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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-18-909. Storm recovery bonds not public debt--Legal investments

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

(a)(1) Storm recovery bonds are not a debt or a general obligation of the state or any of its political subdivisions, agencies, or instrumentalities and are not a charge on their full faith and credit.

(2) An issue of storm recovery bonds does not, directly or indirectly or contingently, obligate the state or any agency, political subdivision, or instrumentality of the state to levy any tax or make any appropriation for payment of the bonds, other than for paying storm recovery charges in their capacity as consumers of electricity or natural gas.

(3) All storm recovery bonds authorized by a financing order by the Arkansas Public Service Commission shall contain on the face thereof a statement to the following effect:

“Neither the full faith and credit nor the taxing power of the State of Arkansas is pledged to the payment of the principal of, or interest on, this bond.”

(b) Storm recovery bonds shall be legal investments for all governmental units, financial institutions, insurance companies, fiduciaries, and other persons that require statutory authority regarding legal investment.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-18-909. Storm recovery bonds not public debt--Legal investments - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-18-909/

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