reglab/housing_qa huggingface dataset:
AR Code § 14-164-509 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-509. Bonds — Authorizing ordinance or order — Adoption

 (a)  (1)  (A) Revenue bonds authorized in this subchapter may be issued by a municipality upon the adoption of an ordinance therefor by the governing body of the municipality.  (B) Revenue bonds authorized in this subchapter may be issued by a county upon the entry of an order of the county court of the county.    (2) The ordinance or order shall state the purpose for which the revenue bonds are to be issued, and the total amount of the issue.    (b)  (1) No such ordinance or order shall be adopted or entered until after a public hearing is held before the governing body of the municipality or the county court of the county.  (2) The hearing may be adjourned from time to time.    (c)  (1) At least ten (10) days prior to the date of the hearing, notice thereof shall be filed with the Director of the Arkansas Economic Development Commission and the State Securities Commissioner and shall be published one (1) time in a newspaper of general circulation in the municipality or county.  (2) The notice provided for in this subsection shall be published and filed by the clerk or recorder of the municipality or by the county clerk of the county.  (3) It shall not be necessary that the action be taken by the governing body or county court directing publication and filing of the notice, and the clerk or recorder, or county clerk, as the case may be, shall publish and file notice when requested to do so by the mayor or any member of the governing body in the case of a municipality or by the county judge in the case of a county.    (d) After the hearing, the ordinance or order, as introduced or as modified or amended, may be adopted or entered.
AR Code § 14-164-510 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-510. Bonds — Terms and conditions

 (a) As the ordinance may provide, the bonds issued under the authority of this subchapter may:  (1) Be in bearer or registered form, with or without coupons, and may be subject to exchange or modification in that regard;  (2) Be issued in one (1) or more series;  (3) Bear such date or dates;  (4) Mature at such time or times;  (5) Bear interest at such rate or rates;  (6) Be in such form;  (7) Be executed in such manner;  (8) Be payable in such medium of payment and at such place or places;  (9) Be subject to such terms of redemption; and  (10) Contain such terms, covenants, and conditions as the ordinance may provide, including, without limitation, those pertaining to:  (A) The custody and application of proceeds of the bonds;  (B) The collection and disposition of revenues;  (C) The maintenance of various funds and reserves;  (D) The nature and extent of the security;  (E) The rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds; and  (F) The rights of the holders or registered owners of the bonds.      (b) The bonds shall have all the qualities of negotiable instruments under the negotiable instruments laws of this state.
AR Code § 14-164-511 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-511. Bonds — Trust indenture

 (a) The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the rights of the bondholders and provides for the appointment of a trustee for the bondholders.  (b) The indenture may control the priority between successive issues and may contain any other items, covenants, and conditions that are deemed desirable, including, without limitation, those pertaining to:  (1) The custody and application of the proceeds of the bonds;  (2) The collection and disposition of revenues;  (3) The maintenance of various funds and reserves;  (4) The nature and extent of the security;  (5) The rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds; and  (6) The rights of the holders or registered owners of the bonds.    (c) It shall not be necessary for the municipality or county to publish any indenture, lease, or any other agreement if:  (1) The ordinance authorizing an indenture, the ordinance authorizing a lease, or the ordinance authorizing any other agreement:  (A) Is published as required by the law governing the publication of ordinances of a municipality; and  (B) Advises that a copy of the indenture, lease, or other agreement, as the case may be, is on file in the office of the clerk or recorder of the municipality for inspection by an interested person; and    (2) The copy of the indenture, lease, or other agreement, as the case may be, is filed with the clerk or recorder of the municipality or county clerk.
AR Code § 14-164-512 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-512. Bonds — Contents

 It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of this subchapter, and that it does not constitute an indebtedness of the municipality or county within any constitutional or statutory limitation.
AR Code § 14-164-513 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-513. Bonds — Sale

 The bonds may be sold for such price, including, without limitation, sale at a discount, and in such manner as the municipality or county may determine by ordinance or order.
AR Code § 14-164-514 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-514. Bonds, coupons — Execution

 (a)  (1) The bonds shall be executed by the mayor and the city clerk or recorder of the municipality, or by the county judge and the county clerk of the county, as the case may be.  (2) In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of such bonds or coupons, such signatures shall nevertheless be valid and sufficient for all purposes.    (b) The bonds shall be executed in the manner provided by the Registered Public Obligations Act of Arkansas, § 19-9-401 et seq., as that act may be amended.  (c) The coupons attached to the bonds may be executed by the facsimile signature of the mayor or county judge.
AR Code § 14-164-515 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-515. Bonds — Successive issues

 There may be successive bond issues for the purpose of financing the same industrial facilities, involving one (1) or more industries, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping industrial facilities already in existence, whether or not originally financed by bonds issued under this subchapter, with each successive issue to be authorized as provided by this subchapter.
AR Code § 14-164-516 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-516. Bonds — Priority among issues

 Priority between and among issues and successive issues as to security of the pledge of revenues and mortgage liens on the land, buildings, and facilities involved may be controlled by the ordinance or order authorizing the issuance of bonds under this subchapter.
AR Code § 14-164-517 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-517. Bonds — Conversion

 The municipality or the county may make provision in the ordinance or order for the manner and circumstances in which and under which bonds issued under § 14-164-508 may, in the future at the request of the holders or registered owners thereof, be converted into bonds of smaller denomination, which bonds of smaller denomination may in turn be either coupon bonds payable to bearer or bonds registrable as to principal only, or bonds registrable as to both principal and interest.
AR Code § 14-164-518 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-518. Bonds — Payment

 The principal of and interest on the revenue bonds, and paying agent's fees, shall be payable in the first instance from gross revenues derived from the lands, buildings, or facilities acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.
AR Code § 14-164-519 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-519. Bonds — Surplus revenues

 The municipality or county is authorized to pledge to and use for the payment of the principal of and interest on the bonds, and paying agent's fees, surplus revenues derived from other lands, buildings, or facilities used and useful for securing and developing industry.
AR Code § 14-164-520 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-520. Bonds — Mortgage lien

 (a) The ordinance, order, or indenture referred to in §§ 14-164-508, 14-164-509, and 14-164-511 may, but need not, impose a foreclosable mortgage lien upon the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.  (b) The nature and extent of the mortgage lien may be controlled by the ordinance, order, or indenture including, without limitation, provisions pertaining to the release of all or part of the land, buildings, or other facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by § 14-164-515.  (c) The ordinance, order, or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this subchapter, or a trustee on behalf of all holders and registered owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuing municipality or county set forth in this subchapter and set forth in the ordinance, order, or indenture authorizing or securing the bonds.
AR Code § 14-164-521 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-521. Bonds — Default — Receiver

 (a) In the event of a default in the payment of the principal of or interest on any revenue bonds issued under this subchapter, any court having jurisdiction may appoint a receiver to take charge of the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of revenue bonds issued under this subchapter, upon which land, buildings, or facilities, or any part thereof, there is a mortgage lien securing the revenue bonds with reference to which there is such a default in the payment of principal or interest.  (b) The receiver shall have the power to operate and maintain the land, buildings, or facilities and to charge and collect rates or rents sufficient to provide for the payment of the principal of and interest on the bonds, after providing for the payment of any cost of receivership and operating expenses of the land, buildings, or facilities, and to apply the income and revenues derived from the land, buildings, or facilities in conformity with this subchapter and the ordinance, order, or indenture authorizing or securing the bonds.  (c) When the default has been cured, the receivership shall be ended and the properties returned to the municipality or county.  (d) The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded the trustee for the bondholders and the bondholders in the ordinance, order, or indenture authorizing or securing the bonds, and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from, and mortgage lien on, the land, buildings, or facilities as specified in and fixed by the ordinances, orders, or indentures authorizing or securing successive bond issues.
AR Code § 14-164-522 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-522. Bonds — Special obligations

 The bonds issued under the authority of this subchapter shall not be general obligations of the municipality or county, but shall be special obligations, and in no event shall the revenue bonds constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation.
AR Code § 14-164-523 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-523. Bonds — Tax exemption

 Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes, including, without limitation, income and inheritance taxes.
AR Code § 14-164-524 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-524. Interim financing

 (a) If the issuance of bonds is authorized in accordance with the provisions of this subchapter, a municipality or county is authorized to obtain interim financing pending the delivery of all or any part of the bonds from such sources and upon such terms as the municipality or the county shall determine.  (b) As evidence of any indebtedness so incurred, the municipality or the county may execute and deliver its promissory note or notes and pledge to the payment thereof any revenues authorized by this subchapter to be pledged to revenue bonds and may secure the notes as revenue bonds issued under this subchapter may be secured.  (c) The notes shall not be general obligations of the municipality or county but shall be special obligations, and in no event shall such notes constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation.  (d) The municipality or county may use, as distinguished from pledge, any available revenues to pay or to apply to the payment of the principal of and interest on the notes and may use the proceeds of revenue bonds, either alone or with other available revenues, to pay the principal and interest on the notes.  (e) The notes may bear such date or dates, may mature at such time or times, not exceeding thirty-six (36) months from their respective dates, may bear interest at such rate or rates, may be in such form, may be executed in such manner, may be payable at such place or places, may contain such provisions for prepayment prior to maturity and may contain such other terms, or covenants, and conditions as the ordinance or order may provide, not inconsistent with the provisions of this subchapter pertaining to revenue bonds and pertaining to the security, rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds and the rights of the holders or registered owners of the bonds.
AR Code § 14-164-525 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-525. Refunding bonds

 (a) Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter or similar acts.  (b) The refunding bonds may be combined with bonds issued under the provisions of § 14-164-507 into a single issue.  (c) When bonds are issued under this section for refunding purposes, such bonds may either be sold or delivered in exchange for the outstanding obligations.  (d) If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof.  (e) The ordinance or order under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded thereby.  (f) The refunding bonds shall be issued and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of such bonds.
AR Code § 14-164-526 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-526. Investment in bonds authorized

 Any municipality or county, or any board, commission, or other authority thereof, or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such municipality or any county, or the board of trustees of any retirement system created by the General Assembly may, in its discretion, invest any of its funds in the revenue bonds issued under the provisions of this subchapter, and revenue bonds issued under this subchapter shall be eligible to secure the deposit of public funds.
AR Code § 14-164-527 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-527. Bonds authorized under other laws

 The provisions of this subchapter shall not restrict the issuance, pursuant to the authority of other laws, of any bonds with regard to which a resolution, ordinance, order, or similar action authorizing or committing to the issuance of bonds has been adopted or taken by a municipality or county prior to or after April 17, 1985.
AR Code § 14-164-528 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 5 - Economic and Industrial Development Revenue Bond Law|§ 14-164-528. Municipality not authorized to acquire utility

 Nothing in this subchapter shall be construed to authorize any municipality to issue or sell revenue bonds or use the proceeds thereof to purchase, condemn, or otherwise acquire a utility plant or distribution system owned or operated by a regulated public utility.
AR Code § 14-164-601 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 6 - Compacts by Counties for Railroad Operations|§ 14-164-601. Legislative intent

 (a) The General Assembly recognizes that:  (1) The continued industrial growth and development of some counties in the state is seriously threatened by the discontinuation of the operation of a railroad in these counties;  (2) These counties should be given the specific authority to issue general obligation bonds or revenue bonds to acquire the railroad and to repair and operate the railroad in order to avoid the loss of existing industry and to attract new industrial development in the area; and  (3) An adequate transportation system is essential to the industrial development of any area.    (b) The General Assembly therefore determines that:  (1) A railroad is an industrial facility, or a facility useful in securing and developing industry, as contemplated by Arkansas Constitution, Amendment 49 [repealed] and §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224;  (2) The acquisition of an existing railroad and the acquisition and operation or leasing out of it for operation is a proper industrial development project to be financed by the issuance of industrial development bonds under Arkansas Constitution, Amendment 49 and §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224; and  (3) This subchapter is designed to give contiguous counties specific authority to jointly issue bonds to be used to lease or otherwise acquire, repair, maintain, and operate, or lease out for operation, an existing railroad in these counties.
AR Code § 14-164-602 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 6 - Compacts by Counties for Railroad Operations|§ 14-164-602. Definition

 As used in this subchapter, unless the context otherwise requires, “facilities” includes railroads and railroad locomotives, railroad cars, and other railroad equipment and facilities.
AR Code § 14-164-603 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 6 - Compacts by Counties for Railroad Operations|§ 14-164-603. Authority generally

 (a) Any two (2) or three (3) contiguous counties in the state are authorized to enter into a compact where the participating counties agree to issue bonds, jointly or individually, under the provisions of Arkansas Constitution, Amendment 49 [repealed] or under the provisions of §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224 and to use the proceeds of the bonds for the purpose of leasing or otherwise acquiring and repairing, maintaining, and operating, or leasing out for operation, an existing railroad within the participating counties.  (b)  (1) Any such compact shall be evidenced by an ordinance of the quorum court of each of the participating counties.  (2) The ordinance shall identify and contain the terms of the compact, including the obligations of the particular county under the terms of the compact.    (c) Any one (1) county in the State of Arkansas is authorized to provide rail service pursuant to this subchapter, and any such county ordinance shall be treated as a compact for purposes of this subchapter.