Arkansas § 15-5-420 - Obligation of authority — Disposition of proceeds.
Full text of Arkansas Arkansas Code of 1987 Annotated § 15-5-420 — Obligation of authority — Disposition of proceeds., with citation guidance and answers to common questions.
§ 15-5-420. Obligation of authority — Disposition of proceeds.
All bonds issued under this subchapter shall be obligations of the Arkansas Development Finance Authority 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. The bonds shall be payable from the Guaranty Bond Fund created by § 15-5-421(e) and the revenues which, pursuant to the provisions of this subchapter, are to be deposited therein. The net proceeds, being 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 Bond Guaranty Reserve Account, except accrued interest paid by the purchaser shall be deposited into the fund.
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 15-5-420
What does Arkansas Code of 1987 Annotated § 15-5-420 cover?
Section 15-5-420 ("Obligation of authority — Disposition of proceeds.") 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 § 15-5-420?
A common citation format is "Arkansas Code of 1987 Annotated § 15-5-420" (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 § 15-5-420 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.