(a) The certificates shall be the obligations of the Building Authority Division, and the nontax revenues available to the division under the provisions of § 22-3-1210, as distinguished from any tax moneys which may be made available for the operation of the division, are pledged to secure the payment of the certificates.
(b) The certificates shall contain a provision that neither the faith nor credit of the State of Arkansas nor any of its revenues are pledged to the payment of the certificates and that the debt is not the obligation of the division.
Structure Arkansas Code
Chapter 3 - Public Buildings and Other Facilities
Subchapter 12 - Public Facilities Finance Act of 1983
§ 22-3-1204. Provisions exclusive and overriding
§ 22-3-1205. Powers of Building Authority Division generally
§ 22-3-1206. Plan for proposed construction — Hearings and review — Filing of financial statement
§ 22-3-1207. Certificates of indebtedness — Issuance and purchase authorized
§ 22-3-1208. Certificates of indebtedness — Terms and execution
§ 22-3-1209. Certificates of indebtedness — Pledge of revenues and restrictions generally
§ 22-3-1210. Certificates of indebtedness — Public Facilities Debt Service Fund
§ 22-3-1211. Certificates of indebtedness — Tax exemption
§ 22-3-1212. Certificates of indebtedness — Funds used for purchase — Retirement
§ 22-3-1213. Certificates of indebtedness — Alternative method of payment
§ 22-3-1214. Certificates of indebtedness — Disposition of proceeds
§ 22-3-1216. Authorizing resolution as enforceable contract — Covenants
§ 22-3-1218. Disposition of revenues from prison labor
§ 22-3-1219. Employment of architects and other professionals — Notice for bids for construction