(a) This subchapter shall constitute a contract between the State of Arkansas and the holders or registered owners of all bonds issued under this subchapter which shall never be impaired, and any violation of its terms, whether under purported legislative authority or otherwise, shall be enjoined by the courts at the suit of any bondholder or any taxpayer.
(b) The courts, in like suit against the Arkansas Natural Resources Commission, the Treasurer of State, or other appropriate officer or official of the state, shall prevent a diversion of any revenues pledged under this subchapter and shall compel the restoration of diverted revenues by injunction or mandamus.
(c) In addition and without limitation as to any other appropriate remedy at law or in equity, any bondholder, by an appropriate action, including, without limitation, injunction or mandamus, may compel the performance of all covenants and obligations of the state, its officers, and its officials under this subchapter.
Section: Previous 15-22-708 15-22-709 15-22-710 15-22-711 15-22-712 15-22-713 15-22-714 15-22-715 15-22-716 15-22-717 15-22-718 15-22-719 15-22-720 15-22-721 NextLast modified: November 15, 2016