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Arkansas Code Title 14. Local Government § 14-144-306. Issuance of revenue bonds--Obligation of research park authority

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) The revenue bonds issued under this chapter shall be obligations only of the research park authority and shall not be general obligations of any county or municipality, accredited institution of higher education, or the State of Arkansas.

(b)(1) The revenue bonds shall not constitute an indebtedness of any county or municipality, accredited institution of higher education, or the State of Arkansas within the meaning of any constitutional or statutory limitation.

(2) It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of this chapter and that the bond does not constitute an indebtedness of any county or municipality, accredited institution of higher education, or the State of Arkansas within any constitutional or statutory limitation.

(c) The principal of and interest on the bonds may be secured to the extent set forth in the resolution or indenture securing the bonds by a pledge of and payable from all or any part of revenues derived from the use of facilities of the authority, including without limitation:

(1) Revenues derived from rates and charges imposed and maintained for the use of facilities of the authority;

(2) Revenues derived from taxes or fees levied under this chapter; and

(3) Lease rentals under leases or payments under security agreements or other instruments entered into under this chapter.

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Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-144-306. Issuance of revenue bonds--Obligation of research park authority - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-144-306/

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