(A) Subject to the approval of the Quorum Court by ordinance, in the event jail revenue bonds are issued by the County Jail Board, all revenues derived from fees levied by this subchapter shall be considered cash funds and shall not be deposited in the County Treasury, but shall be deposited in the County Jail Revenue Bond Fund established at a bank or banks selected by the County Jail Board as provided in A.C.A. § 12-41-602, as amended.
(B) The funds deposited in the County Jail Revenue Bond Fund shall be applied solely for the payment of the principal of, premiums, if any, interest on, trustee's and paying agent's fees in connection with the bonds at maturity and at redemption prior to maturity.
(C) (1) Jail revenue bonds issued by the County Jail Board under the authority of this subchapter and A.C.A. § 12-41-601 shall be obligations only of the County Jail Board, and in no event shall they constitute any indebtedness for which the faith and credit of the county or any of its revenues, of the state or of any of its revenues are pledged.
(2) The bonds shall not be secured by a mortgage or lien on any land, buildings or property belonging to the county.
(3) No member of the County Jail Board shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into or action taken in carrying out the powers, purposes or authority of this subchapter or of A.C.A. § 12-41-601 unless he or she shall have acted with a corrupt intent.
(Ord. 92-14, passed 9-15-92)