reglab/housing_qa huggingface dataset:
AR Code § 14-164-320 (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|§ 14-164-320. Bonds generally — Liability

 No officer, employee, or member of the legislative body of the issuer shall be personally liable on any bonds issued under the provisions of this subchapter or for any damages sustained by any person in connection with any contracts entered into to carry out the purposes and intent of this subchapter unless that person has acted with a corrupt intent.
AR Code § 14-164-321 (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|§ 14-164-321. Bonds generally — Tax exemption

 Bonds and notes issued under the provisions of this subchapter and the income thereon shall be exempt from all state, county, and municipal taxes, including, without limitation, all income, property, and inheritance taxes.
AR Code § 14-164-322 (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|§ 14-164-322. Bonds generally — Multipurpose bonds

 (a) When bonds are to be issued for more than one (1) purpose the principal amount of bonds applicable to each purpose shall be stated on the ballot as a separate question and no bonds shall be issued for such purpose unless a majority of the electors voting on each separate question shall have approved the issuance of bonds for such purpose.  (b) Bonds that are approved by the electors for more than one (1) purpose may be combined into a single issue.
AR Code § 14-164-323 (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|§ 14-164-323. Bonds generally — Interim borrowing

 (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 the tax or taxes approved by the voters to be pledged to the bonds, and to otherwise secure the notes as bonds issued under this subchapter may be secured.  (c) The notes may bear such date or dates, may mature at such time or times, not exceeding three (3) years 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 may provide which are not inconsistent with the provisions of this subchapter.
AR Code § 14-164-324 (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|§ 14-164-324. Refunding bonds

 (a) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to Arkansas Constitution, Amendment 62, or prior amendments to the Arkansas Constitution repealed by Arkansas Constitution, Amendment 62.  (b)  (1) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.  (2) If sold for cash, the proceeds may be either applied to the payment of the obligations refunded or deposited in irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.    (c)  (1) Bonds issued to refund outstanding bonds that were issued under Arkansas Constitution, Amendment 62, shall in all respects be authorized and issued in the manner provided for the bonds being refunded.  (2)  (A) However, if the refunding bonds are not in a greater principal amount than the bonds being refunded, the question of issuing the refunding bonds need not be submitted at an election.  (B) Any premium paid as part of the purchase price of the refunding bonds shall not be taken into account in calculating the principal amount of the refunding bonds.      (d)  (1) The ordinance under which the refunding bonds are issued may provide that any refunding bonds shall have the same priority of lien on all sources of taxation or other income as originally pledged for payment of the obligation refunded thereby.  (2) Alternatively, the ordinance may provide that refunding bonds to be issued to refund indebtedness originally created under Arkansas Constitution, Amendment 13 [repealed], Arkansas Constitution, Amendment 17 [repealed], Arkansas Constitution, Amendment 25 [repealed], or Arkansas Constitution, Amendment 49 [repealed], may be issued and secured in the manner provided in Arkansas Constitution, Amendment 62, and this subchapter if the question of the issuance of the refunding bonds is submitted to the electors in the manner provided in § 14-164-309.    (e)  (1) Bonds may also be issued under the provisions of this subchapter for the purpose of refunding any outstanding short-term financing obligation issued under Arkansas Constitution, Amendment 78, or revenue bonds, including bonds secured in whole or in part by revenues derived from any special tax pledged to secure the bonds, issued, whether or not issued prior or subsequent to April 15, 1985, to finance capital improvements of a public nature if the question of the issuance of the refunding bonds is submitted to the electors in the manner provided in § 14-164-309.  (2)  (A) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.  (B) If sold for cash, the proceeds may either be applied to the payment of the bonds being refunded or deposited in an irrevocable trust for the retirement thereof at maturity or on an authorized redemption date.
AR Code § 14-164-325 (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|§ 14-164-325. Taxes not state revenues

 It is the express intent of the General Assembly that any tax levied under the authority of this subchapter by a municipality or county to finance capital improvements of a public nature or economic development projects shall not constitute revenues of the state within the meaning of any constitutional or statutory provisions, but the tax levied under this subchapter shall at all times continue to be revenues of the particular municipality or county notwithstanding the participation or involvement, for the convenience of administration, by the Secretary of the Department of Finance and Administration or the Treasurer of State in the manner authorized in this subchapter in any phase of collection, holding, or distribution of proceeds of any tax authorized under this subchapter.
AR Code § 14-164-326 (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|§ 14-164-326. Capital improvement bonds — Hotel and restaurant tax

 (a) Any municipality levying a tax upon the gross receipts of hotel and motel accommodations or upon the gross receipts of restaurants, cafes, cafeterias, and similar establishments is authorized to pledge all or a specified portion of the receipts of such tax to the retirement of bonds for capital improvements.  (b) However, no such pledge or the issuance of such bonds shall be effective unless the pledge or the issuance of the bonds has been approved by a majority of the electors of the municipality voting on the question at an election held substantially in the manner provided in § 14-164-328.
AR Code § 14-164-327 (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|§ 14-164-327. Capital improvement bonds — Local sales and use tax — Levy

 (a)  (1) In lieu of or in addition to the levying of an ad valorem tax to retire bonds for capital improvements or for financing economic development projects, the legislative body of a municipality or county may adopt an ordinance levying a local sales and use tax in the amount of one-eighth of one percent (0.125%), one-fourth of one percent (0.25%), one-half of one percent (0.5%), three-fourths of one percent (0.75%), one percent (1%), or any combination of these amounts to retire the bonds in accordance with the terms of this section and §§ 14-164-328 — 14-164-335.  (2)  (A) The ordinance may levy multiple taxes.  (B) However, there shall not be in effect at any one (1) time taxes levied under this subchapter at an aggregate rate greater than one percent (1%).      (b) A certified copy of the ordinance or ordinances authorizing the levy of a local sales and use tax or taxes and the issuance of bonds secured by the taxes shall be provided to the Secretary of the Department of Finance and Administration and to the Treasurer of State as soon as practicable after the adoption of the taxes.  (c) Section 26-74-414(b) does not apply to a local sales and use tax levied by a county under this subchapter for the sole purpose of retiring bonds for capital improvements or economic development projects if all collections derived from the local sales and use tax are pledged by the county to pay the principal and interest of the bonds for capital improvements or economic development projects.
AR Code § 14-164-328 (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|§ 14-164-328. Capital improvement bonds — Local sales and use tax — Election to authorize

 (a)  (1)  (A) On the date of adoption of an ordinance levying a local sales and use tax or taxes to retire the bonds for capital improvements or economic development projects, or within thirty (30) days following the adoption of the ordinance, the municipality or county shall provide by ordinance for the calling and holding of an election on the issuance of the bonds to which the tax or taxes will be pledged as provided in § 14-164-309.  (B) The ordinance levying the tax may also call the election.    (2)  (A) In addition to the requirements of § 14-164-309 and in lieu of a reference to an ad valorem tax, if none is to be levied, there shall be set forth on the ballot a statement that a local sales and use tax or taxes shall be levied and pledged to the retirement of the bonds approved by the voters.  (B) The percentage rate for each tax shall also be specified on the ballot.      (b)  (1) Following the election, the chief executive of the municipality or county shall issue his or her proclamation of the results of the election with reference to the bonds.  (2) The proclamation shall be published one (1) time in a newspaper having general circulation in the municipality or county.    (c)  (1) Any person desiring to challenge the results of the election as published in the proclamation shall file a challenge in the circuit court in which the municipality or county is located within thirty (30) days of the date of publication of the proclamation.  (2) Hearings of such matters of litigation shall be advanced on the docket of the courts and disposed of at the earliest feasible time.
AR Code § 14-164-330 (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|§ 14-164-330. Capital improvement bonds — Local sales and use tax — Notice to Secretary of the Department of Finance and Administration

 As soon as is feasible and no later than ten (10) days following each of the events set forth in the ordinance with reference to the procedure for the adoption or abolition of the local sales and use tax and the effective dates of the action, the clerk shall notify the Secretary of the Department of Finance and Administration of such event.
AR Code § 14-164-331 (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|§ 14-164-331. Capital improvement bonds — Local sales and use tax — Alteration of municipal boundaries

 If a municipality in which a local sales and use tax has been imposed in the manner provided for in this subchapter changes or alters its boundaries, any tax imposed under this subchapter shall be effective in the added territory or abolished in the detached territory on the first day of the first calendar month following the expiration of thirty (30) days from the date that the annexation or detachment becomes effective.
AR Code § 14-164-332 (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|§ 14-164-332. Capital improvement bonds — Local sales and use tax — Pledge

 (a) Any moneys collected under this subchapter by the director acting as agent for any municipality or county which, as indicated by a certified copy of an ordinance of the municipality or county previously filed with the director and the State Treasurer, are pledged to secure the retirement of bonds authorized by this subchapter shall be transmitted by the director to the State Treasurer.  (b) Notwithstanding the provisions of §§ 26-74-201 — 26-74-219, 26-74-221, 26-74-315 — 26-74-317, 26-75-201 — 26-75-221, 26-75-223, 26-75-317, and 26-75-318, in any municipality or county in which a local sales and use tax has been adopted in the manner provided for in this subchapter, and all or a portion of the tax is pledged to secure the payment of bonds as authorized by this subchapter, that portion of the tax pledged to retire the bonds shall not be repealed, abolished, or reduced so long as such bonds are outstanding and, subject to covenants entered into with owners of the bonds, the tax may be pledged as security for the issuance of additional bonds if authorized by the electors.
AR Code § 14-164-334 (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|§ 14-164-334. Capital improvement bonds — Local sales and use tax — Single transactions

 (a) Any sales and use tax levied pursuant to this subchapter shall be levied and collected only on the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of:  (1) Motor vehicles;  (2) Aircraft;  (3) Watercraft;  (4) Modular homes;  (5) Manufactured homes; or  (6) Mobile homes.    (b)  (1) For any taxpayer not subject to the levy of a use tax on taxable services or tangible personal property brought into the State of Arkansas for storage until the property is subsequently initially used in the State of Arkansas, the use tax portion of the local sales and use tax authorized by this subchapter shall be computed on each purchase of the property by the taxpayer as if all the property was subject upon purchase to the use tax but only on the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of:  (A) Motor vehicles;  (B) Aircraft;  (C) Watercraft;  (D) Modular homes;  (E) Manufactured homes; or  (F) Mobile homes.    (2) The taxes so computed in the preceding sentence shall be aggregated on a monthly basis and the aggregate monthly amount shall be divided by the sum of the total purchases of the property on which the taxes are computed and the quotient shall be multiplied by the amount of the taxpayer's property subsequently initially used and subject to levy of such use tax within the municipality or county during the month for which the monthly aggregate tax figure was computed, and the product shall be the amount of such use tax liability for the taxpayer for the month computed.
AR Code § 14-164-335 (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|§ 14-164-335. Capital improvement bonds — Local sales and use tax — Reports

 Vendors collecting, reporting, and remitting such sales and use taxes shall show sales taxes as a separate entry on the tax report form filed with the director.
AR Code § 14-164-336 (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|§ 14-164-336. Local Sales and Use Tax Trust Fund

 (a) There is created a trust fund for the remittance of local sales and use taxes collected under this subchapter which shall be known as “the Local Sales and Use Tax Trust Fund,” which trust fund shall be held apart from the State Treasury by the Treasurer of State and shall be administered by the Treasurer of State as provided in this section, in addition to other duties of the Treasurer of State prescribed by law.  (b) The Treasurer of State shall not deposit any such moneys into the State Treasury or into general revenues, but shall hold such moneys apart, in trust, and shall deposit such moneys as cash funds into the Local Sales and Use Tax Trust Fund established by this subchapter.  (c) The Treasurer of State shall transmit monthly to the treasurer of the municipality or county, as the case may be, or in the alternative, to a bank or other depository designated by the municipality or county, the moneys of the municipality or county held in the Local Sales and Use Tax Trust Fund established by this subchapter, subject to the charges payable and retainage authorized by §§ 26-74-201 — 26-74-219, 26-74-221, 26-74-315 — 26-74-317, 26-75-201 — 26-75-221, 26-75-223, 26-75-317, 26-75-318, and the Local Sales and Use Tax Economic Development Project Funding Act, § 26-82-101 et seq.  (d)  (1) With the exception of revenue derived from taxes under subdivision (d)(2) of this section, revenue derived from a tax on aviation fuel by a city or county where a regional airport, as described by the Regional Airport Act, § 14-362-101 et seq., is located shall be remitted by the Treasurer of State directly to the regional airport located within the levying city or county.  (2) Revenue derived from a tax on aviation fuel in effect on December 30, 1987, is not subject to this section.
AR Code § 14-164-338 (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|§ 14-164-338. Alternative to issuance of bonds

 (a) If a legislative body determines that a sales and use tax of one percent (1%) or less authorized by § 14-164-327 would, if levied for no longer than twenty-four (24) months, produce sufficient revenue to finance capital improvements of a public nature without resorting to a bond issue, the legislative body may dispense with the issuance of bonds, levy the tax for no longer than twenty-four (24) months, and appropriate the resulting revenues, subject to Arkansas Constitution, Article 12, § 4, paragraphs 2-4, provided:  (1) A majority of the qualified electors of the county or municipality voting on the question at a general or special election shall have approved the tax and the purpose of the capital improvements; and  (2) The revenues from the tax are expended solely for the purpose authorized by the electorate.    (b) The portion of the tax authorized by § 14-164-327 which is not utilized under this section may be used as otherwise provided in this subchapter.  (c) This section does not preclude or affect the ability of a municipality or county to levy a sales and use tax beyond the twenty-four-month period, unless so restricted on the ballot, or for less than the twenty-four-month period, if stated on the ballot, under § 26-74-201 et seq., §§ 26-74-301 — 26-74-319, § 26-75-201 et seq., §§ 26-75-301 — 26-75-318, and the Local Sales and Use Tax Economic Development Project Funding Act, § 26-82-101 et seq., and use all or a portion of the proceeds to finance capital improvements of a public nature, with or without issuing bonds and with or without an election approving the use of the tax collections for capital improvements.  (d) This section does not limit the authority of municipalities and counties to levy taxes for twenty-four (24) months only under § 26-74-201 et seq., §§ 26-74-301 — 26-74-319, § 26-75-201 et seq., §§ 26-75-301 — 26-75-318, and the Local Sales and Use Tax Economic Development Project Funding Act, § 26-82-101 et seq., and use the proceeds to finance capital improvements, and the General Assembly determines that § 26-74-201 et seq., §§ 26-74-301 — 26-74-319, § 26-75-201 et seq., §§ 26-75-301 — 26-75-318, and the Local Sales and Use Tax Economic Development Project Funding Act, § 26-82-101 et seq., each provide for the levy of up to a one percent (1%) sales and use tax and the use for any purpose for which the general funds of the municipality or county may be used unless restricted on the ballot to a specified purpose.  (e) The revenues derived from this tax may also be used to retire existing bonds issued for the acquisition, renovation, or construction of capital improvements.