(a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter, that the bonds are obligations only of the sanitation authority, and that in no event shall they constitute an indebtedness for which the faith and credit of the member municipalities, counties, or districts or any of their revenues are pledged.
(b) No member of the board of directors shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purpose and intent of this chapter unless he or she shall have acted with corrupt intent.
(c) The principal of and interest on the bonds shall be payable from and may be secured by a pledge of revenues received by the sanitation authority or obligations of the owners of projects.
Structure Arkansas Code
Subtitle 14 - Solid Waste Disposal, Waterworks, And Sewers Generally
Chapter 233 - Joint County And Municipal Solid Waste Disposal
§ 14-233-104. Creation of authority — General powers and restrictions
§ 14-233-106. New members — Withdrawal of old members
§ 14-233-107. Specific powers of authority
§ 14-233-108. Board of directors — Executive committee
§ 14-233-109. Bonds — Issuance, public hearing, execution, and sale
§ 14-233-110. Bonds — Trust indenture
§ 14-233-112. Bonds — Liability — Payment and security
§ 14-233-113. Refunding bonds — Issuance
§ 14-233-114. Contracts with municipalities or counties — Rates, fees, and charges — Pledges
§ 14-233-115. Rights of bondholders
§ 14-233-116. Bonds — Tax exemption
§ 14-233-117. Tax exempt status of property and income of authority
§ 14-233-118. Investment of public funds in bonds
§ 14-233-119. Transfer of facilities to authority by county or municipality