§ 14-302-109 - Bonds as special obligations payable from street and parking revenues. - Arkansas Statutes

14-302-109. Bonds as special obligations payable from street and parking revenues.

(a) The bonds shall not be general obligations of the municipality involved but shall be special obligations payable solely from the revenues specified in 14-302-110.

(b) The principal of and interest on all bonds issued under the authority of this chapter shall be secured solely by a pledge of, and shall be payable solely from, street and parking revenues.

(c) The ordinance authorizing the issuance of bonds together with this chapter shall constitute a contract by and between the municipality and the holders and registered owners of all bonds issued by the municipality under the authority of this chapter, which contract, and all covenants, agreements, and obligations therein, shall be promptly performed in strict compliance with the terms and provisions of the contract. The contract and all rights of the holders and registered owners of the bonds and the obligations of the municipality may be enforced by mandamus or any other appropriate proceeding at law or in equity.

(d) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter.