§ 22-3-1007 - Bonds -- Pledge of revenues -- Restrictions. - Arkansas Statutes

22-3-1007. Bonds -- Pledge of revenues -- Restrictions.

(a) The bonds and interest thereon shall be payable solely from and secured by a pledge only of the net revenues, or any part of such revenues, derived from the operation of the stadium and which remain after there has been set aside each month a sufficient amount for the reasonable expenses of operation and maintenance of the stadium and its depreciation and after a proper percentage of the admissions to athletic games and other events is given to the participants therein or the organizers thereof. All of the moneys received by the Stadium Commission from the state pursuant to 14-171-201 et seq. shall be deemed to be revenues derived from the operation of the stadium.

(b) The pledge may be contained in the resolution authorizing the issuance of the bonds or in a trust indenture.

(c) The bonds shall be considered as obligations only of the commission, and in no event shall they ever be considered a debt for which the faith and credit of the State of Arkansas or any of its revenues are pledged; however, this shall not be construed as preventing the commission from applying toward the payment of the bonds any funds received from sources other than the revenues derived from the operation of the stadium.

(d) No member of the commission shall be personally liable on the bonds or for any damages sustained by anyone in connection with the contracts for loans or the construction of the stadium unless it shall be made to appear that he or she has acted with a corrupt intent.