Ark. Code Ann. § 22-3-911
This is the official text of Ark. Code Ann. § 22-3-911, 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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Bonds - Pledge of revenues - Restrictions
Official statutory text
(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. Acts 1955, No. 375, § 16; A.S.A. 1947, § 5-615.
(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.
Acts 1955, No. 375, § 16; A.S.A. 1947, § 5-615.
(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.
Acts 1955, No. 375, § 16; A.S.A. 1947, § 5-615.
Status: in_force
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