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Arkansas Code Title 14. Local Government § 14-238-116. Bond payment

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

(a) The principal of and interest on the bonds shall be payable from:

(1) Revenues derived from the waterworks facilities projects or the wastewater facilities projects, or both, acquired, constructed, reconstructed, equipped, extended, or improved, in whole or in part, with the proceeds of the bonds;

(2) Obligations of:

(A) The owners of waterworks facilities projects or wastewater facilities projects, or both; or

(B) Any person with whom the proceeds of the bonds, or a portion thereof, are invested by contract or otherwise;

(3) Any other funds or sources of funds of the board specifically pledged and which are set aside as a special fund or source, other than taxes or assessments for local improvements, for the purpose of paying the principal of and interest on the bonds; or

(4) Any combination of subdivisions (a)(1)--(3) of this section.

(b) The board is authorized to pledge those revenues, obligations, and other special funds or sources to pay the principal of and interest on the bonds.

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Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-238-116. Bond payment - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-238-116/

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