Section 6-50-808 - Bonds - Sale(a) A workforce development center authority may issue bonds for: (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;(2) The cost of issuing the bonds;(3) Any outstanding indebtedness of the workforce development center authority, including without limitation interest on the bonds; and(4) Refunding any obligations issued under this subchapter.(b) Bonds issued under this subchapter:(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;(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 of the workforce development center authority deems to be reasonable and desirable;(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(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.(c) Bonds, promissory notes, or other evidence of indebtedness issued under this subchapter: (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(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.Added by Act 2017, No. 509,§ 1, eff. 8/1/2017.