Arkansas § 14-137-120 - Obligations on bonds.
Full text of Arkansas Arkansas Code of 1987 Annotated § 14-137-120 — Obligations on bonds., with citation guidance and answers to common questions.
§ 14-137-120. Obligations on bonds.
It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter, that the bonds are obligations only of the public facilities board, and that in no event shall they constitute an indebtedness for which the faith and credit of the creating municipality or county or any of its revenues are pledged. No member of the board shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purpose and intent of this chapter unless he shall have acted with a corrupt intent. The principal of and interest on the bonds shall be payable from: Revenues derived from the public facilities project acquired, constructed, reconstructed, equipped, extended, or improved, in whole or in part, with the proceeds of the bonds; Obligations of: The owners of public facilities projects; or Any person with whom the proceeds of the bonds, or a portion thereof, are invested by contract or otherwise; 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 Any combination of subdivisions (1), (2), and (3) of this subsection. The board is authorized to pledge those revenues, obligations, other special funds or sources to pay the principal of and interest on the bonds.
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 14-137-120
What does Arkansas Code of 1987 Annotated § 14-137-120 cover?
Section 14-137-120 ("Obligations on bonds.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 14-137-120?
A common citation format is "Arkansas Code of 1987 Annotated § 14-137-120" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 14-137-120 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.