reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 7 - URBAN RENEWAL GENERALLY (§§ 14-169-701 — 14-169-713) › Section 14-169-713 - Interest of commissioner or employee in project or property or contract in connection with project

(a)
No commissioner or employee of an agency shall acquire any interest, direct or indirect, in any urban renewal project nor in any property included or planned to be included in any project, nor shall he have any interest, direct or indirect, in any contract or proposed contract for materials or services to be furnished or used in connection with any urban renewal project.
(b)
(1)
If any commissioner or employee of an agency owns or controls a direct or indirect interest in any property included or planned to be included in any urban renewal project, he immediately shall disclose it, in writing, to the agency. This disclosure shall be entered upon the minutes of the agency.
(2)
Failure so to disclose such interest shall constitute misconduct in office.
Acts 1945, No. 212, § 20 as added by Acts 1961, No. 40, § 1; A.S.A. 1947, § 19-3063.9.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 8 - ACQUISITION OF PROPERTY FOR URBAN RENEWAL (§§ 14-169-801 — 14-169-804) › Section 14-169-801 - Authority generally

(a)
A housing authority or an urban renewal agency authorized to carry on urban renewal or redevelopment activities in connection with the undertaking and carrying out of an urban renewal project may acquire real property in the urban renewal area, demolish improvements on it, relocate families from it, contract for loans and grants covering the financing of it, and take all appropriate actions, including, but not limited to, the disposition of the property, regardless of the stage of development of the urban renewal plan, if the municipal governing body shall have approved it by resolution.
(b)
The municipal governing body may agree to assume the responsibility to bear any loss that may arise as the result of such acquisition in the event the property so acquired is not used for urban renewal purposes because the urban renewal plan for the project is not approved, is amended to omit any of the acquired property, or is abandoned for any reason.
Acts 1961, No. 40, § 2; A.S.A. 1947, § 19-3063.11.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 8 - ACQUISITION OF PROPERTY FOR URBAN RENEWAL (§§ 14-169-801 — 14-169-804) › Section 14-169-802 - Power of eminent domain

(a)
(1)
(A)
Any urban renewal agency in this state created pursuant to the provisions of §§
14-169-601
-
14-169-609
,
14-169-702
,
14-169-708
-
14-169-713
, and
14-169-801
shall have the power of eminent domain to carry out urban renewal plan objectives.
(B)
The procedure to be followed by the urban renewal agency to acquire property by eminent domain shall be that the board of commissioners shall, by resolution, declare that:
(i)
The acquisition of certain real property is necessary for urban renewal plan objectives which have been approved by the governing body of the municipal government after a public hearing;
(ii)
Negotiations for acquisition have been unsuccessful; and
(iii)
Suit is authorized to condemn the property.
(2)
An urban renewal agency may exercise the power of eminent domain in the manner prescribed by law for condemnation by railroad corporations in this state as prescribed by §§
18-15-1202
-
18-15-1207
and acts amendatory thereof or supplementary thereto; the urban renewal agency may exercise the power of eminent domain in the manner provided by any other applicable statutory provisions for the exercise of the power of eminent domain.
(b)
It is the intent of this section to affirm the power of urban renewal agencies to exercise the power of eminent domain to acquire real property to carry out urban renewal plan objectives.
Acts 1971, No. 542, §§ 1, 2; A.S.A. 1947, §§ 19-3075, 19-3076.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 8 - ACQUISITION OF PROPERTY FOR URBAN RENEWAL (§§ 14-169-801 — 14-169-804) › Section 14-169-803 - Donations by school districts

Any school district owning lands and buildings within the boundaries of any existing urban renewal project or neighborhood development program, or within the boundaries of any such project or program that may be constituted in the future, is authorized to donate and dedicate to the governing board of any such urban renewal program or neighborhood development project as may be created any surplus lands or buildings owned by it if the lands or buildings are found by the board of the school district to be surplus to its present needs or the lands and buildings are unsuitable for further use by the school district.
Acts 1969, No. 223, § 1; A.S.A. 1947, § 19-3063.12.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 8 - ACQUISITION OF PROPERTY FOR URBAN RENEWAL (§§ 14-169-801 — 14-169-804) › Section 14-169-804 - Tax exemption of certain property

(a)
The property of an urban renewal agency used exclusively for public purposes and not for profit is declared to be public property, and this property and the agency shall be exempt from all taxes and special assessments from the state or any public body thereof.
(b)
Any property of an agency used for commercial, business, or industrial purposes shall be assessed and ad valorem taxes paid on it in the manner provided by law for the assessment and payment of taxes on other property. The agency shall furnish the assessor with a certified statement, in writing, of the value at which the property was originally acquired to assist the assessor in arriving at the assessable value of it as provided by law.
(c)
An agency may agree to make payments in lieu of taxes to a state public body for the benefit of a renewal project. However, in no event shall such payments exceed the estimated cost to the state public body of the improvements, services, or facilities to be so furnished.
Acts 1937, No. 298, § 23; Pope's Dig., § 10081; Acts 1969, No. 258, § 1; 1973, No. 193, § 1; A.S.A. 1947, § 19-3027.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 9 - PARTICIPATION IN FEDERAL PROGRAMS (§§ 14-169-901 — 14-169-903) › Section 14-169-901 - Legislative intent

It is the intention of this subchapter to permit municipal and county government in the State of Arkansas to participate fully in the Community Development Act of 1974, specifically, but not limited to, community development activities eligible for assistance in section 105 of it, and to have their governing bodies exercise any and all powers conferred on housing authorities and urban renewal agencies, including, but not limited to:
(1)
Eminent domain;
(2)
Redevelopment activities;
(3)
Housing;
(4)
Public housing;
(5)
Urban renewal; and
(6)
Community development in its broadest sense.
Acts 1975, No. 163, § 2; 1975 (Extended Sess., 1976), No. 1180, § 2; A.S.A. 1947, § 19-3078; reen. Acts 1987, No. 993, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 9 - PARTICIPATION IN FEDERAL PROGRAMS (§§ 14-169-901 — 14-169-903) › Section 14-169-902 - Authority generally

Municipalities and counties, acting through their governing bodies, are granted all the powers and authority granted to housing authorities and to urban renewal agencies by §§
14-169-201
-
14-169-205
,
14-169-207
-
14-169-225
,
14-169-227
,
14-169-229
-
14-169-240
,
14-169-601
-
14-169-609
,
14-169-701
-
14-169-713
,
14-169-801
,
14-169-802
, and
14-169-804
.
Acts 1975, No. 163, § 1; 1975 (Extended Sess., 1976), No. 1180, § 1; A.S.A. 1947, § 19-3077; reen. Acts 1987, No. 993, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 9 - PARTICIPATION IN FEDERAL PROGRAMS (§§ 14-169-901 — 14-169-903) › Section 14-169-903 - Powers supplemental

(a)
Powers granted to municipalities and counties in this subchapter are supplemental and in addition to all other powers of municipalities and counties.
(b)
Nothing in this subchapter shall be construed as changing, limiting, or otherwise affecting the powers of any existing housing authority, urban renewal agency, or their commissions.
Acts 1975, No. 163, § 3; 1975 (Extended Sess., 1976), No. 1180, § 3; A.S.A. 1947, § 19-3079; reen. Acts 1987, No. 993, § 3.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 10 - SURPLUS FEDERAL HOUSING FACILITIES (§§ 14-169-1001 — 14-169-1011) › Section 14-169-1001 - Construction of subchapter

This subchapter shall, without reference to any other statute, be deemed full authority for the acquisition, operation, lease, or sale of any surplus federal property and for the issuance and sale of bonds as provided in this subchapter. This subchapter shall be construed as an additional and alternative method therefor and the financing thereof, and no petition, election, or other or further proceeding in respect to the acquisition of the property or the sale or lease of it after acquisition or the issuance or sale of bonds under this subchapter and no publication of any resolution, ordinance, notice, or proceeding relating to the acquisition of surplus federal property or the sale or lease of it by the county or municipality or the issuance or sale of bonds shall be required except as required by this subchapter, any provisions of other statutes of this state to the contrary notwithstanding.
Acts 1947, No. 250, § 10; A.S.A. 1947, § 19-3073.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 10 - SURPLUS FEDERAL HOUSING FACILITIES (§§ 14-169-1001 — 14-169-1011) › Section 14-169-1002 - Continuing authority

Nothing in this subchapter shall be construed to limit, in any manner, the continuing authority of the counties or municipalities to operate, lease, finance, or sell the properties so acquired.
Acts 1947, No. 250, § 8; 1951, No. 132, § 1; A.S.A. 1947, § 19-3071.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 10 - SURPLUS FEDERAL HOUSING FACILITIES (§§ 14-169-1001 — 14-169-1011) › Section 14-169-1003 - Authority to acquire

(a)
Any county, city, or incorporated town in the State of Arkansas is empowered to execute with the United States, through any of its agencies, contracts for the acquisition of houses, housing facilities, housing projects, sewer and water plants and facilities which are necessary to the operation of the housing facilities, and other real, personal, or mixed properties which have been or may be declared surplus by the federal government.
(b)
The contract may provide for outright purchase for cash or on terms or the lease of the properties from the federal government.
Acts 1947, No. 250, §§ 1, 2; A.S.A. 1947, §§ 19-3064, 19-3065.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 10 - SURPLUS FEDERAL HOUSING FACILITIES (§§ 14-169-1001 — 14-169-1011) › Section 14-169-1004 - Property outside municipal limits

Cities or incorporated towns may acquire properties under this subchapter located within or without the corporate limits.
Acts 1947, No. 250, § 9; A.S.A. 1947, § 19-3072.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 10 - SURPLUS FEDERAL HOUSING FACILITIES (§§ 14-169-1001 — 14-169-1011) › Section 14-169-1005 - Funds for acquisition

(a)
Funds for the acquisition of surplus federal properties may be provided from general revenue sources, general mortgage loans, or revenue bonds which may be issued by the county, city, or town to provide funds.
(b)
(1)
The revenue bonds may bear interest at such rate or rates as provided in the ordinance authorizing their issuance. Bonds so issued shall:
(A)
Be negotiable;
(B)
Declare that a statutory mortgage lien shall exist on the property so acquired; and
(C)
Be executed by the county judge and county clerk or municipal mayor and municipal clerk or recorder.
(2)
The funds derived from the bonds shall be used exclusively for purposes for which they are issued.
Acts 1947, No. 250, § 5; 1970 (Ex. Sess.), No. 55, § 1; 1975, No. 225, § 14; 1981, No. 425, § 14; A.S.A. 1947, § 19-3068.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 10 - SURPLUS FEDERAL HOUSING FACILITIES (§§ 14-169-1001 — 14-169-1011) › Section 14-169-1006 - Issuance of bonds

(a)
Bonds provided for in this subchapter shall be issued in such amounts as may be necessary to provide sufficient funds to pay all costs of acquisition.
(b)
(1)
Bonds issued under the provisions of this subchapter shall be payable solely from the revenues derived from the operation of the properties acquired. These bonds shall not, in any event, constitute an indebtedness of the county or municipality within the meaning of the constitutional provisions or limitations.
(2)
It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and that it does not constitute an indebtedness of the county or municipality within any constitutional or statutory limitation.
Acts 1947, No. 250, § 6; A.S.A. 1947, § 19-3069.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 10 - SURPLUS FEDERAL HOUSING FACILITIES (§§ 14-169-1001 — 14-169-1011) › Section 14-169-1007 - Statutory mortgage lien

(a)
(1)
There is created a statutory mortgage lien upon the property acquired from the proceeds of bonds authorized to be issued under this subchapter 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 property acquired shall remain subject to this lien until payment in full of the principal and interest of the bonds.
(b)
(1)
Any holder of bonds issued under provisions of this subchapter may, either at law or in equity, enforce the lien conferred by this section and may, by proper suit, compel the performance of duties of the officials of the issuing county or municipality set forth in this subchapter.
(2)
If there is default in the payment of the principal of or interest upon any of the bonds, any court having jurisdiction may, in any proper action, appoint a receiver to administer the properties on behalf of the county or municipality with power to operate any properties or sell them and to apply the income or proceeds in conformity with this subchapter and the provisions of the mortgage or bond contract.
Acts 1947, No. 250, § 6; A.S.A. 1947, § 19-3069.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 10 - SURPLUS FEDERAL HOUSING FACILITIES (§§ 14-169-1001 — 14-169-1011) › Section 14-169-1008 - Operation, lease, or disposition of facilities

Counties, cities, or incorporated towns acquiring properties under this subchapter may operate them, lease them to private industry or operators, or dispose of them through sale.
Acts 1947, No. 250, § 3; A.S.A. 1947, § 19-3066.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 10 - SURPLUS FEDERAL HOUSING FACILITIES (§§ 14-169-1001 — 14-169-1011) › Section 14-169-1009 - Proceeds from sale or lease

(a)
In the event any county or municipality acquires surplus federal properties and subsequently sells or leases them, the proceeds from the sale or leasing shall first be applied to the payment of the debt created by the acquisition of the property, if any, in accordance with the terms of the mortgage or bond indebtedness.
(b)
After payment of this indebtedness, any surplus shall be placed in the county or municipal general revenue fund.
Acts 1947, No. 250, § 7; A.S.A. 1947, § 19-3070.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 10 - SURPLUS FEDERAL HOUSING FACILITIES (§§ 14-169-1001 — 14-169-1011) › Section 14-169-1010 - Operation by local government

Counties or municipalities acquiring property under this subchapter and electing to operate them shall do so on a basis permitting the maintenance and operation, including administrative overhead, insurance, payments in lieu of taxes, amortization of capital costs, debt service, replacement, repairs, and reasonable reserves, without subsidy from any other public funds.
Acts 1947, No. 250, § 4; A.S.A. 1947, § 19-3067.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 10 - SURPLUS FEDERAL HOUSING FACILITIES (§§ 14-169-1001 — 14-169-1011) › Section 14-169-1011 - Limitations on use

No property acquired under the provisions of this subchapter shall be used for slum clearance or to provide subsidized housing for persons of low income.
Acts 1947, No. 250, § 12; A.S.A. 1947, § 19-3074.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 11 - TARGETED NEIGHBORHOOD ENHANCEMENT PLAN ACT (§§ 14-169-1101 — 14-169-1108) › Section 14-169-1101 - Title

This subchapter shall be known as the "Targeted Neighborhood Enhancement Plan Act."
Acts 1997, No. 320, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 11 - TARGETED NEIGHBORHOOD ENHANCEMENT PLAN ACT (§§ 14-169-1101 — 14-169-1108) › Section 14-169-1102 - Construction

This subchapter, being necessary for the public health, safety and welfare, shall be liberally construed to effectuate the purposes of it.
Acts 1997, No. 320, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 11 - TARGETED NEIGHBORHOOD ENHANCEMENT PLAN ACT (§§ 14-169-1101 — 14-169-1108) › Section 14-169-1103 - Declaration of areas as targeted neighborhoods

Any municipality may, upon fulfillment of the following requirements, declare an area of the municipality as a targeted neighborhood. There is no limit on the number of targeted neighborhoods that a municipality may create. Once a targeted neighborhood area has been designated, and a plan has been implemented, the municipality may take advantage of all the provisions of this subchapter.
Acts 1997, No. 320, § 3.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 11 - TARGETED NEIGHBORHOOD ENHANCEMENT PLAN ACT (§§ 14-169-1101 — 14-169-1108) › Section 14-169-1104 - Legislative finding

It is hereby found by the General Assembly of the State of Arkansas that certain areas within any municipality are either suffering from neglect, abandonment, or are about to become urban blight. This subchapter is necessary to recapture or rehabilitate these neighborhoods, create new homes, rehabilitate existing structures, and maintain residents for a period of several years. Overcoming neighborhood decay and blight fulfills a legitimate public purpose that is essential to the public health, safety and welfare. Therefore, cities are free to designate one (1) or more targeted neighborhoods and to implement a targeted neighborhood enhancement plan in accordance with this subchapter.
Acts 1997, No. 320, § 4.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 11 - TARGETED NEIGHBORHOOD ENHANCEMENT PLAN ACT (§§ 14-169-1101 — 14-169-1108) › Section 14-169-1105 - Requirements for an area to qualify as a targeted neighborhood

Before a municipality may designate an area as a targeted neighborhood, it must first complete each of the following steps:
(a)
The municipality must pass a resolution, containing a proposed map, noting its intent to designate a particular area as a targeted neighborhood. The area will be referred to as the (name of area) Targeted Neighborhood Enhancement Plan.
(b)
Upon the passage of the resolution, the municipality shall compile a report on the targeted neighborhood which sets forth the following information:
(1)
A brief history of the neighborhood including current demographic information of the residents,
(2)
Information on the deterioration or demolition of housing stock,
(3)
Information concerning incidents of crime,
(4)
The location of existing government resources that could help rehabilitate the neighborhood such as police and fire substations, schools, playgrounds, or other government centers,
(5)
A list of financial institutions that are willing to participate as lending institutions to persons that contract with the city to build, or rehabilitate, and reside in a residential structure within the targeted neighborhood pursuant to the provisions of this subchapter,
(6)
A proposed plan to rehabilitate the various blocks of the neighborhood that sets forth, among other things, the resources the municipality is willing to dedicate to ensure the success of the effort. For example, the location of a community-oriented police effort to enable residents to feel more secure would be an example of a resource the municipality is willing to dedicate.
(c)
Once this plan is completed, the municipality shall conduct two (2) public hearings at different locations to indicate the nature of the rehabilitation plan and the resources the municipality is willing to dedicate to the rehabilitation effort over the next five (5) years.
(d)
After any amendments to the plan the municipality wishes to make as a result of the public hearings, the municipality shall adopt an ordinance that sets forth the plan and sets forth the resources the municipality is able to dedicate to the plan over the period of five (5) years.
Acts 1997, No. 320, § 5.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 11 - TARGETED NEIGHBORHOOD ENHANCEMENT PLAN ACT (§§ 14-169-1101 — 14-169-1108) › Section 14-169-1106 - Contract to participate in a targeted neighborhood enhancement plan

(a)
A municipality may contract with a person who agrees to participate in a targeted neighborhood enhancement plan. This contract may be for an amount not to exceed twenty percent (20%) of the cost of building or rehabilitating a residential structure within the designated area, exclusive of down payment, provided the person agrees to occupy the structure as the person's principal residence for a continuous period of five (5) years.
(b)
A municipality may contract with any person or entity owning and developing property for resale within a targeted neighborhood to provide an amount not to exceed twenty percent (20%) of the cost of constructing or rehabilitating a residential structure under the following conditions:
(1)
The person or entity shall demand that the purchaser of the property within the targeted area shall occupy the structure and make it the person's or entity's principal residence for a period of five (5) years; and
(2)
Any contracted amount from the municipality will not be provided to the person or entity developing the property for resale until:
(A)
The property is sold to a purchaser who then contracts with the municipality to occupy the structure within the targeted area in return for the provision of up to twenty percent (20%) of the cost of construction or rehabilitation, which amount at sale is assigned from the person or entity to the purchaser; and
(B)
The new purchaser makes the residential structure the purchaser's principal residence for a period of five (5) years; and
(3)
None of the amount provided by the municipality shall be used for down payment.
Acts 1997, No. 320, § 6.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 11 - TARGETED NEIGHBORHOOD ENHANCEMENT PLAN ACT (§§ 14-169-1101 — 14-169-1108) › Section 14-169-1107 - Foreclosure

(a)
If an individual under contract with the municipality fails to fulfill the commitment to live within the residential structure for the contract period, the municipality after proper notice may file a lien against the real property in the amount of the contract plus costs of foreclosure.
(b)
The municipality shall be entitled to collect the amount of the contract, plus any costs of collection including attorney's fees, by either of the following methods:
(1)
(A)
By filing an action to foreclose the lien plus costs at any time within one (1) year of the date that the municipality has notice that the resident owner moved out of the structure in breach of contract with the municipality.
(B)
In such case, the date the municipality filed the lien shall determine its priority in relation to other liens against the property; or
(2)
(A)
(i)
If the legislative body of the municipality determines that it is in the best interests of the municipality to do so, the amount of the lien provided for in this subsection may be collected by the county clerk in the same manner as property taxes, if the municipality has filed the contract in the real estate records of the county in which the property is located.
(ii)
In such case, the date of filing the contract determines the priority of the lien.
(B)
In order to pursue this remedy, the municipality shall set forth the exact amount of the lien, with costs, in a resolution adopted at a hearing before the governing body of the municipality in accordance with the following procedure:
(i)
The hearing shall be held not fewer than thirty (30) days after receipt of written notice by certified mail, with restricted delivery and return receipt requested, to the owner of the property if the name and whereabouts of the owner are known;
(ii)
If the name and whereabouts of the owner cannot be determined, or if restricted delivery of certified mail is not accomplished, then the hearing to determine the amount shall be held not fewer than fourteen (14) days after publication of notice of the hearing in a newspaper having a bona fide circulation in the county where the property is located for one (1) insertion per week for four (4) consecutive weeks; and
(iii)
(a)
The amount so determined at the hearing, plus a ten percent (10%) penalty for collection, shall be certified by the governing body of the municipality to the tax collector of the county where the municipality is located and placed by the collector on the tax books as delinquent taxes and collected accordingly.
(b)
The amount, less three percent (3%) thereof, when so collected shall be paid to the municipality by the county tax collector.
Acts 1997, No. 320, § 7; 2001, No. 1801, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 169 - HOUSING AUTHORITIES AND URBAN RENEWAL AGENCIES (§§ 14-169-101 — 14-169-1108) › Subchapter 11 - TARGETED NEIGHBORHOOD ENHANCEMENT PLAN ACT (§§ 14-169-1101 — 14-169-1108) › Section 14-169-1108 - Continuation after five years

If the municipality wishes to continue the program in a particular targeted neighborhood at the conclusion of five (5) years, it may do so by completing the steps set forth in this subchapter, provided that no area may be maintained as a targeted neighborhood for more than an aggregate of fifteen (15) years.
Acts 1997, No. 320, § 8.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-201 - Legislative determination

The tourist industry is legislatively determined to be an industry within the meaning of that term as used in Arkansas Constitution, Amendment 49 [repealed], in that recreation, relaxation, travel, entertainment, cultural development, and other tourism activities of every nature are essential to the health, welfare, safety, progress, and physical and economic well-being of the people. Therefore, this subchapter, and the authorities conferred by it are in implementation of Arkansas Constitution, Amendment 49 [repealed], and necessary for the full accomplishment of the public purposes contemplated by the people in adopting that amendment.
Acts 1971, No. 380, § 1; A.S.A. 1947, § 13-1801.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-202 - Definitions

As used in this subchapter, unless the context otherwise requires:
(1)
"Governing body" means the council, board of directors, or city commission of any municipality;
(2)
"Municipality" means a city of the first class or a city of the second class or an incorporated town;
(3)
"Equip" means to install or place in, or on, any building or structure equipment of any and every kind, whether or not affixed including, without limitation, building service equipment, fixtures, heating equipment, air conditioning equipment, machinery, furniture, furnishings, and personal property of every kind;
(4)
"Sell" means to sell for such price, in such manner, and upon such terms as the municipality or county shall determine including, without limitation, public or private sale. If public, sale shall be made pursuant to such advertisement as the municipality or county shall determine, and shall be made for cash or credit, payable in lump sum or in installments over such period as the municipality or county shall determine, and, if on credit, with or without interest, and shall be made at such rates as the municipality or county shall determine;
(5)
"Lease" means to lease for such rentals, for such periods, and upon such terms and conditions as the municipality or county shall determine and the granting of such purchase options for such prices and upon such terms and conditions as the municipality or county shall determine;
(6)
"Construct" means to acquire or build, in whole or in part, in such manner and by such method, including contracting therefor, and if the latter, by negotiation or bidding upon such terms and pursuant to such advertising, as the municipality or county shall determine to be in the public interest and necessary, under the circumstances existing at the time, to accomplish the purposes of and authorities set forth in this subchapter;
(7)
"Facilities" means any real property, personal property, or mixed property of any and every kind that can be used or that will be useful in securing and developing tourism including, without limitation, rights-of-way, roads, streets, pipes, pipelines, reservoirs, utilities, materials, equipment, fixtures, machinery, furniture, furnishings, instrumentalities, buildings, improvements, and other real, personal, or mixed property of every kind.
Acts 1971, No. 380, § 12; 1981, No. 425, § 21; A.S.A. 1947, § 13-1812.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-203 - Construction

This subchapter shall be liberally construed to accomplish its purposes and shall be the sole act and authority necessary to be complied with.
Acts 1971, No. 380, § 16; A.S.A. 1947, § 13-1814.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-204 - Limitations on authority

Nothing in this subchapter shall be construed to authorize any municipality or county to sell bonds or use the proceeds of them to purchase or condemn a utility plant or condemn a utility plant or distribution system owned or operated by a regulated public utility.
Acts 1971, No. 380, § 15; A.S.A. 1947, § 13-1813.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-205 - Authority generally

Any municipality and any county in this state is authorized to own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning, or otherwise deal in or dispose of any lands, buildings, improvement, or facilities of any and every nature whatever necessary or desirable for the securing and developing of recreation, relaxation, travel, entertainment, cultural development, and other tourism activities of every nature, which are collectively referred to as "tourism", within or near the municipality or within the county including, without limitation, hotels, motels, inns, lodges, folklore facilities, cultural development facilities, convention facilities, restaurants in connection with other facilities for the securing and developing of tourism, parks, scenic roadways and walkways, transportation facilities, parking facilities, tourist information and assistance centers, recreation areas, and other facilities of any nature whatever that can be used to secure and develop tourism and to thereby stimulate and enhance the economic growth and well-being of the municipality or county and the people. Any such undertaking, or combination of these undertakings, may be referred to as a "tourism project."
Acts 1971, No. 380, § 2; A.S.A. 1947, § 13-1802.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-206 - Funding authorized

(a)
Municipalities and counties are authorized to use any available revenues for the accomplishment of tourism projects, either alone or together with other available funds and revenues. They may issue bonds, as authorized in this subchapter, for the accomplishment of tourism projects, either alone or together with other available funds and revenues.
(b)
Bonds may be issued in such principal amount as shall be sufficient to pay the cost of accomplishing the tourism project involved, the cost of issuing bonds, the amount necessary for a reserve, if deemed desirable, the amount necessary to provide for debt service on the bonds until revenues for the payment of them are available, and any other costs and expenditures of whatever nature incidental to the accomplishment of the tourism project involved.
Acts 1971, No. 380, § 3; A.S.A. 1947, § 13-1803.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-208 - Refunding bonds

(a)
(1)
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 §
14-170-207
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)
All bonds issued under this section shall in all respects be authorized, issued, and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of those bonds.
(2)
The ordinance or order under which refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded by them.
Acts 1971, No. 380, § 6; A.S.A. 1947, § 13-1806.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-209 - Security for bonds - Special obligations

(a)
(1)
The bonds issued under this subchapter shall not be general obligations of the municipality or county but shall be special obligations. In no event shall the bonds constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation.
(2)
It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and that it does not constitute an indebtedness of the municipality or county within any constitutional or statutory limitation.
(b)
The principal of, and interest on, the bonds shall be secured by a pledge of, and shall be payable from, revenues derived from the tourism project acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.
Acts 1971, No. 380, § 5; A.S.A. 1947, § 13-1805.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-210 - Statutory mortgage lien

(a)
(1)
Subject to the provisions of this section, there shall exist a statutory 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 which shall exist in favor of the holders and registered owners of the bonds, and in favor of the holders of the coupons attached to the bonds.
(2)
The land, buildings, or facilities shall remain subject to the statutory mortgage lien until payment in full of the principal of, and interest on, the bonds.
(b)
(1)
Anything in this section to the contrary notwithstanding, the ordinance, order, or indenture referred to in §
14-170-207
may 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 §
14-170-207
.
(c)
Subject to such terms, conditions, and restrictions as may be contained in the ordinance, order, or indenture authorizing or securing the bonds, any holder or registered owner of bonds issued under the provisions of this subchapter, or of any coupon attached to them, may, either at law or in equity, enforce the mortgage lien and may, 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 any ordinance, order, or indenture authorizing or securing the bonds.
(d)
References in this subchapter to mortgage lien shall include, and mean, security interest in any personal property embodied in a tourism project acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
Acts 1971, No. 380, § 7; A.S.A. 1947, § 13-1807.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-211 - Default in bond payment

(a)
(1)
(A)
In the event of a default in the payment of the principal of, or interest on, any 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 bonds issued under this subchapter, upon which land, buildings, or facilities, or any part of them, there is a mortgage lien securing the 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 all costs 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.
(2)
When the default has been cured, the receivership shall be ended and the properties returned to the municipality or county.
(b)
The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded to the trustee for the holders and registered owners of the bonds in the ordinance or indenture authorizing or securing the bonds, and shall be so granted and administered as to accord full recognition to priority rights of holders and registered owners of the bonds as to the pledge of revenues from, and the mortgage lien on, lands, buildings, or facilities as specified in and fixed by the ordinance, order, or indenture authorizing or securing successive bond issues.
Acts 1971, No. 380, § 8; A.S.A. 1947, § 13-1808.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-212 - Bonds - Tax exemption

(a)
Bonds issued under this subchapter shall be exempt from all state, county, and municipal taxes.
(b)
This exemption includes income and inheritance taxes.
Acts 1971, No. 380, § 9; A.S.A. 1947, § 13-1809.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 170 - TOURISM GENERALLY (§§ 14-170-201 — 14-170-214) › Subchapter 2 - TOURISM REVENUE BONDS (§§ 14-170-201 — 14-170-214) › Section 14-170-213 - Public investment in bonds

(a)
Any municipality, or any board, commission, or other authority duly established by ordinance of any municipality, or the board of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such municipality, 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 bonds issued under the provisions of this subchapter.
(b)
Bonds issued under the provisions of this subchapter shall be eligible to secure the deposit of public funds.
Acts 1971, No. 380, § 10; A.S.A. 1947, § 13-1810.