reglab/housing_qa huggingface dataset:
AR Code § 14-138-118 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-118. Eligibility of bonds as investment

 (a) Revenue bonds issued under the authority of this chapter are made securities in which insurance companies, trust companies, banks, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. The bonds are made securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds or obligations is authorized by law.  (b) Any municipality or county or any board, commission, or other authority duly established by any municipality or county, or the boards of trustees, respectively, of any retirement fund or retirement system created by or pursuant to authority conferred by the General Assembly of the State of Arkansas may, in its discretion, invest any of its funds not immediately needed for its purposes in bonds issued under the authority of this chapter, and bonds issued under the authority of this chapter shall be eligible to secure the deposit of public funds.
AR Code § 14-138-119 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-119. Bonds — Tax exemption

 The principal of and interest on bonds issued under the authority of this chapter shall be exempt from all state, county, and municipal taxes. This exemption shall include income, inheritance, and estate taxes.
AR Code § 14-138-120 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-120. Proceeds from sale of bonds

 (a) The proceeds derived from all of the bonds other than refunding bonds may be used only to pay the costs of acquiring, constructing, improving, enlarging, and equipping the project with respect to which they were issued, as may be specified in the proceedings in which the bonds are authorized to be issued and all costs incidental thereto including, without limitation:  (1) The costs of any land forming a part of the project;  (2) The costs of the labor, materials, and supplies used in any construction, improvement, and enlargement, including architect's and engineer's fees and the cost of preparing contract documents and advertising for bids;  (3) The purchase price of and the cost of installing equipment for the project;  (4) The cost of landscaping the lands forming a part of the project and of constructing and installing roads, sidewalks, curbs, gutters, utilities, and parking places in connection therewith;  (5) Legal, fiscal, and recording fees and expenses incurred in connection with the authorization, sale, and issuance of the bonds issued in connection with the project;  (6) Interest on bonds for a reasonable period prior to, during, and after the time required for such construction and equipment; and  (7) The amount necessary to fund a debt service reserve of not to exceed one (1) year's principal and interest requirements on the bonds.    (b) Nothing in this section shall be construed to authorize the use of proceeds derived from the sale of such bonds to purchase, condemn, or otherwise acquire a utility plant, property, or facilities owned or operated by any regulated utility.  (c) If any of the proceeds derived from the sale of bonds remains undisbursed after completion of the project and the making of all such expenditures, the balance shall be used for the redemption of bonds of the same issue.
AR Code § 14-138-121 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-121. Refunding bonds

 (a) The corporation may at any time and from time to time issue refunding bonds for the purpose of refunding the principal of and interest on any bonds of the corporation theretofore issued under this chapter and then outstanding, whether or not the principal and interest shall have matured at the time of the refunding under this chapter and for the payment of any expenses incurred in connection with the refunding and any premium necessary to be paid in order to redeem or retire the bonds to be refunded.  (b) The proceeds derived from the sale of any refunding bonds shall be used only for the purposes for which the refunding bonds were authorized to be issued.  (c) Any such refunding may be effected either by sale of the refunding bonds and the application of the proceeds thereof by immediate application or by escrow deposit with the right to invest moneys in the escrow deposit until needed for the redemption or by exchange of the refunding bonds for the bonds or interest coupons to be refunded thereby. However, the holders of any bonds or coupons so to be refunded shall not be compelled without their consent to surrender their bonds or coupons for payment or exchange prior to the date on which they may be paid or redeemed by the corporation under their respective provisions.  (d) Any refunding bonds of the corporation shall be payable solely from the revenues out of which the bonds or coupons to be refunded were payable.  (e) All provisions of this chapter pertaining to bonds of the corporation that are not inconsistent with the provisions of this section shall, to the extent applicable, also apply to refunding bonds issued by the corporation.
AR Code § 14-138-122 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-122. Remedies on default

 (a) If there is any default in the payment of the principal of or interest on any bonds issued under this chapter, then the holder of any of the bonds and of any of the interest coupons applicable thereto and the trustee under any indenture, or any one (1) or more of them:  (1) May either at law or in equity, by suit, action, mandamus, or other proceeding, compel performance of all duties of the officers and directors of the corporation with respect to the use of funds for the payment of the bonds and for the performance of the agreements of the corporation contained in the proceedings under which they were issued, and compel performance of the duties of all officials of the city with respect to payment of the rentals provided to be paid under any lease made by the municipality pursuant to the provisions of this chapter and pledged as security for the bonds; and  (2) Regardless of the sufficiency of the security for the bonds and as a matter of right, shall be entitled to the appointment of a receiver to administer and operate the project out of the revenues from which the bonds issued with respect thereto are payable, with power to make leases with any public or private lessee including, without limitation, leases with a term running to the last maturity of the bonds, and fix and collect rents sufficient to provide for the payment of the principal of and interest on the bonds and any other obligations outstanding against the project or the revenues therefrom and for the payment of the expenses of operating and maintaining the project, and with power to apply the income therefrom in accordance with the provisions of the proceedings under which the bonds were authorized to be issued.    (b) The remedies specified in this section shall be cumulative to all other remedies which may otherwise be available for the benefit of the holders of the bonds and the coupons applicable thereto.
AR Code § 14-138-123 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 138 - Public Corporations For Municipal Facilities|§ 14-138-123. Dissolution

 (a)  (1)  (A) If the public corporation does not have any bonds outstanding, the board may adopt a resolution, which shall be entered in its minutes, declaring that the public corporation shall be dissolved; or  (B) If directed by its governing body, the board shall adopt a resolution to dissolve the public corporation.    (2) Upon the filing for record of a certified copy of a resolution made under subdivision (a)(1) of this section in the office of the county clerk of the county in which the municipality is located, the public corporation is dissolved.  (3) After its dissolution, the title to the property of a dissolved public corporation vests in the lessee.    (b) When the principal of and the interest on all bonds payable, in whole or in part, from the revenues derived from any project shall have been paid in full, title to that project shall thereupon vest in the lessee, but such vesting of title in the lessee shall not affect the title of the corporation to any other project, the revenues from which are pledged for the payment of any other bonds then outstanding.  (c) The formation and dissolution of one (1) or more corporations under the provisions of this chapter shall not prevent the subsequent formation under this chapter of other corporations in the same municipality.  (d) By giving a written notice to the district's board, the governing body of a municipality may rescind a planning and development district's designation and authority to act as a public corporation for a municipal facility under § 14-138-105(a)(2)(B) when the district does not have any bonds outstanding.
AR Code § 14-139-101 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 139 - Municipal Exhibition Grounds And Buildings|§ 14-139-101. Definitions

 As used in this chapter, unless the context otherwise requires:   (1) “Exhibition grounds and buildings” means the exhibition grounds and buildings, in its entirety or any integral part thereof, including all improvements erected on the land used or useful for the purposes of exhibiting livestock;  (2) “Municipality” means any city of the first or second class or incorporated town in the State of Arkansas;  (3) “Legislative body” means the mayor and council of any city or town.
AR Code § 14-139-102 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 139 - Municipal Exhibition Grounds And Buildings|§ 14-139-102. Construction

 (a) This chapter shall be construed as cumulative authority for the acquisition, purchase, and construction of the grounds and buildings and betterments and improvements thereon for use in the exhibition of livestock and shall not be construed to repeal any existing laws with respect to it.  (b) This chapter, being necessary for the public health, safety, and welfare, shall be liberally construed to effectuate the purposes of it.
AR Code § 14-139-103 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 139 - Municipal Exhibition Grounds And Buildings|§ 14-139-103. Authority generally

 (a) Any city or incorporated town in the State of Arkansas may acquire, purchase, or construct exhibition grounds and buildings for the purpose of exhibiting livestock, as provided in this chapter.  (b) This chapter shall, without reference to any other statute, be deemed full authority for the construction, acquisition, improvement, erection, maintenance, operation, and repair of exhibition grounds and buildings for the exhibition of livestock as provided for in this chapter and for the issuance and sale of the bonds authorized by this chapter.  (c) This chapter shall be construed as an additional and alternative method therefor and for the financing thereof. No petition or election or other or further proceeding in respect to the construction or acquisition of the exhibition grounds and buildings or to the issuance or sale of bonds under this chapter and no publication of any resolution, ordinance, notice, or proceeding relating to such construction or acquisition or to the issuance or sale of such bonds shall be required except such as are prescribed by this chapter, any provisions of other statutes of the state to the contrary notwithstanding.
AR Code § 14-139-104 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 139 - Municipal Exhibition Grounds And Buildings|§ 14-139-104. Right of eminent domain

 For the purpose of acquiring any exhibition grounds and buildings to be used in connection with the exhibition of livestock under the provisions of this chapter, or for the purpose of acquiring any property necessary thereof, the municipality shall have the right of eminent domain as is provided in §§ 18-15-301 — 18-15-303 and any acts amendatory or supplemental to it.
AR Code § 14-139-105 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 139 - Municipal Exhibition Grounds And Buildings|§ 14-139-105. Issuance of revenue bonds

 (a) Whenever the legislative body of any municipality shall determine to acquire, purchase, and construct exhibition grounds and buildings under the provisions of this chapter, it shall cause an estimate to be made of the cost thereof and by ordinance shall provide for the issuance of revenue bonds under the provisions of this chapter.  (b) The ordinance shall set forth:  (1) A brief description of the contemplated improvement;  (2) The estimated cost thereof;  (3) The amount, rate of interest, and time and place of payment; and  (4) Other details in connection with the issuance of the bonds.    (c) The bonds shall bear interest at such rate or rates, payable semiannually, and shall be payable at such times and places, not exceeding twenty (20) years from their dates, as shall be prescribed in the ordinance providing for their issuance.  (d) The ordinance shall also:  (1) Declare that a statutory mortgage lien shall exist upon the property so to be acquired or constructed;  (2) Fix the rents or charges to be collected prior to the payment of all of the bonds; and  (3) Pledge the revenues derived from the exhibition grounds and buildings for the purpose of paying the bonds and interest thereon.    (e) The pledge shall definitely fix and determine the amount of revenue which shall be necessary to be set apart and applied to the payment of the principal of, and interest on, the bonds and the proportion of the balance of the revenues and income which are to be set aside as a proper and adequate depreciation account, and the remainder shall be set aside for the reasonable and proper operation thereof.  (f) The rents or charges from the exhibition grounds and buildings shall be sufficient to provide for:  (1) The payment of interest upon all bonds and to create a sinking fund to pay the principal thereof as and when the bonds shall become due;  (2) The operation and maintenance of the project; and  (3) An adequate depreciation fund.
AR Code § 14-139-106 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 139 - Municipal Exhibition Grounds And Buildings|§ 14-139-106. Notice and hearing

 (a) After the ordinance shall have been adopted, it shall be published one (1) time in a newspaper published in the municipality; or if there is no newspaper so published, then the ordinance shall be posted in at least three (3) public places therein, with a notice to all persons concerned stating that:  (1) The ordinance has been adopted;  (2) The municipality contemplates the issuance of the bonds described in this ordinance; and  (3) Any person interested may appear before the governing body, upon a certain date which shall not be less than ten (10) days subsequent to the publication or posting of the ordinance and notice, and present protests.    (b) At the hearing, all objections and suggestions shall be heard, and the legislative body shall take such action as it shall deem proper in the premises.
AR Code § 14-139-107 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 139 - Municipal Exhibition Grounds And Buildings|§ 14-139-107. Terms of authorizing ordinance

 (a) The ordinance authorizing the issuance of the revenue bonds may contain provisions for the acceleration of the maturities of all unmatured bonds in the event of default in the payment of any principal or interest maturing under the bond issue, or upon failure to meet any sinking fund requirements, or in any other event stipulated in the ordinance; and such provisions will be binding.  (b) The priorities as between successive issues of revenue bonds may also be controlled by the provisions of the ordinance.  (c) The ordinance may also, if deemed desirable, provide for:  (1) The execution, contemporaneously with the execution of bonds, by the municipality of an indenture defining the right of the bondholders' interests;  (2) Appointing a trustee for the bondholders, which trustee may be a domestic or foreign corporation;  (3) Vesting in the trustee, to such extent as is deemed advisable, all rights of action under the bonds;  (4) The priority of lien as between successive bond issues;  (5) The acceleration of bond maturities;  (6) Any covenants on the part of the municipality relating to the construction or acquisition of the project, or the application or safeguarding of the proceeds of the bonds, or other covenants intended for the protection of the bondholders; and  (7) Any other provisions, whether similar or dissimilar to the foregoing, which are consistent with the terms of this chapter and which may be deemed desirable.
AR Code § 14-139-108 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 139 - Municipal Exhibition Grounds And Buildings|§ 14-139-108. Sale of bonds

 (a) Bonds provided for in this chapter shall be issued in such amounts as may be necessary to provide sufficient funds to pay all costs of construction or acquisition, including engineering, legal, and other expenses, together with interest to a date six (6) months subsequent to the estimated date of completion.  (b) Bonds issued under the provisions of this chapter are declared to be negotiable instruments. They shall be executed by the presiding officer and clerk or recorder of the municipality and be sealed with the corporate seal of the municipality. In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before delivery of the bonds, their signatures shall nevertheless be valid and sufficient for all purposes the same as if they had remained in office until the delivery.  (c) The bonds may be sold at not less than ninety cents (90¢) on the dollar, and the proceeds derived therefrom shall be used exclusively for the purposes for which the bonds are issued. They may be sold at one (1) time or in parcels as funds are needed.
AR Code § 14-139-109 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 139 - Municipal Exhibition Grounds And Buildings|§ 14-139-109. Bonds to be secured

 All bonds of the entire issue, issued under the provisions of this chapter, shall be secured ratably and equally by the revenues of the entire and aggregate works financed by the bond issue.
AR Code § 14-139-110 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 139 - Municipal Exhibition Grounds And Buildings|§ 14-139-110. Statutory mortgage lien

 (a)  (1) There shall be a statutory mortgage lien upon the exhibition grounds and buildings acquired or constructed from the proceeds of bonds authorized by this chapter to be issued, which shall exist in favor of the holder of the bonds and each of them, and to and in favor of the holder of the coupons attached to the bonds.  (2) The exhibition grounds and buildings shall remain subject to the statutory mortgage lien until payment in full of the principal and interest of the bonds.    (b) Subject to such restrictions as may be contained in the indenture authorized in this chapter, any holder of bonds issued under the provisions of this chapter, or of any coupons representing interest accrued thereon, may, either at law or in equity, enforce the statutory mortgage lien conferred by this section and may, by proper suit, compel the performance of the duties of the officials of the issuing municipality set forth in this chapter.  (c) If there is default in the payment of the principal of or interest upon any of the bonds, any court having jurisdiction in any proper action may appoint a receiver to administer the exhibition grounds and buildings on behalf of the municipality, with power to charge and collect rents or charges sufficient to provide for the payment of the bonds and interest thereon, and for the payment of the operating expense, and to apply the income and revenues in conformity with this chapter and the ordinance providing for the issuance of the bonds.
AR Code § 14-139-111 (2020)
2020 Arkansas Code|Title 14 - Local Government|Subtitle 8 - Public Facilities Generally|Chapter 139 - Municipal Exhibition Grounds And Buildings|§ 14-139-111. Rents or charges — Surplus

 (a) Rents or charges for the use of the exhibition grounds and buildings precedent to the issuance of bonds shall not be reduced until all of the bonds shall have been fully paid and may, whenever necessary, be increased in amounts sufficient to provide for the payment of the bonds, both principal and interest, and to provide proper funds for the depreciation account and operation and maintenance charges.  (b)  (1) If any surplus shall be accumulated in the operating and maintenance fund which shall be in excess of the cost of maintaining and operating the project during the remainder of the fiscal year then-current, and the cost of maintaining and operating the project during the fiscal year then-ensuing, then any excess may be transferred by the legislative body to either the depreciation account or to the bond and interest redemption account, as the legislative body may designate.  (2) If any surplus shall be accumulated in the depreciation account over and above that which the legislative body shall find may be necessary for the probable replacement which may be needed during the then-present fiscal year and the ensuing fiscal year, the excess may be transferred to the bond and interest redemption account.  (3) If surplus shall exist in the bonds and interest redemption account, it shall be applied insofar as possible in the purchase or retirement of outstanding revenue bonds payable from the account. For that purpose, the legislative body is authorized to purchase bonds not due in the open market at not more than the fair market value thereof.