Ark. Code Ann. § 22-3-1216
This is the official text of Ark. Code Ann. § 22-3-1216, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Authorizing resolution as enforceable contract - Covenants
Official statutory text
Any authorizing resolution shall, together with this subchapter, constitute a contract between the Building Authority Division, and the State Board of Finance, and the Treasurer of State, which contract and all covenants, agreements, and obligations therein shall be promptly performed in strict compliance with its terms and provisions, and the covenants, agreements, and obligations of the division may be enforced by mandamus or other appropriate proceeding at law or in equity. In this regard, the division is expressly authorized to include in any authorizing resolution all or part of the following covenants: (1) That, to the fullest extent possible, the division will continuously operate any and all facilities constructed pursuant to the authority of this subchapter as revenue-producing undertakings, including the maintenance, occupancy, and use of facilities and space so as to avoid any impairment of the security for the certificates of indebtedness; and (2) That, to the fullest extent possible, the division will always charge, impose, and collect sufficient revenues, including, without limitation, rentals to meet as due all debt service requirements, and otherwise comply with any provisions of authorizing resolutions concerning revenues and funds. Amended by Act 2019, No. 910,§ 6205, eff. 7/1/2019. Amended by Act 2016EX3, No. 3,§ 71, eff. 5/23/2016. Amended by Act 2016EX3, No. 2,§ 71, eff. 5/23/2016. Acts 1983, No. 458, § 13; A.S.A. 1947, § 13-2613.
Any authorizing resolution shall, together with this subchapter, constitute a contract between the Building Authority Division, and the State Board of Finance, and the Treasurer of State, which contract and all covenants, agreements, and obligations therein shall be promptly performed in strict compliance with its terms and provisions, and the covenants, agreements, and obligations of the division may be enforced by mandamus or other appropriate proceeding at law or in equity. In this regard, the division is expressly authorized to include in any authorizing resolution all or part of the following covenants:
(1) That, to the fullest extent possible, the division will continuously operate any and all facilities constructed pursuant to the authority of this subchapter as revenue-producing undertakings, including the maintenance, occupancy, and use of facilities and space so as to avoid any impairment of the security for the certificates of indebtedness; and
(2) That, to the fullest extent possible, the division will always charge, impose, and collect sufficient revenues, including, without limitation, rentals to meet as due all debt service requirements, and otherwise comply with any provisions of authorizing resolutions concerning revenues and funds.
Amended by Act 2019, No. 910,§ 6205, eff. 7/1/2019.
Amended by Act 2016EX3, No. 3,§ 71, eff. 5/23/2016.
Amended by Act 2016EX3, No. 2,§ 71, eff. 5/23/2016.
Acts 1983, No. 458, § 13; A.S.A. 1947, § 13-2613.
Any authorizing resolution shall, together with this subchapter, constitute a contract between the Building Authority Division, and the State Board of Finance, and the Treasurer of State, which contract and all covenants, agreements, and obligations therein shall be promptly performed in strict compliance with its terms and provisions, and the covenants, agreements, and obligations of the division may be enforced by mandamus or other appropriate proceeding at law or in equity. In this regard, the division is expressly authorized to include in any authorizing resolution all or part of the following covenants:
(1) That, to the fullest extent possible, the division will continuously operate any and all facilities constructed pursuant to the authority of this subchapter as revenue-producing undertakings, including the maintenance, occupancy, and use of facilities and space so as to avoid any impairment of the security for the certificates of indebtedness; and
(2) That, to the fullest extent possible, the division will always charge, impose, and collect sufficient revenues, including, without limitation, rentals to meet as due all debt service requirements, and otherwise comply with any provisions of authorizing resolutions concerning revenues and funds.
Amended by Act 2019, No. 910,§ 6205, eff. 7/1/2019.
Amended by Act 2016EX3, No. 3,§ 71, eff. 5/23/2016.
Amended by Act 2016EX3, No. 2,§ 71, eff. 5/23/2016.
Acts 1983, No. 458, § 13; A.S.A. 1947, § 13-2613.
Status: in_force
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