Arkansas Code Title 14. Local Government § 14-138-117. Bonds--Security

(c)(1) The indenture may contain any agreements and provisions customarily contained in instruments securing evidences of indebtedness including, without limiting the generality of the foregoing, provisions respecting:

(2) In making such agreements or provisions, the corporation shall not have the power to obligate itself except with respect to projects and the application of the revenue therefrom.

(d)(1) If there is any default by the corporation in payment of the principal of or the interest on the bonds or in any of the agreements on the part of the corporation that may properly be included in any indenture securing the bonds, the bondholders or the trustee under any indenture, as authorized in such indenture, may either in law or in equity, by suit, action, mandamus, or other proceeding, enforce payment of the principal or interest and compel performance of all duties of the board and officers of the corporation, and shall be entitled as a matter of right and regardless of the sufficiency of any such security to the appointment of a receiver in equity with all the powers of such receiver for the operation and maintenance of the project covered by such indenture and the collection, segregation, and applications of rents therefrom.

(2) Any such indenture shall not be subject to foreclosure and shall not be construed so as to authorize the sale of any project covered thereby, or any part thereof, in satisfaction of the bonds secured thereby.

(1) Regarding the rights and remedies of any trustee thereunder and the holders of the bonds and the coupons; and

(2) Restricting the individual rights of action of the holders of the bonds and coupons.