Arkansas § 15-22-717 Contract not to be impaired - Remedies of bondholder

Arkansas Statutes

§ 15-22-717 — Contract not to be impaired - Remedies of bondholder

(a)This subchapter shall constitute a contract between the State of Arkansas and the holders or registered owners of all bonds issued under this subchapter which shall never be impaired, and any violation of its terms, whether under purported legislative authority or otherwise, shall be enjoined by the courts at the suit of any bondholder or any taxpayer.

(b)The courts, in like suit against the Arkansas Natural Resources Commission, the Treasurer of State, or other appropriate officer or official of the state, shall prevent a diversion of any revenues pledged under this subchapter and shall compel the restoration of diverted revenues by injunction or mandamus.

(c)In addition and without limitation as to any other appropriate remedy at law or in equity, any bondholder, by an appropriate

Free access — add to your briefcase to read the full text and ask questions with AI

(a) This subchapter shall constitute a contract between the State of Arkansas and the holders or registered owners of all bonds issued under this subchapter which shall never be impaired, and any violation of its terms, whether under purported legislative authority or otherwise, shall be enjoined by the courts at the suit of any bondholder or any taxpayer. (b) The courts, in like suit against the Arkansas Natural Resources Commission, the Treasurer of State, or other appropriate officer or official of the state, shall prevent a diversion of any revenues pledged under this subchapter and shall compel the restoration of diverted revenues by injunction or mandamus. (c) In addition and without limitation as to any other appropriate remedy at law or in equity, any bondholder, by an appropriate action, including, without limitation, injunction or mandamus, may compel the performance of all covenants and obligations of the state, its officers, and its officials under this subchapter.

Arkansas § 15-22-717 (Contract not to be impaired - Remedies of bondholder) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.