Any city levying the tax as permitted in this subchapter is authorized to pledge all or any part of the revenues from the tax levied pursuant to this subchapter to the payment of lease rentals or principal of and interest on bonds issued by such city under the authority of any other law for the purpose of providing all or part of the funds for the construction, reconstruction, extension, equipment, acquisition, or improvement of any capital improvements of a public nature or on bonds issued to refund such bonds, and such bonds, including the refunding bonds, shall be deemed to have been authorized by this subchapter for purposes of §§ 26-75-207 - 26-75-212, 26-75-213, 26-75-215, and 26-75-217.Acts 1981 (1st Ex. Sess.), No. 25, § 16, as added by Acts 1983, No. 726, § 7; A.S.A. 1947, § 19-4535.
Arkansas Legal Code