(a) Municipalities are authorized to use any available revenues for the accomplishment of the purposes and the implementation of the powers authorized by this subchapter, including the proceeds of revenue bonds issued from time to time pursuant to the provisions of this subchapter, either alone or together with other available funds and revenues.(b) The amount of each issue of bonds issued may be sufficient to pay: (1) The costs of accomplishing the purposes for which it is being issued;(2) The cost of issuing the bonds;(3) The amount necessary for a reserve if it is determined to be desirable in favorably marketing the bonds;(4) The amount, if any, necessary to provide for debt service on the bonds until revenues for the payment of them are available; and(5) Any other costs and expenditures of whatever nature incidental to the accomplishment of the specified purposes.Acts 1937, No. 231, § 3; Pope's Dig., § 9709; Acts 1947, No. 189, § 3; 1967, No. 69, § 1; 1970 (Ex. Sess.), No. 54, § 1; 1973, No. 87, § 2; A.S.A. 1947, § 19-2704.
Arkansas Legal Code