§ 22-3-1005 - Bonds -- Issuance and terms.
22-3-1005. Bonds -- Issuance and terms.
(a) In evidence of any loan of funds, the Stadium Commission is authorized and empowered to issue its negotiable registered bonds.
(b) (1) The bonds shall be payable at such time or times and at such place or places, shall be in such form and denominations, may be subject to such terms of redemption, with or without a premium, shall bear interest payable at such rate or rates, and shall be sold for such price and in such manner, as the commission by resolution shall determine.
(2) The bonds shall not bear interest at a rate in excess of the maximum authorized by Arkansas Constitution, Amendment 60, or any similar provision hereafter adopted and shall not be sold at a price which would represent a cost to the commission over the life of the bonds in excess of the maximum interest rate authorized by Arkansas Constitution, Amendment 60, or any similar provision hereafter adopted.
(3) The bonds shall contain a statement on their face that the commission will not be obligated to pay the bonds with interest thereon except from the net revenues derived from the operation of the stadium. All of the moneys received by the commission from the state pursuant to 14-171-201 et seq. shall be deemed to be revenues derived from the operation of the stadium.
(4) The bonds shall have all the qualities and incidents of negotiable instruments under the negotiable instruments laws of this state.