(a) The bonds and interest thereon shall be payable solely from and secured by a pledge of the gross revenues in the Justice Building Fund, which revenues are specifically declared to be cash funds, restricted in their use, and dedicated solely for the purposes set forth in this subchapter. The Arkansas Development Finance Authority is authorized and empowered to make a pledge of the gross revenues in the resolution authorizing the issuance of the bonds.
(b) The bonds shall be general obligations only of the authority, and in no event shall they constitute an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged.
(c) No member of the authority shall be personally liable on the bonds, or for any damages sustained by anyone in connection with the contracts for loans or construction of the Arkansas Justice Building, unless it shall be made to appear that he or she has acted with a corrupt intent.
Structure Arkansas Code
Chapter 3 - Public Buildings and Other Facilities
Subchapter 9 - Arkansas Justice Building Act
§ 22-3-905. Duties and powers of Building Authority Division generally
§ 22-3-906. Secretary of the Department of Transformation and Shared Services
§ 22-3-907. Financing authority of Building Authority Division
§ 22-3-908. Bonds — Issuance and terms
§ 22-3-909. Bonds — Trust indenture
§ 22-3-910. Bonds — Sale and execution
§ 22-3-911. Bonds — Pledge of revenues — Restrictions
§ 22-3-912. Bonds — Actions for enforcement
§ 22-3-913. Bonds — Tax exemptions
§ 22-3-914. Refunding bonds — Issuance
§ 22-3-915. Investment by Arkansas retirement systems
§ 22-3-916. Audit of accounts — Reports
§ 22-3-917. Employment of architect — Fees
§ 22-3-918. Notice for bids for construction — Bonds — Execution of contracts
§ 22-3-923. Allocation of space — Legislative findings and determination — Purpose and intent