§ 15-4-709 - Arkansas Economic Development Council obligations -- Deposit of revenues and net proceeds.
15-4-709. Arkansas Economic Development Council obligations -- Deposit of revenues and net proceeds.
(a) All bonds issued under this subchapter shall be obligations of the Arkansas Economic Development Council only and shall not be obligations of the State of Arkansas and shall not be secured by a lien on any revenues of the State of Arkansas.
(b) The bonds shall be payable from the Guaranty Bond Fund created by this subchapter and the revenues which, pursuant to the provisions of this subchapter, are to be deposited therein.
(c) It shall be stated on the face of each bond that it has been issued under the provisions of this subchapter.
(d) The net proceeds, meaning gross proceeds less all expenses of authorizing and issuing the bonds which shall be first paid out of the proceeds, of all bonds issued under this subchapter shall be deposited into the Revenue Bond Guaranty Reserve Account, except that accrued interest paid by the purchaser shall be deposited in the fund.