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(a) The revenue bonds issued under this chapter shall not be general obligations of the county or municipality but shall be special obligations. (b) In no event shall the revenue bonds constitute an indebtedness of the county or municipality within the meaning of any constitutional or statutory limitation. (c) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter and that it does not constitute an indebtedness of the county or municipality within any constitutional or statutory limitation. (d) The principal of and interest on the revenue bonds and the paying agent's fees shall be secured by a pledge of and payable from revenues derived from the rates or charges imposed and collected under the authority of this chapter.

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