GroundRules
Ark. Code Ann. § 14-302-109: Bonds as special obligations payable from street and parking revenues
Where this section sits in the code
- AR Code
- Title 14
- Chapter 302
(a) The bonds shall not be general obligations of the municipality involved but shall be special obligations payable solely from the revenues specified in § 14-302-110 .
(b) The principal of and interest on all bonds issued under the authority of this chapter shall be secured solely by a pledge of, and shall be payable solely from, street and parking revenues.
(c) The ordinance authorizing the issuance of bonds together with this chapter shall constitute a contract by and between the municipality and the holders and registered owners of all bonds issued by the municipality under the authority of this chapter, which contract, and all covenants, agreements, and obligations therein, shall be promptly performed in strict compliance with the terms and provisions of the contract. The contract and all rights of the holders and registered owners of the bonds and the obligations of the municipality may be enforced by mandamus or any other appropriate proceeding at law or in equity.
(d) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter.
Collected 2026-09-17T21:35:43Z. Source file · JSON
Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text. Source · License
Arkansas electronic product files were republished by Public.Resource.Org under a public-domain mark. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows. Source