2015 Arkansas Code
Title 22 - Public Property
Chapter 3 - Public Buildings and Other Facilities
Subchapter 10 - War Memorial Stadium
§ 22-3-1005 - Bonds -- Issuance and terms.

(a) In evidence of any loan of funds, the Stadium Commission is authorized and empowered to issue its negotiable registered bonds.

(b) (1) The bonds shall be payable at such time or times and at such place or places, shall be in such form and denominations, may be subject to such terms of redemption, with or without a premium, shall bear interest payable at such rate or rates, and shall be sold for such price and in such manner, as the commission by resolution shall determine.

(2) The bonds shall not:

(A) Bear interest at a rate in excess of the maximum authorized by Arkansas Constitution, Amendment 89; or

(B) Be sold at a price that would represent a cost to the commission over the life of the bonds in excess of the maximum interest rate authorized by Arkansas Constitution, Amendment 89.

(3) The bonds shall contain a statement on their face that the commission will not be obligated to pay the bonds with interest thereon except from the net revenues derived from the operation of the stadium. All of the moneys received by the commission from the state pursuant to the City-County Tourist Meeting and Entertainment Facilities Assistance Law, § 14-171-201 et seq., shall be deemed to be revenues derived from the operation of the stadium.

(4) The bonds shall have all the qualities and incidents of negotiable instruments under the negotiable instruments laws of this state.