§ 22-3-911 - Bonds -- Pledge of revenues -- Restrictions. - Arkansas Statutes

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22-3-911. Bonds -- Pledge of revenues -- Restrictions.

(a) The bonds and interest thereon shall be payable solely from and secured by a pledge of the gross revenues in the Justice Building Fund, which revenues are specifically declared to be cash funds, restricted in their use, and dedicated solely for the purposes set forth in this subchapter. The Arkansas Development Finance Authority is authorized and empowered to make a pledge of the gross revenues in the resolution authorizing the issuance of the bonds.

(b) The bonds shall be general obligations only of the authority, and in no event shall they constitute an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged.

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

State Codes and Statutes

Statutes > Arkansas > Title-22 > Chapter-3 > Subchapter-9 > 22-3-911

22-3-911. Bonds -- Pledge of revenues -- Restrictions.

(a) The bonds and interest thereon shall be payable solely from and secured by a pledge of the gross revenues in the Justice Building Fund, which revenues are specifically declared to be cash funds, restricted in their use, and dedicated solely for the purposes set forth in this subchapter. The Arkansas Development Finance Authority is authorized and empowered to make a pledge of the gross revenues in the resolution authorizing the issuance of the bonds.

(b) The bonds shall be general obligations only of the authority, and in no event shall they constitute an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged.

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

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State Codes and Statutes

Statutes > Arkansas > Title-22 > Chapter-3 > Subchapter-9 > 22-3-911

22-3-911. Bonds -- Pledge of revenues -- Restrictions.

(a) The bonds and interest thereon shall be payable solely from and secured by a pledge of the gross revenues in the Justice Building Fund, which revenues are specifically declared to be cash funds, restricted in their use, and dedicated solely for the purposes set forth in this subchapter. The Arkansas Development Finance Authority is authorized and empowered to make a pledge of the gross revenues in the resolution authorizing the issuance of the bonds.

(b) The bonds shall be general obligations only of the authority, and in no event shall they constitute an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged.

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