§ 20-48-505 - Liability of Board of Developmental Disabilities Services for bonds. - Arkansas Statutes

20-48-505. Liability of Board of Developmental Disabilities Services for bonds.

(a) It shall be plainly stated on the face of each bond issued that the bond has been issued under the provisions of this subchapter. Bonds issued under the provisions of this subchapter shall be general obligations only of the Board of Developmental Disabilities Services, and in no event shall they constitute an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged. There shall be no mortgage or other lien executed on any lands or buildings belonging to the State of Arkansas.

(b) All agreements and contracts entered into by the board in connection with the issuance of any bonds hereunder shall be binding in all respects upon the board and its successors from time to time in accordance with the terms and provisions of the agreements or contracts. The terms and provisions of the agreements or contracts shall be enforceable by appropriate proceedings at law or in equity, or otherwise, including, without limitation, mandamus.