§ 12-30. Issuance of bonds.

The board is authorized to issue revenue bonds from time to time and to use the proceeds, either alone or together with other available funds and revenues, to accomplish the purposes for which the board is created. Such revenue bonds shall be obligations only of the board and shall not constitute an indebtedness for which the faith and credit of the city or any of its revenues are pledged, and the principal and interest on the bonds shall be payable from and secured by a pledge of revenues derived from the health care facilities financed, in whole or in part, from bond proceeds or from any debt previously incurred and refinanced by bonds, and as authorized by, and in accordance with the provisions of the act, together with such other collateral as may properly be pledged. Each bond issue must be approved by the city council prior to delivery of such bonds to the purchaser thereof.

(Ord. No. 5321, § 5, 7-3-89)

State law reference

Bond issues, A.C.A. § 14-137-115 et seq.