Ark. Code Ann. § 22-3-1408
This is the official text of Ark. Code Ann. § 22-3-1408, 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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Required statement on bond - Lien and pledge to secure bonds
Official statutory text
(a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that the bonds shall be obligations only of the Arkansas Development Finance Authority, that in no event shall they constitute indebtedness for which the faith and credit of the State of Arkansas or any of its revenues, within the meaning of Arkansas Constitution, Amendment 20, are pledged. (b) (1) The principal of, premiums, if any, interest on, and trustees' and paying agents' fees in connection with the bonds shall be secured by a lien on and pledge of and shall be payable from the pledged revenues defined in this section. (2) The authorizing resolution or trust indenture shall set forth details of the nature and extent of the lien and pledge, including provisions for the use of surplus revenues, if any, for any other lawful purposes. Acts 1991, No. 1173, § 6.
(a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that the bonds shall be obligations only of the Arkansas Development Finance Authority, that in no event shall they constitute indebtedness for which the faith and credit of the State of Arkansas or any of its revenues, within the meaning of Arkansas Constitution, Amendment 20, are pledged.
(b) (1) The principal of, premiums, if any, interest on, and trustees' and paying agents' fees in connection with the bonds shall be secured by a lien on and pledge of and shall be payable from the pledged revenues defined in this section. (2) The authorizing resolution or trust indenture shall set forth details of the nature and extent of the lien and pledge, including provisions for the use of surplus revenues, if any, for any other lawful purposes.
(1) The principal of, premiums, if any, interest on, and trustees' and paying agents' fees in connection with the bonds shall be secured by a lien on and pledge of and shall be payable from the pledged revenues defined in this section.
(2) The authorizing resolution or trust indenture shall set forth details of the nature and extent of the lien and pledge, including provisions for the use of surplus revenues, if any, for any other lawful purposes.
Acts 1991, No. 1173, § 6.
(a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that the bonds shall be obligations only of the Arkansas Development Finance Authority, that in no event shall they constitute indebtedness for which the faith and credit of the State of Arkansas or any of its revenues, within the meaning of Arkansas Constitution, Amendment 20, are pledged.
(b) (1) The principal of, premiums, if any, interest on, and trustees' and paying agents' fees in connection with the bonds shall be secured by a lien on and pledge of and shall be payable from the pledged revenues defined in this section. (2) The authorizing resolution or trust indenture shall set forth details of the nature and extent of the lien and pledge, including provisions for the use of surplus revenues, if any, for any other lawful purposes.
(1) The principal of, premiums, if any, interest on, and trustees' and paying agents' fees in connection with the bonds shall be secured by a lien on and pledge of and shall be payable from the pledged revenues defined in this section.
(2) The authorizing resolution or trust indenture shall set forth details of the nature and extent of the lien and pledge, including provisions for the use of surplus revenues, if any, for any other lawful purposes.
Acts 1991, No. 1173, § 6.
Status: in_force
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