Bond description and liability

  1. Law
  2. Arkansas Code
  3. Local Government
  4. Improvement Districts Generally
  5. Urban Service District
  6. Arkansas Development Finance Authority
  7. Bond description and liability

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  1. (a) It shall be plainly stated on the face of each bond that:

    1. (1) It has been issued under the provisions of this chapter;

    2. (2) The bonds shall be obligations only of the Arkansas Development Finance Authority, as specified in the applicable trust indenture; and

    3. (3) In no event shall they constitute indebtedness for which the faith and credit of the State of Arkansas or any of its revenues, within the meaning of Arkansas Constitution, Amendment 20, are pledged.

  2. (b) No member of the authority shall be personally liable on the bonds.


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