2010 Arkansas Code
Title 14 - Local Government
Subtitle 18 - Roadways, Bridges, And Parking Generally
Chapter 303 - Municipal Tollway Authority Act
Subchapter 5 - Tollway Revenue Bonds
§ 14-303-506 - Obligation and liability.

14-303-506. Obligation and liability.

(a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter, and the bonds issued hereunder shall be obligations only of the authority involved. In no event shall they constitute an indebtedness of the State of Arkansas or of the city involved within the meaning of any constitutional or statutory limitation or for which the faith and credit of the state or the city are pledged.

(b) No member of an authority shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this chapter unless that member shall have acted with a corrupt intent.