(a)(1) The bonds issued under this subchapter shall not be general obligations of the municipality or county but shall be special obligations. In no event shall the bonds constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation.(2) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and that it does not constitute an indebtedness of the municipality or county within any constitutional or statutory limitation.(b) The principal of, and interest on, the bonds shall be secured by a pledge of, and shall be payable from, revenues derived from the tourism project acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.Acts 1971, No. 380, § 5; A.S.A. 1947, § 13-1805. (a)(1) The bonds issued under this subchapter shall not be general obligations of the municipality or county but shall be special obligations. In no event shall the bonds constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation.(2) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and that it does not constitute an indebtedness of the municipality or county within any constitutional or statutory limitation.(b) The principal of, and interest on, the bonds shall be secured by a pledge of, and shall be payable from, revenues derived from the tourism project acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.Acts 1971, No. 380, § 5; A.S.A. 1947, § 13-1805.
Arkansas Legal Code