§ 27-76-607 — Repayment

(a) Bonds issued under this chapter shall be payable from revenues derived from the regional mobility authority's transportation system and any other unrestricted funds of the regional mobility authority. (b) The bonds shall not in any event constitute an indebtedness of nor pledge the faith and credit of the State of Arkansas or the county or counties or municipality or municipalities creating the regional mobility authority within the meaning of any constitutional provisions or limitations. (c) It shall be plainly stated on the face of each bond that it: (1) Is issued under the provisions of this chapter; (2) Does not constitute an indebtedness of the State of Arkansas or the county or counties or the municipality or municipalities creating the regional mobility authority within any constitutional provisions or limitations; and (3) Is not backed by the full faith and credit of the State of Arkansas or the county or counties or municipality or municipalities creating the regional mobility authority. (d) The bonds and the interest on the bonds shall be exempt from all state, county, and municipal taxation, including without limitation income taxation and inheritance taxation.

Legislative History

Amended by Act 2013, No. 497,§ 10, eff. 8/16/2013. Acts 2007, No. 389, § 1.