§ 22-3-1004 - Financing authority of Stadium Commission. - Arkansas Statutes

22-3-1004. Financing authority of Stadium Commission.

(a) The Stadium Commission is authorized and empowered to enter into the necessary contracts for the borrowing of all funds that it may determine will be required in connection with the financing of the stadium, including architectural, engineering, legal, and other expenses incidental to the construction and to the issuance of the bonds authorized by this subchapter.

(b) For the purpose of obtaining loans or carrying out any conditions imposed by the original purchaser of the bonds authorized by this subchapter, the commission may execute such documents and enter into such agreements not contrary to this subchapter or any other law as it may deem necessary or proper in connection with this subchapter, including, but without limiting the generality of the foregoing, any agreements relating to:

(1) The fixing and imposing of minimum charges for admissions, fees, concessions, rents, and other charges to be collected by the commission for the use of the stadium for athletic or other events and the maximum percentage of admissions to athletic games to be given the contesting colleges or schools;

(2) The priority of the lien of the bonds on the net revenues derived from the stadium; and

(3) The banks in which the revenues derived from the stadium and the proceeds of the bonds are deposited.