(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 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.
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