§ 14-95-609 — Resolutions and indentures

(a) Any authorizing resolution and trust indenture shall, together with this chapter, constitute a contract between the Arkansas Development Finance Authority and the holders and registered owners of the bonds, which contract, and all covenants, agreements, and obligations therein, shall be promptly performed in strict compliance with the terms and provisions of the contract, and the covenants, agreements, and obligations of the authority may be enforced by mandamus or other appropriate proceedings at law or in equity. (b) In this regard, in addition to other provisions referred to above, the authority is hereby expressly authorized to include in any authorizing resolution or trust indenture a covenant that, to the fullest extent possible, each municipality's urban service district's revenues derived from its service charges will be collected under this chapter to the fullest extent possible so as to avoid any impairment of the security for the bonds and that the authority will always maintain reserves at proper levels, and otherwise comply with any provisions of authorizing resolutions or trust indentures concerning revenues and bonds.

Legislative History

Acts 1995, No. 1090, § 11.