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Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-3214. General obligation bonds

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

(a) The bonds shall be direct general obligations of the state for the payment of debt service on which the full faith and credit of the state are irrevocably pledged so long as any of the bonds are outstanding.

(b)(1) The bonds shall be payable from general revenues or special revenues, which shall be appropriated by the General Assembly for that purpose, and the amount of general revenues or, if applicable, special revenues as may be necessary are pledged to the payment of debt service on the bonds and shall be and remain pledged for those purposes.

(2) In addition, each authorizing resolution or trust indenture may pledge all, a portion, or none of the revenues generated by any qualified Amendment 82 project as additional security for the bonds.

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Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-3214. General obligation bonds - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-4-3214/

Read this complete Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-3214. General obligation bonds on Westlaw

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