SECTION 1. The Stadium Commission created under the provisions of Act 249, approved March 18, 1947, is hereby authorized and empowered to borrow funds from time to time not exceeding the principal sum of $400,000 outstanding at any one time for the purpose of financing the cost of improvements to and extensions of the physical plant of War Memorial Stadium and expenses incidental thereto which the Stadium Commission may determine in its discretion to construct.
SECTION 2. As evidence of any such loan of funds the Stadium Commission is authorized and empowered to issue one series of bonds, certificates of indebtedness or other debt obligations provided that the principal amount thereof shall not exceed the sum of $400,000. Such bonds, certificates of indebtedness or other debt obligations shall have such date or dates, shall mature at such time or times, shall be in such form and denominations, may be subject to such terms of redemption, shall bear such rate or rates of interest and shall be sold for such price or prices, and in such manner, all as the Stadium Commission in its discretion by resolution shall determine. The said bonds, certificates of indebtedness or other debt obligations shall have all the qualities of negotiable instruments under the laws of the State of Arkansas. The said bonds, certificates of indebtedness or other debt obligations shall be considered as obligations only of the Stadium Commission, and in no event shall they ever be considered a debt for which the faith and credit of the State of Arkansas or any of its revenues are pledged.
SECTION 3. The Stadium Commission is empowered and authorized to provide for the retirement of such bonds, certificates of indebtedness or other debt obligations by a pledge of a portion of the net revenues of the Stadium Commission not otherwise pledged to secure existing debt, specifically including those funds presently pledged to payment of any outstanding 2-¼% War Memorial Stadium Revenue Bonds and also any outstanding War Memorial Stadium Revenue Refunding Bonds.
SECTION 4. This Act shall not create any right of any character and no right of any character shall arise under or pursuant to it, unless and until bonds, certificates of indebtedness or other debt obligations authorized by this Act shall have been actually sold and delivered.
SECTION 5. Interest on all bonds, certificates of indebtedness or other debt obligations issued under this Act shall be exempt from State Income Taxes and principal shall be exempt from Inheritance and Estate Taxes.
SECTION 6. The provisions of this Act are hereby declared to be severable. If any provision shall be held to be invalid or to be inapplicable to any person or circumstances, such holding shall not affect the validity or applicability of the remainder hereof.
SECTION 7. It has been found and is hereby declared by the General Assembly of the State of Arkansas that it is necessary at this time for certain extensions and improvements to be made to War Memorial Stadium, and that in order to accomplish same it is necessary for the Stadium Commission to be expressly authorized to immediately borrow funds for the financing of such improvements in order that same be completed by the 1970 football season; and that these necessary improvements can be accomplished only by the immediate effect of this Act. Therefore, an emergency is declared to exist and this Act, being necessary for the preservation of the public peace, health and safety, shall be in effect from and after its passage and approval. APPROVED: March 13, 1970.