§ 15-22-615 - Bonds as general obligations of state -- Pledge of revenues. - Arkansas Statutes

15-22-615. Bonds as general obligations of state -- Pledge of revenues.

(a) All bonds issued under this subchapter shall be direct general obligations of the State of Arkansas for the payment of the debt service on which the full faith and credit of the State of Arkansas are hereby irrevocably pledged so long as the bonds are outstanding.

(b) The bonds shall be payable from the general revenues of the state as that term is defined in the Revenue Stabilization Law of Arkansas, 19-5-101 et seq., and the amount of general revenues as is necessary is pledged to the payment of debt service on the bonds, and shall be and remain pledged for those purposes.