§ 14-184-215 - Obligation on bonds. - Arkansas Statutes

14-184-215. Obligation on bonds.

(a) (1) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that the bonds shall be obligations only of the central business improvement district, and that in no event shall they constitute any indebtedness for which the faith and credit of the municipality or any of its revenues are pledged.

(2) No member of the board of commissioners shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this subchapter unless he shall have acted with corrupt intent.

(b) The principal of, interest on, and paying agent's fees in connection with the bonds shall be secured by a lien on and pledge of the instruments evidencing loans specified in 14-184-206.