Arkansas Code
Subchapter 3 - Historic Arkansas Museum Commission
§ 13-7-308. Certificates of indebtedness — Restrictions — Liability

(a)
(1) The Historic Arkansas Museum Commission is authorized to issue certificates of indebtedness for the purpose of obtaining funds for construction, reconstruction, and restoration of buildings and facilities, and for making other improvements, on Block 32 of the Original City of Little Rock.
(2) The commission may pledge the income derived from real or personal property received as a gift, grant, donation, or contribution as authorized in § 13-7-307 to secure such evidences of indebtedness.

(b) Nothing in this section and §§ 13-7-306, 13-7-307, and 13-7-309 shall be construed to authorize the commission to pledge revenues derived from fees charged for admission to buildings and facilities located on Block 32 or from the sale of souvenirs therein, and these revenues shall continue to be used for the purposes provided in § 13-7-305.
(c) Certificates of indebtedness issued pursuant to the authority granted in this section and §§ 13-7-306, 13-7-307, and 13-7-309 shall be obligations of the commission and shall in no event be considered a debt for which the faith and credit of the state or any of its revenues are pledged, nor shall the certificates be considered or deemed a debt of the individual members of the commission.

Structure Arkansas Code