Arkansas § 14-286-113 - Bonds — Limits on liability — Payment.
Full text of Arkansas Arkansas Code of 1987 Annotated § 14-286-113 — Bonds — Limits on liability — Payment., with citation guidance and answers to common questions.
§ 14-286-113. Bonds — Limits on liability — Payment.
It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that the bonds shall be obligations only of the district, and that in no event shall they constitute any indebtedness for which the faith and credit of the state or any county or municipality or any of the revenues of the state or any county or municipality 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 subchapter, unless the board member has not acted as a reasonably prudent person would. The principal of, interest on, and paying agent's fees in connection with the bonds shall be secured by a lien on, and pledge of, and shall be payable from the assessments levied against the real property within the district. The right to issue subsequent issues of bonds can, if the district so determines, be reserved in any authorizing resolution or trust indenture on either a parity or subordinate lien basis and upon such terms and conditions as the district may determine and specify in the particular authorizing resolution or trust indenture.
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 14-286-113
What does Arkansas Code of 1987 Annotated § 14-286-113 cover?
Section 14-286-113 ("Bonds — Limits on liability — Payment.") 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 § 14-286-113?
A common citation format is "Arkansas Code of 1987 Annotated § 14-286-113" (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 § 14-286-113 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.