reglab/housing_qa huggingface dataset:
AR Code § 14-137-120 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 137 - Public Facilities Boards|§ 14-137-120. Obligations on bonds

 (a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter, that the bonds are obligations only of the public facilities board, and that in no event shall they constitute an indebtedness for which the faith and credit of the creating municipality or county or any of its revenues are pledged.  (b) No member of the board shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purpose and intent of this chapter unless he shall have acted with a corrupt intent.  (c) The principal of and interest on the bonds shall be payable from:  (1) Revenues derived from the public facilities project acquired, constructed, reconstructed, equipped, extended, or improved, in whole or in part, with the proceeds of the bonds;  (2) Obligations of:  (A) The owners of public facilities projects; or  (B) Any person with whom the proceeds of the bonds, or a portion thereof, are invested by contract or otherwise;    (3) Any other funds or sources of funds of the board specifically pledged and which are set aside as a special fund or source, other than taxes or assessments for local improvements, for the purpose of paying the principal of and interest on the bonds; or  (4) Any combination of subdivisions (1), (2), and (3) of this subsection.    (d) The board is authorized to pledge those revenues, obligations, other special funds or sources to pay the principal of and interest on the bonds.
AR Code § 14-137-121 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 137 - Public Facilities Boards|§ 14-137-121. Mortgage liens — Enforcement

 (a) The resolution or indenture referred to in § 14-137-116 may, or may not, impose a foreclosable mortgage lien upon or security interest in all or any portion of the lands, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter, and the nature and extent of the mortgage lien or security interest may be controlled by the resolution or indenture including, without limitation, provisions pertaining to the release of all or part of the lands, buildings, or facilities from the mortgage lien or security interest and the priority of the mortgage lien or security interest in the event of successive bond issues as authorized by § 14-137-116.  (b) Subject to such terms, conditions, and restrictions as may be contained in the resolution or indenture authorizing or securing the bonds, any holder or registered owner of bonds issued under the provisions of this chapter, or a trustee, on behalf of all holders and registered owners, may, either at law or in equity, enforce the mortgage lien or security interest and may, by proper suit, compel the performance of the duties of the members and employees of the issuing board as set forth in this chapter, the ordinance creating the board, and the resolution or indenture authorizing or securing the bonds.
AR Code § 14-137-122 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 137 - Public Facilities Boards|§ 14-137-122. Receivership upon default on bonds

 (a)  (1) In the event of a default in the payment of the principal of or interest on any bonds issued under the provisions of this chapter, any court having jurisdiction may appoint a receiver to take charge of the public facilities project upon or in which there is a mortgage lien or security interest securing the bonds in default.  (2) The receiver shall have the power and authority to operate and maintain the public facilities project in receivership and to charge and collect payments, fees, rents, and charges sufficient to provide for the payment of any costs of receivership and operating expenses of the project in receivership and to apply the revenues derived from the project in receivership in conformity with this chapter and the resolution or trust indenture securing the bonds in default.  (3) When the default has been cured, the receivership shall be ended and the project returned to the public facilities board.    (b) The relief provided for in this section shall be construed to be in addition and supplemental to the other remedies provided for in this chapter and the remedies that may be provided for in the resolution or trust 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 or security interest in projects as specified in and fixed by the resolution or trust indenture authorizing or securing successive issues of bonds.
AR Code § 14-137-123 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 137 - Public Facilities Boards|§ 14-137-123. Annual reports

 (a) Within the first ninety (90) days of each calendar year, each public facilities board shall make a written report to the governing body of the municipality or county which created the board concerning its activities for the preceding calendar year.  (b) Each report shall set forth a complete operating and financial statement covering its operation during the year.
AR Code § 14-138-101 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-101. Legislative intent

 It is the intent of the General Assembly by the passage of this chapter to authorize in each municipality in this state the incorporation of a public corporation as a political subdivision of the state for the purpose of providing buildings and facilities for the respective purposes of projects enumerated in subdivision (9) of § 14-138-102, and to invest the corporation with all powers that may be necessary to enable it to accomplish such purposes, including the power to lease its properties and to issue interest bearing revenue bonds.
AR Code § 14-138-103 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-103. Construction

 (a) This chapter shall be liberally construed in conformity with its intent.  (b) All acts and activities of the corporation performed pursuant to the authority of this chapter are legislatively determined and declared to be essential governmental functions. In this regard, it is determined and declared that this chapter is the sole authority necessary for the performance of the acts authorized by this chapter including, without limitation, the issuance of bonds.
AR Code § 14-138-104 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-104. Authority generally

 There is conferred upon the corporation the authority to take such action and to do, or cause to be done, such things as shall be necessary or desirable to accomplish and implement the purposes and intent of this chapter according to the import of this chapter.
AR Code § 14-138-105 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-105. Authority and procedure to incorporate

 (a)  (1)  (A) If three (3) or more qualified electors file with the governing body an application in writing for authority to incorporate a public corporation under this chapter, the governing body may adopt a resolution declaring that it is wise, expedient, and necessary that a public corporation be formed and the persons filing the application may proceed to form the public corporation.  (B) After the adoption of the resolution under subdivision (a)(1)(A) of this section, the persons authorized to become the incorporators of the public corporation may incorporate the public corporation in the manner provided in this chapter.    (2)  (A) If approved by an ordinance of the governing body of the municipality, the board of directors of a planning and development district created under § 14-166-201 et seq. may file with the governing body of the municipality an application in writing to be designated and to act as a public corporation for one (1) or more projects.  (B)  (i) If the application under subdivision (a)(2)(A) of this section is approved by an ordinance of the governing body of the municipality, the district authorized to act as a public corporation under subdivision (a)(2)(A) of this section shall maintain detailed records of its activities, including without limitation financial records.  (ii) A district that is authorized to act as a public corporation under subdivision (a)(2)(B)(i) of this section may also be designated as a public corporation by another municipality for a separate project or a joint project if the designation is approved by an ordinance of the governing body of each municipality.  (iii) Sections 14-38-105 — 14-38-109, and 14-138-123 do not apply to a district that is authorized to act as a public corporation under subdivisions (a)(2)(B)(i) and (ii) of this section.        (b)  (1) A corporation shall not be designated or formed under this chapter unless the:  (A) Application provided for in this section has been made; and  (B) Resolution provided for in this section has been adopted.    (2) Regardless of whether or not the project or facility being financed qualifies as a project under § 14-138-102(8)(A), a municipality may designate a district or a newly formed public corporation to act for it as a municipality under the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq., or with respect to Arkansas Constitution, Amendment 62, or Arkansas Constitution, Amendment 65.
AR Code § 14-138-106 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-106. Certificate of incorporation

 (a) The certificate of incorporation of the corporation shall state:  (1) The names of the persons forming the corporation, together with the residence of each thereof, and a statement that each of them is a duly qualified elector of the municipality;  (2) The name of the corporation, which shall be “The Public Building Authority of the City or Town of ”; or some other name of similar import;  (3) The location of its principal office, which shall be in the municipality; the number of directors, which number shall be three (3) or a multiple of three (3); and  (4) Any other matters relating to the corporation that the incorporators may choose to insert and that is not inconsistent with this chapter or with the laws of the state.    (b) The form and contents of the certificate of incorporation must be submitted to the governing body for its approval, which shall be evidenced by a resolution duly entered upon the minutes of the governing body.
AR Code § 14-138-107 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-107. Execution and recording of certificate

 (a) The certificate of incorporation shall be signed and acknowledged by the incorporators and shall have attached thereto a certified copy of the resolution provided for in § 14-138-106 and a certificate by the Secretary of State that the name proposed for the corporation is not identical with that of any other corporation in the state, or so nearly similar thereto as to lead to confusion and uncertainty.  (b)  (1) The certificate of incorporation, together with the documents required by § 14-138-106 to be attached thereto, shall be filed in the office of the county clerk of the county in which the municipality is located, who shall forthwith receive and record it. A copy of the certificate shall be filed in the office of the Secretary of State.  (2) When the certificate of incorporation and attached documents have been so filed, the corporation referred to therein shall come into existence and shall constitute a body corporate and politic and a political subdivision of the state under the name set forth in the certificate of incorporation, whereupon the corporation shall be vested with the rights and powers granted in this chapter.
AR Code § 14-138-108 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-108. Board of directors

 (a) The corporation shall have a board of directors composed of the number of directors provided in the certificate of incorporation. All powers of the corporation shall be exercised by the board or pursuant to its authorization.  (b)  (1) The directors shall be qualified electors of the municipality and shall be elected by the governing body for staggered terms of office as follows:  (A) The first term of one-third (1/3) of the directors shall be two (2) years;  (B) Another one-third (1/3) shall be elected for four (4) years; and  (C) The remaining one-third (1/3) shall be elected for six (6) years.    (2) Thereafter, the term of office of each director shall be six (6) years.    (c) If any director resigns, dies, becomes incapable of acting as a director, or ceases to be a qualified elector of the municipality, the board shall nominate one (1) or more qualified electors, and the governing body shall elect from those nominated a successor to serve for the unexpired period of his term.  (d) Directors shall be eligible for reelection to succeed themselves in office.  (e) In the case of a vacancy by virtue of the expiration of a term, the board shall nominate one (1) or more qualified electors. The governing body shall then elect from those nominated the person to serve for a regular term in the position involved.  (f)  (1) A majority of the members of the board shall constitute a quorum for the transaction of business.  (2) No vacancy in the membership of the board shall impair the right of a quorum to exercise all the powers and duties of the corporation.    (g) The members of the board and the officers of the corporation shall serve without compensation, except that they may be reimbursed for actual expenses incurred in and about the performance of their duties.  (h)  (1) All proceedings of the board shall be reduced to writing by the secretary of the corporation and recorded in a well bound book.  (2) Copies of such proceedings, when certified by the secretary of the corporation under its seal, shall be received in all courts as evidence of the matters and things certified.
AR Code § 14-138-109 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-109. Officers

 (a)  (1) The officers of the corporation shall consist of a chairman, vice chairman, a secretary, a treasurer, and such other officers as the board shall deem necessary to accomplish the purposes for which the corporation was organized.  (2) The offices of secretary and treasurer may, but need not, be held by the same person.    (b)  (1) The chairman and vice chairman of the corporation shall be elected by the board from its membership.  (2) The secretary, the treasurer, and any other officers of the corporation, who may, but need not, be members of the board, shall also be elected by the board.
AR Code § 14-138-110 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-110. Powers generally

 The corporation shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof:   (1) To have succession by its corporate name until dissolved as provided in this chapter;  (2) To sue and be sued and to prosecute and defend suits in any court having jurisdiction of the subject matter and of the parties;  (3) To make use of a corporate seal and to alter it at pleasure;  (4) To adopt and alter bylaws for the regulation and conduct of its affairs and business;  (5) To acquire, whether by purchase, gift, lease, devise, or otherwise, property of every description which the board may deem necessary to the acquisition, construction, equipment, improvement, enlargement, operation, or maintenance of a project, and to hold title thereto;  (6) To construct, enlarge, equip, improve, maintain, and operate one (1) or more projects;  (7) To borrow money for any of its corporate purposes;  (8) To sell and issue its interest-bearing revenue bonds;  (9) To sell and issue refunding revenue bonds;  (10) To secure any of its bonds by pledge and indenture as provided in this chapter;  (11) To appoint, employ, and compensate such agents, architects, engineers, attorneys, and other persons and employees as the business of the corporation may require;  (12) To provide for such insurance as the board may deem advisable;  (13) To invest in obligations that are direct or guaranteed obligations of the United States of America, or other securities in which public funds may be invested under the laws of this state, any of its funds that the board may determine are not presently needed for its corporate purposes;  (14) To contract, lease, and make lease agreements respecting its properties, or any part thereof; and  (15) To sell, convey, or otherwise dispose of any of its properties that may have become obsolete or worn out, or that may no longer be needed or useful in connection with, or in the operation of, any project.
AR Code § 14-138-112 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-112. Conveyance of property by lessee

 Any lessee is authorized to convey to the corporation, with or without the payment of monetary consideration therefor, any property that may be owned by the lessee, whether or not the property is necessary for the conduct of the governmental or other public functions of the lessee, if the conveyance has been authorized by a resolution duly adopted by the governing body prior to the conveyance.
AR Code § 14-138-113 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-113. Tax exemption of projects

 Each project, and the income from all leases made with respect thereto, are determined and declared by the General Assembly to be public property used exclusively for a public purpose and shall be exempt from ad valorem taxation by all taxing authorities.
AR Code § 14-138-114 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-114. Issuance of bonds

 (a)  (1) The corporation is authorized at any time and from time to time to issue its interest-bearing revenue bonds for the purpose of acquiring, constructing, improving, enlarging, completing, and equipping one (1) or more projects.  (2) The principal of and the interest on any bonds shall be payable solely out of the revenues derived from the projects with respect to which the bonds are issued.  (3) None of the bonds of the corporation shall ever constitute an obligation or debt of the state or the lessee, or a charge against the credit or taxing powers of the state or the lessee.    (b) As the corporation shall determine, bonds of the corporation may:  (1) Be issued at any time and from time to time;  (2) Be coupon bonds, payable to bearer, or may be registrable as to principal and interest without coupons, and may be made exchangeable for bonds of another denomination, which bonds of another denomination may in turn be either coupon bonds, bonds payable to bearer or bonds registrable as to principal only with coupons, or bonds registrable as to both principal and interest without coupons;  (3) Be in such form and denominations;  (4) Have such date or dates;  (5) Mature at such time or times and in such amount or amounts, provided that no bonds may mature more than forty (40) years from date;  (6) Bear interest payable at such times and at such rate or rates;  (7) Be payable at such place or places within or without the State of Arkansas;  (8) Be subject to such terms of redemption in advance of maturity at such prices, including such premiums; and  (9) Contain such other terms and provisions.    (c)  (1) Bonds of the corporation may be sold at either public or private sale in such manner and from time to time as may be determined by the board to be most advantageous.  (2) The corporation may pay all expenses, premiums, and commissions that the board may deem necessary or advantageous in connection with the authorization, sale, and issuance of its bonds.    (d) All bonds shall contain a recital that they are issued pursuant to the provisions of this chapter which recital shall be conclusive that they have been duly authorized pursuant to the provisions of this chapter.  (e) All bonds issued under the provisions of this chapter shall be and are declared to be negotiable instruments within the meaning of the negotiable instruments law of the state.
AR Code § 14-138-115 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-115. Notice of bond resolution

 (a) Upon the adoption by the board of any resolution providing for the issuance of bonds, the corporation may, in its discretion, cause to be published one (1) time a week for two (2) consecutive weeks in a newspaper published in the municipality, or if there is no newspaper published in the municipality, then in a newspaper published in the county in which the municipality is located, a notice in substantially the following form with the blanks being properly filled in: “ , a public corporation and a political subdivision of the State of Arkansas, on the day of , authorized the issuance of $ principal amount of revenue bonds of the said corporation for the constructing and equipping of a project generally described as: Any action or proceeding questioning the validity of the said bonds, or the pledge and the indenture to secure the same, or the proceedings authorizing the same, must be commenced within twenty (20) days after the first publication of this notice.”  (b) Any action or proceeding in any court to set aside or question the proceeding for the issuance of the bonds referred to in the notice, or to contest the validity of any such bonds or the validity of the pledge and indenture made therefor, must be commenced within twenty (20) days after the first publication of the notice. After the expiration of this period, no right of action or defense founded upon the validity of the proceedings or of the bonds, or the pledge, or of the indenture shall be asserted, nor shall the validity of the proceedings, bonds, pledge, or indenture be open to question in any court on any ground whatsoever except in an action commenced within such period.
AR Code § 14-138-116 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-116. Execution of bonds

 (a) Bonds shall be executed by the manual or facsimile signature of the chairman of the corporation and by the manual signature of the secretary of the corporation.  (b) Coupons attached to the bonds shall be executed by the facsimile signature of the chairman of the corporation.  (c) In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officer before the delivery of the bonds or coupons, their signatures shall nevertheless be valid and sufficient for all purposes.  (d) The bonds shall be sealed with the seal of the corporation.