§ 2.3-13. Issuance of revenue bonds.

(a)

Any revenue bonds issued by the Northwest Arkansas Regional Airport Authority for the purpose of constructing a new airport facility for the use of the citizens of Northwest Arkansas and the surrounding area, if and when, shall be obligations only of the Authority, backed by the pledge of its assets, and shall not be the obligation, by guarantee, or otherwise, of the governmental entities which are members of the authority, all in accordance with Arkansas law.

(b)

The Authority shall not seek the appropriation of funds from any city or county member.

(c)

The Authority shall not ask any city or county member to pledge its full faith and credit to back any bonds issued by the Authority.

(d)

The Authority shall not enter into a separate contract with any of its city or county members which would financially obligate such city or county to assume any financial liability for bonds issued by the Authority.

(e)

None of the city or county members of the Authority shall in any manner be obligated to guarantee any financial undertakings of the Authority or any actions taken by the Authority as may be prescribed by law.

(Ord. No. 92-12, Art. 1(Exhibit A), 10-8-92)

State law reference

Nature of revenue bond to be issued the Authority, A.C.A. § 14-362-110 et seq.

Editor's note

Nonamendatory Resolution No. 92-12, Art. I, adopted Oct. 8, 1992 has been included herein as Section 2.3-13 at the discretion of the editor.