(a) Any authorizing resolution and trust indenture shall, together with this subchapter, constitute a contract between the Arkansas Development Finance Authority and the holders and registered owners of the bonds, which contract, and all covenants, agreements, and obligations therein, shall be promptly performed in strict compliance with the terms and provisions of such contract, and the covenants, agreements, and obligations of the Building Authority Division may be enforced by mandamus or other appropriate proceedings at law or in equity.
(b) In this regard, in addition to other provisions referred to in this subchapter, the division is hereby expressly authorized to include in any authorizing resolution or trust indenture assurance that, to the fullest extent possible, it will always charge, impose, and collect sufficient rentals and other revenue to meet, as due, all debt service requirements, maintain reserves at proper levels, and otherwise comply with any provisions of authorizing resolutions or trust indentures concerning revenues and bonds.
Structure Arkansas Code
Chapter 3 - Public Buildings and Other Facilities
Subchapter 14 - State Agencies Facilities Acquisition Act of 1991
§ 22-3-1408. Required statement on bond — Lien and pledge to secure bonds
§ 22-3-1409. Pledge of revenues to secure bonds
§ 22-3-1410. Contract between Arkansas Development Finance Authority and holders and owners of bonds
§ 22-3-1411. Bonds exempt from tax
§ 22-3-1412. Deposit of bond proceeds
§ 22-3-1414. Bondholder rights
§ 22-3-1415. Supervision and management of buildings and facilities