(a) All bonds issued under this subchapter shall be obligations of the Arkansas Economic Development Council only and shall not be obligations of the State of Arkansas and shall not be secured by a lien on any revenues of the State of Arkansas.
(b) The bonds shall be payable from the Guaranty Bond Fund created by this subchapter and the revenues which, pursuant to the provisions of this subchapter, are to be deposited therein.
(c) It shall be stated on the face of each bond that it has been issued under the provisions of this subchapter.
(d) The net proceeds, meaning gross proceeds less all expenses of authorizing and issuing the bonds which shall be first paid out of the proceeds, of all bonds issued under this subchapter shall be deposited into the Revenue Bond Guaranty Reserve Account, except that accrued interest paid by the purchaser shall be deposited into the fund.
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 7 - Industrial Development Guaranty Bond Act
§ 15-4-702. Authority to use Arkansas Economic Development Council moneys if account is insufficient
§ 15-4-703. Authority to issue bonds — Arkansas Economic Development Council determinations
§ 15-4-704. Authorizing resolution — Bond issuance, form, and contents
§ 15-4-706. Execution and delivery of bonds
§ 15-4-707. Temporary notes or bonds
§ 15-4-709. Arkansas Economic Development Council obligations — Deposit of revenues and net proceeds
§ 15-4-710. Notice to State Board of Finance — Disposition of bond debt service amount