State Codes and Statutes

Statutes > Arkansas > Title-22 > Chapter-3 > Subchapter-14 > 22-3-1407

22-3-1407. Revenue bonds.

(a) Pursuant to the intention of the General Assembly expressed in 15-5-303, the Arkansas Development Finance Authority, in cooperation with Arkansas Building Authority, is hereby authorized and empowered to issue revenue bonds at one (1) time or from time to time, and to use the proceeds thereof for defraying the costs of accomplishing all or part of the powers, purposes, and authorities set forth in this subchapter and all expenses incidental thereto, including, without limitation, expenses for the operation and maintenance of such facilities pending completion of the construction, repair, remodeling, or renovation, paying the expenses of authorizing and issuing the bonds, establishing a debt service reserve to secure the payment of the bonds, if the authority deems such desirable, and making provision for the payment of debt service on the bonds, including fees of trustees and paying agents, until revenues for the payment thereof are available.

(b) The bonds outstanding under this subchapter may be in such principal amount as the Arkansas Development Finance Authority and Arkansas Building Authority shall determine to be necessary for the accomplishment of the purposes of this subchapter.

(c) The bonds shall be authorized, shall be sold by such means, shall bear such rate or rates of interest, and shall be executed and delivered in such manner as the Arkansas Development Finance Authority may determine pursuant to the provisions of 15-5-301 et seq.

(d) (1) Arkansas Development Finance Authority is authorized to enter into such authorizing resolutions and trust indentures as it deems necessary to secure the revenue bonds.

(2) No member of Arkansas Development Finance Authority shall be personally liable on the bonds.

(e) Nothing in the provisions of this subchapter shall be deemed to remove, modify, or amend 15-5-303.