§ 14-143-115 - Issuance of revenue bonds -- Obligation of authority. - Arkansas Statutes

14-143-115. Issuance of revenue bonds -- Obligation of authority.

(a) The revenue bonds issued under this chapter shall be obligations only of the authority and shall not be general obligations of any county or municipality, or the state.

(b) (1) In no event shall the revenue bonds constitute an indebtedness of any county or municipality, or the state within the meaning of any constitutional or statutory limitation.

(2) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter and that it does not constitute an indebtedness of any county or municipality, or the state within any constitutional or statutory limitation.

(c) The principal of and interest on the bonds may be secured, to the extent set forth in the resolution or indenture securing the bonds, by a pledge of and payable from all or any part of revenues derived from the use of facilities of the authority, including, without limitation:

(1) Revenues derived from rates and charges imposed and maintained for the use of facilities of the authority;

(2) Revenues derived from taxes or fees levied under subdivision (a)(15) and (16) of 14-143-109 of this chapter; and

(3) Lease rentals under leases or payments under security agreements or other instruments entered into under this chapter.