(a) The bonds shall be the direct general obligations of the State of Arkansas for the payment of debt service on which the full faith and credit of the State of Arkansas are irrevocably pledged so long as any such bonds are outstanding.
(b) The bonds shall be payable from the general revenues of the state as that term is defined in the Revenue Stabilization Law, § 19-5-101 et seq., and such amount of general revenues as is necessary is pledged to the payment of debt service on the bonds and shall be and remain pledged for that purpose.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 2 - Land and Water Resources Generally
Subchapter 7 - Arkansas Waste Disposal and Pollution Abatement Facilities Financing Act of 1987
§ 15-22-704. Powers of commission
§ 15-22-705. Waste disposal and pollution abatement facilities bonds — Authority to issue
§ 15-22-706. Bonds — Principal amount
§ 15-22-707. Bonds — Approval of Governor
§ 15-22-708. Bonds — Purpose of issuance and application of proceeds
§ 15-22-710. Bonds — Individual series
§ 15-22-711. Bonds — Authorizing resolution, trust indenture, and selection of projects
§ 15-22-712. Bonds — Execution and delivery
§ 15-22-713. Bonds — Sale after notice
§ 15-22-714. Bonds as general obligations of state — Pledge of revenues
§ 15-22-715. Payment of debt service — Transfer and use of funds
§ 15-22-716. Tax exemption — Legal investment
§ 15-22-717. Contract not to be impaired — Remedies of bondholder
§ 15-22-718. Creation of rights
§ 15-22-719. Deposit of proceeds of sale of bonds