§ 22-4-313 - Bonds for construction of lodge and cabins. - Arkansas Statutes

22-4-313. Bonds for construction of lodge and cabins.

(a) The State Parks, Recreation, and Travel Commission, in accordance with the provisions of this subchapter, may contract with the Arkansas Development Finance Authority to provide for the issuance of bonds by the authority for the purpose of providing funds for the design, construction, and equipping of a lodge and cabins and related facilities and improvements to be located in Mount Magazine State Park and to provide funds for reasonable financing costs, including costs of issuance, capitalized interest, and a debt service reserve fund.

(b) In order to secure the bonds, the commission is authorized to pledge to pay debt service on the bonds, the fees, rates, tolls, and charges for the services, facilities, and commodities rendered by the properties and equipment of the state parks system pursuant to 22-4-305.