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(a) A workforce development center authority may issue bonds for:
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(1) The cost of acquiring, constructing, equipping, maintaining, and operating one (1) or more workforce development centers operated by the workforce development center authority within its area of operation;
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(2) The cost of issuing the bonds;
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(3) Any outstanding indebtedness of the workforce development center authority, including without limitation interest on the bonds; and
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(4) Refunding any obligations issued under this subchapter.
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(b) Bonds issued under this subchapter:
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(1) Including any income from the bonds, or any profit made on the sale or transfer of the bonds, are exempt from taxation in this state;
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(2) Shall be authorized by the board of directors of a workforce development center authority through a resolution containing any terms, covenants, and conditions that the board of directors deems to be reasonable and desirable;
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(3) Shall have all of the qualities of and shall be deemed to be negotiable instruments under the laws of the State of Arkansas; and
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(4) May be sold in such a manner, either at public or private sale, and upon such terms as the board of directors of a workforce development center authority shall determine to be reasonable and expedient for effectuating the purposes of this subchapter.
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(c) Bonds, promissory notes, or other evidence of indebtedness issued under this subchapter:
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(1) Are not backed by the full faith and credit of the State of Arkansas or the sponsors of the workforce development center authority; and
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(2) Shall not in any event constitute an indebtedness of, nor pledge the faith and credit of, the State of Arkansas or a sponsor of the workforce development center authority within the meaning of any constitutional provisions or limitations.
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