Arkansas Code
Subchapter 2 - Housing Authorities in Cities and Counties
§ 14-169-220. Authority to issue bonds

(a)
(1)
(A) A housing authority shall have power to issue bonds, from time to time, in its discretion, for any of its corporate purposes.
(B) An authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it.

(2)
(A) An authority may issue such types of bonds as it may determine, including bonds on which the principal and interest are payable:
(i) Exclusively from the income and revenues of the housing project financed from the proceeds of the bonds, or with such proceeds together with a grant from the federal government in aid of the project;
(ii) Exclusively from the income and revenues of certain designated housing projects, whether or not they were financed in whole or in part with the proceeds of the bonds;
(iii) From any funds received from the United States of America, or any agency thereof, pursuant to any act of Congress providing for grants or payments to housing authorities in connection with, or in anywise pertaining to, the achieving and maintaining of housing projects;
(iv) From the funds set forth in subdivision (a)(2)(A)(iii) of this section together with any or all of the revenues set forth in subdivisions (a)(2)(A)(i) and (ii) of this section; or
(v) From its revenues generally.

(B) Bonds may be additionally secured by a pledge of any revenues or a mortgage of any housing project or other property of the authority.

(b)
(1) Neither the commissioners of an authority nor any person executing the bonds shall be liable personally on the bonds by reason of their issuance.
(2)
(A) The bonds and other obligations of an authority, which bonds and obligations shall so state on their face, shall not be a debt of the city, the county, or the state, or any political subdivision thereof. Neither the city, the county, the state, nor any political subdivision thereof shall be liable on them; nor, in any event, shall the bonds or obligations be payable out of any funds or properties other than those of the housing authority.
(B) The bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.