reglab/housing_qa huggingface dataset:
AR Code § 14-164-218 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 2 - Municipalities and Counties Industrial Development Revenue Bond Law|§ 14-164-218. Bonds — 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 in the same manner as revenue bonds issued under this subchapter may be secured.  (c) As the ordinance or order may provide, the notes may:  (1) Bear such date or dates;  (2) Mature at such time or times, not exceeding thirty-six (36) months from their respective dates;  (3) Bear interest at such rate or rates;  (4) Be in such form;  (5) Be executed in such manner;  (6) Be payable at such place or places;  (7) Contain such provisions for prepayment prior to maturity; and  (8) Contain such other terms, or covenants and conditions, consistent 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.    (d) These notes shall not be general obligations of the municipality or county but shall be special obligations, and in no event shall these notes constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation.  (e) 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, these 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.
AR Code § 14-164-219 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 2 - Municipalities and Counties Industrial Development Revenue Bond Law|§ 14-164-219. Refunding bonds

 (a)  (1) Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter.  (2) Refunding bonds may be combined with bonds issued under the provisions of § 14-164-206 into a single issue.    (b)  (1) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.  (2) If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement of them.    (c)  (1) The ordinance or order under which the refunding bonds are issued may provide that any of the bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded by them.  (2) 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 these bonds.
AR Code § 14-164-220 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 2 - Municipalities and Counties Industrial Development Revenue Bond Law|§ 14-164-220. Statutory mortgage lien

 (a)  (1) The ordinance, order, or indenture referred to in §§ 14-164-209 and 14-164-211 may, but need not, impose a foreclosable mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.  (2) 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 facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by § 14-164-215.    (b)  (1) 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.  (2) References in this subchapter to mortgage liens shall include and mean security interest in any personal property embodied in the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
AR Code § 14-164-221 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 2 - Municipalities and Counties Industrial Development Revenue Bond Law|§ 14-164-221. Default in payment of bonds

 (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 § 14-164-222 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 2 - Municipalities and Counties Industrial Development Revenue Bond Law|§ 14-164-222. Bonds — Tax exemption

 (a) Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes.  (b) This exemption includes income and inheritance taxes.
AR Code § 14-164-223 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 2 - Municipalities and Counties Industrial Development Revenue Bond Law|§ 14-164-223. Public investment

 (a) Any municipality or any board, commission, or other authority established by ordinance of any municipality, or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any 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 not immediately needed for its purposes in the revenue bonds issued under the provisions of this subchapter.  (b) Revenue bonds issued under this subchapter shall be eligible to secure the deposit of public funds.
AR Code § 14-164-224 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 2 - Municipalities and Counties Industrial Development Revenue Bond Law|§ 14-164-224. No utility acquisition by municipality

 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 § 14-164-301 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-301. Title

 This subchapter shall be referred to and may be cited as the “Local Government Bond Act of 1985.”
AR Code § 14-164-302 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-302. Legislative intent

 The people of the State of Arkansas by the adoption of Arkansas Constitution, Amendment 62, have expressed their intention to provide county and municipal governments expanded powers and authority with respect to the creation of bonded indebtedness for capital improvements of a public nature and the financing of economic development projects, and have empowered the General Assembly to define and prescribe certain matters with respect to the exercise of this power and authority. To that end this subchapter is adopted to enable the accomplishment and realization of the public purposes intended by Arkansas Constitution, Amendment 62, and is not intended to otherwise limit in any manner the exercise of the powers of counties and municipalities.
AR Code § 14-164-304 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-304. Construction

 This subchapter shall be construed liberally to effectuate the legislative intent and the purposes of this subchapter as complete and independent authority for the performance of each and every act and thing herein authorized and all powers herein granted shall be broadly interpreted to effectuate the intent and purposes and not as a limitation of powers.
AR Code § 14-164-305 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-305. Subchapter supplemental

 (a) It is the specific intent of this subchapter that this subchapter, and in particular §§ 14-164-326 — 14-164-339, be supplemental to other constitutional or statutory provisions that may provide for the financing of capital improvements of a public nature or economic development projects.  (b) Nothing contained in this subchapter shall be deemed to be a restriction or limitation upon alternative means of financing previously available or hereafter made available to municipalities or counties for the purposes set forth in this subchapter.
AR Code § 14-164-306 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-306. Venue

 For the purposes of this subchapter, when it is necessary to determine whether publication or other activity has taken place within a municipality lying in more than one (1) county, or where suit shall be filed contesting an election in that municipality, then the publication, activity, or suit shall take place in the county in which a majority of the people living in the municipality reside.
AR Code § 14-164-307 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-307. Financing of economic development projects

 To provide for the financing of economic development projects, municipalities and counties may own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning, and otherwise deal in or dispose of any economic development projects.
AR Code § 14-164-308 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-308. Bonds generally — Authorizing ordinance

 Whenever a legislative body determines the need to issue bonds for capital improvements or economic development projects, the legislative body shall authorize the issuance of the bonds by ordinance specifying the principal amount of bonds to be issued, the purpose or purposes for which the bonds are to be issued, and the maximum rate of any ad valorem tax to be levied and pledged to the retirement of the bonds.
AR Code § 14-164-309 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-309. Bonds generally — Election to authorize issuance

 (a) The question of the issuance of such bonds shall be submitted to the electors of the county or municipality at the general election or at a special election called for that purpose in accordance with § 7-11-201 et seq., as provided in the ordinance and held in the manner provided in this subchapter.  (b) Except as otherwise provided in this subchapter, the election shall be held and conducted in the same manner as a special or general election under the election laws of the state.  (c) The ordinance shall set forth the form of the ballot question or questions, which shall include a statement of the purpose or purposes for which the bonds are to be issued and the maximum rate of any ad valorem tax to be levied for payment of bonded indebtedness.  (d) Notice of the election shall be given by the clerk of the issuer by one (1) publication in a newspaper having general circulation within the municipality or county not less than ten (10) days prior to the election. No other publication or posting of a notice by any other public official shall be required.  (e) The chief executive officer of the municipality or county shall proclaim the results of the election by issuing a proclamation and publishing it one (1) time in a newspaper having general circulation within the municipality or county.  (f)  (1) The results of the election as stated in the proclamation shall be conclusive unless suit is filed in the circuit court in the county in which the issuer is located within thirty (30) days after the date of the publication.  (2) No other action shall be maintained to challenge the validity of the bonds and of the proceedings authorizing the issuance of the bonds unless suit is filed in such circuit court within thirty (30) days after the date of the adoption of an ordinance authorizing the sale of the bonds.
AR Code § 14-164-310 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-310. Bonds generally — Terms and conditions

 (a) As the ordinance or trust indenture as authorized in this subchapter may provide, the bonds may:  (1) Be in registered or other form;  (2) Be in such denominations;  (3) Be exchangeable for bonds of another denomination;  (4) Be made payable at such places within or without the state;  (5) Be issued in one (1) or more series;  (6) Bear such date or dates;  (7) Mature at such time or times;  (8) Be payable in such medium of payment;  (9) Be subject to such terms of redemption; and  (10) May contain such other terms, covenants, and conditions, including, without limitation, those pertaining to:  (A) The custody and application of the proceeds of the bonds;  (B) The collection and disposition of tax collections;  (C) The maintenance of various funds and reserves;  (D) The nature and extent of the pledge and security;  (E) The maintaining of taxes;  (F) The remedies on default;  (G) The rights, duties, and obligations of the legislative body of the issuer and the trustee, if any, for the owners of the bonds; and  (H) The rights of the owners of the bonds.      (b) All bonds and notes issued under the provisions of this subchapter shall be and are declared to be negotiable instruments within the meaning of the negotiable instruments law of the state.
AR Code § 14-164-311 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-311. Bonds generally — Interest rates

 Bonds may bear the rate or rates of interest that the ordinance or trust indenture authorized in § 14-164-310(a) provides.
AR Code § 14-164-312 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-312. Bonds generally — Trust indenture

 (a) The ordinance authorizing the bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture which defines the rights of the owners of the bonds and provides for the appointment of a trustee for the owners of the bonds.  (b) The trust indenture may provide for the priority between and among successive issues and may contain any of the provisions set forth in § 14-164-310 and any other terms, covenants, and conditions that are deemed desirable.  (c) A municipality or county is not required to publish an indenture or other agreement if:  (1) The ordinance that authorizes the indenture or other agreement:  (A) Is published as required by law governing the publication of an ordinance; and  (B) States that a copy of the indenture or other agreement is on file in the office of the clerk or recorder of the municipality or county for inspection by an interested person; and    (2) A copy of the indenture or other agreement is filed in the office of the clerk or recorder of the municipality or county.
AR Code § 14-164-313 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-313. Bonds generally — Contents

 It shall be plainly stated on the face of each bond that it has been issued under the provisions of Arkansas Constitution, Amendment 62 and this subchapter.
AR Code § 14-164-314 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-314. Bonds generally — Execution

 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.
AR Code § 14-164-315 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-315. Bonds generally — Sale

 Bonds may be sold at public or private sale for such price, including without limitation sale at a discount, and in such manner as the legislative body of the issuer may determine.
AR Code § 14-164-316 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-316. Bonds generally — Pledge of taxes generally

 The bonds shall be secured by, and contain a pledge of, any tax or combination of taxes authorized to pay the bonded indebtedness and shall be payable solely from the taxes authorized by this subchapter. However, the issuer is not prohibited from using other taxes, revenues, or receipts to retire the bonds.
AR Code § 14-164-317 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-317. Bonds generally — Pledge and collection of ad valorem taxes

 (a) The ad valorem tax pledged for payment of bonds shall constitute a special fund pledged as security for the payment of such indebtedness.  (b) The ad valorem tax shall never be extended for any other purpose, nor collected for any greater length of time than necessary to retire the bonded indebtedness.  (c) Upon retirement on the bonded indebtedness, any surplus tax collections which may have accumulated shall be transferred to the general fund of the issuer.  (d) The collection of ad valorem taxes, or a portion thereof, may be suspended by the issuer when not required for the payment of the bonds, subject to any covenants with the owners of the bonds.
AR Code § 14-164-318 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-318. Bonds generally — Successive issues

 There may be successive bond issues for the purpose of financing the same capital improvements.
AR Code § 14-164-319 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 10 - Economic Development And Tourism Generally|Chapter 164 - Industrial Development Bonds|Subchapter 3 - Local Government Bond Act|§ 14-164-319. Bonds generally — Mortgage lien — Definition

 (a) The ordinance or trust indenture authorized in § 14-164-310 or § 14-164-312 may, but need not, impose a foreclosable mortgage lien upon the capital improvements or economic development projects financed with the proceeds of bonds issued under this subchapter.  (b) The nature and extent of the mortgage lien imposed under subsection (a) of this section may be controlled by the ordinance or trust indenture, including without limitation provisions:  (1) Pertaining to the release of all or part of the land, buildings, or facilities from the mortgage lien;  (2) Pertaining to the priority of the mortgage lien in the event of successive bond issues; and  (3) Authorizing any owner of bonds, or a trustee on behalf of all 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 issuer set forth in this subchapter or in the ordinance or trust indenture authorizing and securing the bonds.    (c) As used in this section, “mortgage lien” includes a security interest in any personal property constituting the capital improvements or economic development projects, or part of the capital improvements or economic development projects, financed with the proceeds of bonds issued under this subchapter.