2019 Arkansas Code
Title 26 - Taxation
Subtitle 6 - Local Taxes
Chapter 75 - Municipal Sales and Use Taxes
Subchapter 6 - Advertising and Promotion Commission Act
§ 26-75-610. Nature of Bonds Generally
(a)
(1) The bonds shall not be general obligations of the city involved, but shall be special obligations secured and payable as provided in this subchapter.
(2) In no event shall the bonds constitute an indebtedness of the city within the meaning of any constitutional or statutory limitation.
(b) The principal of and interest on all bonds issued under the authority of this subchapter shall be secured by a pledge of and shall be payable from all or any part of the revenues derived from the tax levied by the city pursuant to this subchapter or from all or any part of the revenues derived from the operation of the convention center project involved.
(c) The ordinance authorizing the issuance of bonds together with this subchapter shall constitute a contract by and between the city and the holders and registered owners of all bonds issued by the city under the authority of this subchapter, which contract and all covenants, agreements, and obligations therein, shall be promptly performed in strict compliance with the terms and provisions of the contract.
(d) The contract and all rights of the holders and registered owners of the bonds and the obligations of the city may be enforced by mandamus or any other appropriate proceeding at law or in equity.
(e) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter.
