§ 22-3-1209 - Certificates of indebtedness -- Pledge of revenues and restrictions generally. - Arkansas Statutes

22-3-1209. Certificates of indebtedness -- Pledge of revenues and restrictions generally.

(a) The certificates shall be the obligations of the Arkansas Building Authority, and the nontax revenues available to the authority under the provisions of 22-3-1210, as distinguished from any tax moneys which may be made available for the operation of the authority, are pledged to secure the payment of the certificates.

(b) The certificates shall contain a provision that neither the faith nor credit of the State of Arkansas nor any of its revenues are pledged to the payment of the certificates and that the debt is not the obligation of the individual members of the Arkansas Building Authority Council nor of the Director of the Arkansas Building Authority.