Statutes > Arkansas Statutes > Title 15 - Natural Resources and Economic Development > Subtitle 1 - Development Of Economic And Natural Resources Generally > Chapter 4 - Development Of Business And Industry Generally > Subchapter 32 - Arkansas Amendment 82 Implementation Act > § 15-4-3214 - General obligation bonds.

§ 15-4-3214 - General obligation bonds.

15-4-3214. General obligation bonds.

(a) The bonds shall be direct general obligations of the state for the payment of debt service on which the full faith and credit of the state are irrevocably pledged so long as any of the bonds are outstanding.

(b) (1) The bonds shall be payable from gross general revenues or special revenues, which shall be appropriated by the General Assembly for that purpose, and the amount of gross general revenues or, if applicable, special revenues as may be necessary are pledged to the payment of debt service on the bonds and shall be and remain pledged for those purposes.

(2) In addition, each authorizing resolution or trust indenture may pledge all, a portion, or none of the revenues generated by any qualified Amendment 82 project as additional security for the bonds.