§ 14-360-307 — Borrowing of funds and revenue bonds - Payment and indebtedness

(a) The bonds and interest thereon shall be payable solely from and secured by a pledge of the gross revenues derived from the operation or the lease of the buildings, structures, or other improvements, or other revenues obtained from the operation of the airport. (b) The pledge shall be subject to the restriction that the municipality shall never in any fiscal year be bound beyond an amount that would, together with the other expenditures and contracts of the municipality, call for a payment or payments in that fiscal year in excess of the total revenue for the municipality for that fiscal year, so that the municipality shall never at any time by its contract or pledge of gross revenues and rentals violate the provisions of Arkansas Constitution, Amendment 10. (c) The bonds shall, in no event, constitute an indebtedness of the municipality within the meaning of any constitutional provisions or limitations.

Legislative History

Acts 1959, No. 175, § 4; 1970, (Ex. Sess.), No. 34, § 1; 1975, No. 301, § 2; 1981, No. 425, § 41; A.S.A. 1947, § 74-522.