(a) The bonds shall be direct general obligations of the state for the payment of debt service on which the full faith and credit of the state are irrevocably pledged so long as any of the bonds are outstanding.
(b)
(1) The bonds shall be payable from general revenues or special revenues, which shall be appropriated by the General Assembly for that purpose, and the amount of general revenues or, if applicable, special revenues as may be necessary are pledged to the payment of debt service on the bonds and shall be and remain pledged for those purposes.
(2) In addition, each authorizing resolution or trust indenture may pledge all, a portion, or none of the revenues generated by any qualified Amendment 82 project as additional security for the bonds.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 4 - Development Of Business And Industry Generally
Subchapter 32 - Arkansas Amendment 82 Implementation Act
§ 15-4-3203. Amendment 82 project qualification
§ 15-4-3204. Amendment 82 agreement
§ 15-4-3206. Compliance time period — Audit requirements
§ 15-4-3208. Amendment 82 bonds
§ 15-4-3210. Authorization of bonds
§ 15-4-3211. Form and delivery of bonds
§ 15-4-3212. Sale and price of bonds
§ 15-4-3213. Deposit of bond proceeds
§ 15-4-3214. General obligation bonds
§ 15-4-3215. Annual determination of moneys required for bond repayment
§ 15-4-3216. Exemption from taxes — Eligible to secure deposits — Legal for investment
§ 15-4-3218. Contractual obligations of state — Enforcement
§ 15-4-3219. No rights until first series of bonds sold and delivered — Outstanding bonds unaffected
§ 15-4-3220. Legal actions heard as preferred cause — Appeals
§ 15-4-3221. Monitoring and reporting