§ 10-22. Authority with respect to bonds.

(a)

The board shall have, with respect to the issuance of bonds authorized to be issued by it, all authority and power with respect thereto set forth and contained in the Public Facilities Board Act, as amended, which terms and provisions are hereby incorporated in this article as though herein expressly set forth, word for word, except to the extent of changes required for the provisions of the Act to be consistent in the context of this article. The board shall, prior to the issuance of bonds, obtain the approval of the quorum court for such issue.

(b)

All bonds of the board shall be special obligation revenue bonds which shall be obligations only of the board and shall not constitute an indebtedness for which the faith and credit of Pulaski County or any of its revenues are pledged. The principal of and interest on the bonds shall be payable from and may be secured by a pledge of revenues derived from the public facilities project acquired, constructed, reconstructed, equipped, extended or improved, in whole or in part, with the proceeds of the bonds or obligations of the owners of the public facilities project.

(c)

No member of the board shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into carrying out the purpose and intent of this article, unless he or she shall have acted with a corrupt intent.

(Ord. No. 92-OR-26, Art. 8, 3-25-92)