Payment of bonds

  1. Law
  2. Arkansas Code
  3. Local Government
  4. Solid Waste Disposal, Waterworks, And Sewers Generally
  5. Rural Waterworks Facilities Boards
  6. Payment of bonds

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  1. (a) The principal of and interest on the bonds shall be payable from:

    1. (1) Revenues derived from the waterworks facilities and/or wastewater facilities projects acquired, constructed, reconstructed, equipped, extended, or improved, in whole or in part, with the proceeds of the bonds;

    2. (2) Obligations of:

      1. (A) The owners of waterworks facilities and/or wastewater facilities projects; or

      2. (B) Any person with whom the proceeds of the bonds, or a portion thereof, are invested by contract or otherwise;

    3. (3) Any other funds or sources of funds of the board specifically pledged and which are set aside as a special fund or source, other than taxes or assessments for local improvements, for the purpose of paying the principal of and interest on the bonds; or

    4. (4) Any combination of subdivisions (a)(1)-(3) of this section.

  2. (b) The board is authorized to pledge those revenues, obligations, and other special funds or sources to pay the principal of and interest on the bonds.


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