reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 5 - WATER DEVELOPMENT PROJECTS GENERALLY (§§ 15-22-501 — 15-22-514) › Section 15-22-514 - Disposition of fees, earnings, etc

All fees, earnings, and other collections of the Arkansas Natural Resources Commission shall be converted by the commission to the Arkansas Water Development Fund to be used by the commission as provided by law and shall not be paid into the State Treasury.
Acts 1969, No. 217, § 9; A.S.A. 1947, § 21-1324.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-601 - Title

This subchapter may be referred to and cited as the "Arkansas Water Resources Development Act of 1981".
Acts 1981, No. 496, § 1; A.S.A. 1947, § 21-2301.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-602 - Definitions

As used in this subchapter:
(1)
"Commission" means the Arkansas Natural Resources Commission;
(2)
"Debt service" means principal, interest, redemption premiums, if any, and trustees' and paying agents' and like servicing fees;
(3)
"Develop" means to construct, acquire by purchase or, as set forth in this subchapter, by eminent domain, install, or equip any lands, buildings, improvements, machinery, equipment, or other properties of whatever nature, real, personal, or mixed;
(4)
"Person" means any individual, partnership, or corporation or any county, municipality, school district of the State of Arkansas, or agency thereof or any agency of the State of Arkansas;
(5)
"Project" or "water resources project" means any lands, buildings, improvements, machinery, equipment, or other property, real, personal, or mixed or any combination thereof developed in pursuance of all or any of the purposes of this subchapter, including, without limitation, any reservoir;
(6)
"Project costs" means all or any part of the costs of developing any project under this subchapter, costs incidental or appropriate thereto and costs incidental or appropriate to the financing thereof, including, without limitation, capitalized interest, appropriate reserves and fees and costs for engineering, legal, and other administrative and consultant services;
(7)
"Reservoir" means any impoundment of water accomplished as a project under this subchapter; and
(8)
"Water" means water created by precipitation or other forces of nature, including, without limitation, surface, spring, or other subsurface water which percolates to the surface of the earth, whether carried in a watercourse, carried in a man-made channel, or carried on the surface of the earth and not in any watercourse or channel or held in any reservoir, or other impoundment or standing body of water.
Acts 1981, No. 496, § 3; 1985, No. 280, § 2; A.S.A. 1947, § 21-2303; Acts 1991, No. 786, § 18.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-603 - Construction

(a)
This subchapter shall be liberally construed to accomplish the purposes set forth. This subchapter shall constitute the sole authority necessary to accomplish the purposes of this subchapter, and to this end it shall not be necessary that the provisions of other laws pertaining to the development of public facilities and properties and the financing thereof be complied with.
(b)
This subchapter shall be interpreted to supplement existing laws conferring rights and powers upon the Arkansas Natural Resources Commission, and the rights and powers set forth in this subchapter shall be regarded as alternative methods for the accomplishment of the purposes of this subchapter.
Acts 1981, No. 496, § 21; A.S.A. 1947, § 21-2321.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-604 - Powers of commission

In addition to powers conferred under other laws, the Arkansas Natural Resources Commission shall have the power under this subchapter:
(1)
To develop water resources projects;
(2)
To acquire absolute title to and use for any purpose and at any place water stored in any reservoir or other impoundment;
(3)
To acquire, collect, impound, store, transport, distribute, sell, furnish, and dispose of water to any person at any place;
(4)
To construct, lease as lessee, and in any manner acquire, own, hold, maintain, operate, sell, dispose of, lease as lessor, exchange, and mortgage all or any part of any project;
(5)
To purify, treat, and process water;
(6)
To assist persons in the preparation of their premises for the use of water furnished by the commission and to construct upon such premises project properties of any kind and character and, in connection therewith, to receive, acquire, endorse, pledge, hypothecate, and dispose of notes, bonds, and other evidences of indebtedness;
(7)
To acquire, own, hold, use, exercise, sell, mortgage, pledge, hypothecate, and in any manner to dispose of franchises, rights, privileges, licenses, rights-of-way, and easements necessary, useful, or appropriate;
(8)
To sell and convey, mortgage, pledge, lease as lessor, and otherwise dispose of all or any part of any project or other properties, tangible or intangible, including, without limitation, franchises, rights, privileges, licenses, rights-of-way, and easements;
(9)
To use the bed of any watercourse without adversely affecting existing riparian rights, any highway, or any right-of-way, easement, or other similar property rights or any tax-forfeited land owned or held by the State of Arkansas or by any political subdivision thereof;
(10)
To have and exercise the right of eminent domain for the purpose of acquiring lands, whether by the fee title thereto or any easement, right-of-way, or other interest or estate therein, for reservoirs and other projects or portions thereof utilizing the procedure now provided for condemnation by railroads by §§
18-15-1201
-
18-15-1207
;
(11)
To accept gifts or grants of moneys, services, franchises, rights, privileges, licenses, rights-of-way, easements, or other property, real, personal, or mixed;
(12)
To make any and all contracts necessary or convenient for the exercise of the powers or implementation of the purposes set forth in this subchapter;
(13)
To fix, regulate, and collect rates, fees, rents, or other charges for water or for the use of any properties or services furnished by the commission; and
(14)
To take such other action as may be appropriate to accomplish the purposes of this subchapter.
Acts 1981, No. 496, § 13; 1985, No. 280, § 4; A.S.A. 1947, § 21-2313; Acts 1991, No. 786, § 18.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-605 - Water resources development bonds - Authority to issue

The Arkansas Natural Resources Commission is authorized to issue bonds of the State of Arkansas, to be known as "State Water Resources Development General Obligation Bonds". For the purposes set forth in this subchapter, the total principal amount of the bonds shall not exceed one hundred million dollars ($100,000,000).
Acts 1981, No. 496, § 2; A.S.A. 1947, § 21-2302.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-606 - Bonds - Principal amount

The total principal amount of bonds to be issued during any fiscal biennium shall not exceed fifteen million dollars ($15,000,000), unless the General Assembly by law shall have authorized a greater principal amount of bonds to be issued during a fiscal biennium.
Acts 1981, No. 496, § 2; A.S.A. 1947, § 21-2302.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-607 - Bonds - Approval of Governor

(a)
Before any bonds may be issued during any fiscal biennium, the Arkansas Natural Resources Commission shall submit to the Governor a written plan for the work or projects to be performed with the proceeds derived from the sale of the bonds, the need for, and the estimated benefits thereof.
(b)
Upon receipt of the plan, the Governor shall confer with the Chief Fiscal Officer of the State concerning whether the annual amount of general revenue funds required to be set aside from the general revenues, as such a term is defined in the Revenue Stabilization Law, §
19-5-101
et seq., for payment of debt service requirements in connection with the bonds during either year of the fiscal biennium in which the bonds are to be issued, would require moneys from the general revenues for allocation that would work undue hardship upon any agency or program supported from general revenues under the provisions of the Revenue Stabilization Law, §
19-5-101
et seq.
(c)
Upon conclusion of the studies and after obtaining the advice of the Legislative Council thereon, the Governor, if he or she deems the plan to be in the public interest, by proclamation, shall authorize the commission to proceed with the issuance of the bonds as provided in this subchapter.
(d)
(1)
If the Governor shall decline or refuse to give his or her approval for the issuance of the bonds and shall decline to issue a proclamation approving the issuance thereof, the Governor shall promptly notify the commission, in writing, and the commission shall not issue the bonds.
(2)
However, the commission may resubmit a request to the Governor for the issuance of the bonds within one (1) year from the date of notice of the Governor's refusal to grant approval for the issuance.
(e)
The issue as resubmitted to the Governor shall be dealt with in the same manner as provided for the initial request for authority to issue the bonds.
Acts 1981, No. 496, § 2; A.S.A. 1947, § 21-2302.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-608 - Bonds - Purpose of issuance and application of proceeds

Bonds issued under this subchapter shall be issued for the purpose of financing the development of water resources projects, and the proceeds of any bonds issued under this subchapter shall be applied for the payment of project costs.
Acts 1981, No. 496, § 5; A.S.A. 1947, § 21-2305.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-609 - Bonds - Form

Bonds may be issued in the form of coupon bonds, payable to bearer, or as bonds registered as to principal only with interest coupons, or as bonds registered as to both principal and interest without coupons; may be in such denominations; may be made exchangeable for bonds of another form or denomination, bearing the same rate of interest and date of maturity; principal and interest may be made payable at such places within or without the state; may be made subject to redemption prior to maturity in such manner and for such redemption prices; and may contain such other terms and conditions, all as the Arkansas Natural Resources Commission shall determine.
Acts 1981, No. 496, § 4; A.S.A. 1947, § 21-2304.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-610 - Bonds - Individual series

(a)
The bonds shall be issued in series as set forth in this subchapter in amounts sufficient to finance all or any part of project costs with the respective series to be designated in alphabetical order or by the year in which issued.
(b)
The bonds of each series shall:
(1)
(A)
Have such date as the Arkansas Natural Resources Commission shall determine and shall mature annually over a period ending not later than thirty (30) years after the date of the bonds of each series with the maturities to be so fixed that the aggregate principal and interest payments shall be approximately equal, insofar as practicable, each year throughout the maturity schedule, as determined by the commission.
(B)
Pending the issuance of bonds hereunder, the commission may issue temporary notes to be exchanged for or paid from the proceeds of bonds at such time as bonds may be issued;
(2)
(A)
Bear interest at the rate or rates accepted by the commission at the public sale of the bonds.
(B)
Interest shall be payable at such times as the commission shall determine, but no bond issued under this subchapter shall bear interest at a rate in excess of ten percent (10%) per annum; and
(3)
Have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions regarding registration of ownership set forth in §
15-22-609
.
Acts 1981, No. 496, § 4; 1985, No. 280, § 3; A.S.A. 1947, § 21-2304; Acts 1991, No. 786, § 18.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-611 - Bonds - Authorizing resolution, trust indenture, and selection of projects

(a)
(1)
All bonds issued under this subchapter shall be authorized by resolution of the Arkansas Natural Resources Commission.
(2)
Each resolution shall contain terms, covenants, and conditions as deemed desirable, including without limitation, those pertaining to:
(A)
The establishment and maintenance of funds and accounts;
(B)
The deposit and investment of revenues and of bond proceeds; and
(C)
The rights and obligations of the state, its officers and officials, the commission, and the holders and the registered owners of the bonds.
(3)
All bonds issued under this subchapter shall be on a parity as to security.
(4)
(A)
The resolution of the commission may provide for the execution and delivery by the commission of a trust indenture or trust indentures with a bank or banks located within or without the state, containing any of the terms, covenants, and conditions referred to in subdivision (a)(2) of this section.
(B)
The trust indenture or trust indentures shall be binding upon the state and its officers and officials to the extent set forth in this subchapter.
(b)
Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved:
(1)
To apply to the payment of debt service on the bonds issued or secured thereunder all or any part of the revenues derived from any project financed by such bonds; and
(2)
To the extent of the revenues referred to in subdivision (b)(1) of this section, to release from any requirement of the resolution or trust indenture other revenues and resources of the state, including without limitation, the general revenues for allocation required to be transferred under §
15-22-616
.
(c)
The commission shall endeavor to select projects for financing and development under this subchapter which offer reasonable and realistic prospects of the production of revenues, whether by sales of water to municipalities or other public bodies, sales of water to industry, or otherwise.
Acts 1981, No. 496, § 6; A.S.A. 1947, § 21-2306.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-612 - Bonds - Execution and delivery

(a)
Each bond shall be signed with the facsimile signatures of the Governor, the Secretary of State, and the Chair of the Arkansas Natural Resources Commission and by the manual signature of the Treasurer of State or by a deputy of the Treasurer of State and shall have affixed or imprinted thereon the Great Seal of the State of Arkansas.
(b)
Interest coupons attached to the bonds shall be signed with the facsimile signature of the Treasurer of State.
(c)
Delivery of the bonds and coupons so executed shall be valid, notwithstanding any change in persons holding those offices occurring after the bonds have been executed.
Acts 1981, No. 496, § 7; A.S.A. 1947, § 21-2307.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-613 - Bonds - Sale after notice

(a)
Bonds at any time sold under the provisions of this subchapter shall be on the basis of public sale on sealed bids, after notice published by the Chair of the Arkansas Natural Resources Commission for at least one (1) insertion not less than twenty (20) days before the date of sale in a newspaper published in the City of Little Rock and in a financial newspaper or journal published in the Borough of Manhattan, City and State of New York.
(b)
The Arkansas Natural Resources Commission shall award the sale, if any, to the bidder offering to purchase the bonds at a price which results in the lowest net interest cost to the State of Arkansas as determined by computing the total interest cost from date to maturity and deducting therefrom any premium bid and adding thereto the amount of any discount bid.
(c)
The commission shall reserve the right to reject all bids.
(d)
The notice shall contain any other terms and provisions as the commission determines to be desirable.
(e)
If the commission determines that such action is desirable, the commission may employ fiscal agents and legal counsel and may pay them reasonable compensation out of the proceeds of the bonds.
Acts 1981, No. 496, § 8; A.S.A. 1947, § 21-2308.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-614 - Deposit of revenues - Trust funds

(a)
All revenues derived by the Arkansas Natural Resources Commission from any project financed under this subchapter shall be deposited by the commission, as received, into trust funds in the State Treasury to accomplish the purposes of this subchapter, specifically, in amounts or portions as set forth in the resolution or trust indenture authorizing or securing the bonds issued to finance the development of such a project into trust funds created and designated as follows:
(1)
Into the Water Resources Development Bond Fund to provide for payment of all or a part of debt service on bonds issued under this subchapter;
(2)
Into the Water Resources Development Debt Service Reserve Fund to provide a reserve for payment of debt service on the bonds; and
(3)
Into the Water Resources Development Operation and Maintenance Fund to provide for all or a part of the operation and maintenance needs of such a project or of other projects financed under this subchapter.
(b)
The Treasurer of State is authorized and directed to establish separate accounts within the funds to correspond to and reflect the various series of bonds to which attributable.
Acts 1981, No. 496, § 9; A.S.A. 1947, § 21-2309.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-615 - Bonds as general obligations of state - Pledge of revenues

(a)
All bonds issued under this subchapter shall be direct general obligations of the State of Arkansas for the payment of the debt service on which the full faith and credit of the State of Arkansas are hereby irrevocably pledged so long as the bonds are outstanding.
(b)
The bonds shall be payable from the general revenues of the state as that term is defined in the Revenue Stabilization Law of Arkansas, §
19-5-101
et seq., and the amount of general revenues as is necessary is pledged to the payment of debt service on the bonds, and shall be and remain pledged for those purposes.
Acts 1981, No. 496, § 10; A.S.A. 1947, § 21-2310.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-617 - Tax exemption - Legal investment

(a)
All bonds issued under this subchapter and interest thereon shall be exempt from all taxes of the State of Arkansas, including income, inheritance, and property taxes.
(b)
The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of municipal, county, bank, fiduciary, insurance company, and trust funds.
Acts 1981, No. 496, § 12; A.S.A. 1947, § 21-2312.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-618 - Contract not to be impaired - Remedies of bondholder

(a)
(1)
This subchapter shall constitute a contract between the State of Arkansas and the holders and registered owners of all bonds issued under this subchapter which shall never be impaired.
(2)
Any violation of its terms, whether under purported legislative authority or otherwise, shall be enjoined by the courts at the suit of any bondholder or of any taxpayer.
(b)
The courts, in like suit against the Arkansas Natural Resources Commission, the Treasurer of State, or other appropriate officer or official of the state, shall prevent a diversion of any revenues pledged under this subchapter and shall compel the restoration of diverted revenues, by injunction or mandamus.
(c)
Also and without limitation as to any other appropriate remedy at law or in equity, any bondholder, by an appropriate action, including, without limitation, injunction or mandamus, may compel the performance of all covenants and obligations of the state and its officers and officials under this subchapter.
Acts 1981, No. 496, § 14; A.S.A. 1947, § 21-2314.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-619 - Creation of rights

This subchapter shall not create any right of any character, and no right of any character shall arise pursuant to it unless and until the first series of bonds authorized by this subchapter shall have been sold and delivered.
Acts 1981, No. 496, § 15; A.S.A. 1947, § 21-2315.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-620 - Deposit of proceeds of sale of bonds

The proceeds of the sale of bonds issued under this subchapter shall be deposited by the Arkansas Natural Resources Commission:
(1)
Into all or any one (1) or more of the funds established pursuant to §
15-22-614
, as set forth in the resolution or trust indenture authorizing or securing such bonds; and
(2)
(A)
Into the Water Resources Development Construction Fund, to be applied pursuant to appropriation by the General Assembly to the development of a project or projects developed under this subchapter.
(B)
The Treasurer of State is authorized to establish various accounts within the Water Resources Development Construction Fund to correspond to and reflect the series of bonds to which attributable.
Acts 1981, No. 496, § 18; A.S.A. 1947, § 21-2318.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-621 - Investment of moneys

Any moneys held in any fund created under this subchapter shall be invested by the State Board of Finance to the fullest extent practicable pending disbursement for the purposes intended. Investment shall be in accordance with the terms of the resolution or trust indenture authorizing or securing the series of bonds to which the fund appertains to the extent of the terms of the resolution or trust indenture.
Acts 1981, No. 496, § 19; A.S.A. 1947, § 21-2319.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 6 - ARKANSAS WATER RESOURCES DEVELOPMENT ACT OF 1981 (§§ 15-22-601 — 15-22-622) › Section 15-22-622 - Expediting cases

All cases involving the validity of this subchapter or any portion thereof or in any way arising under this subchapter or involving the bonds issued under this subchapter shall be deemed of public interest and shall be advanced by all courts and heard as a preferred cause. All appeals from judgments or decrees rendered in these cases must be taken within thirty (30) days after the rendition of the judgment or decree.
Acts 1981, No. 496, § 20; A.S.A. 1947, § 21-2320.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-701 - Title

This subchapter may be referred to and cited as the "Arkansas Waste Disposal and Pollution Abatement Facilities Financing Act of 1987".
Acts 1987, No. 686, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-702 - Definitions

As used in this subchapter:
(1)
"Commission" means the Arkansas Natural Resources Commission and any successor agency or department;
(2)
"Debt service" means principal, interest, redemption premiums, if any, and trustees' and paying agents' and like servicing fees relative to the bonds;
(3)
"Develop" means to construct, acquire by purchase or, as set forth in §
15-22-704(5)
, by eminent domain, own, operate, lease as lessor or lessee, lend, make grants in respect of, or install or equip any lands, buildings, improvements, machinery, equipment, or other properties of whatever nature, real, personal, or mixed;
(4)
"Person" means any individual partnership or corporation, or any county, municipality, conservation district, or school district in the State of Arkansas or agency thereof or any agency of the State of Arkansas;
(5)
"Pollution abatement" means reduction, control, or elimination by appropriate methods of contamination or other alteration of the physical, chemical, or biological properties of any waters of the state or such discharge of any liquid, gaseous, or solid substance in any waters of the state as will or is likely to create a nuisance or render the waters harmful or detrimental or injurious to public health, safety, or welfare or to domestic, commercial, industrial, agricultural, recreational, or other legitimate beneficial uses or to livestock, wild animals, birds, or fish or other aquatic life;
(6)
"Project" means any lands, buildings, improvements, conservation practices, machinery, equipment, or other property, real, personal, or mixed, or any combination thereof developed in pursuance of all or any of the purposes of this subchapter;
(7)
"Project costs" means all or any part of the costs of developing any project under this subchapter, costs incidental or appropriate thereto, and costs incidental or appropriate to the financing thereof, including, without limitation, capitalized interest and appropriate reserves and fees and costs for engineering, legal, and other administrative and consultant services; and
(8)
"Waste" means any liquid or solid produced as an undesirable by-product of any activity.
Acts 1987, No. 686, § 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-703 - Construction

(a)
This subchapter shall be liberally construed to accomplish the purposes of this subchapter. This subchapter shall constitute the sole authority necessary to accomplish the purposes of this subchapter, and to this end, it shall not be necessary that the provisions of other laws pertaining to the development of public facilities and properties and the financing thereof be complied with.
(b)
This subchapter shall be interpreted to supplement existing laws conferring rights and powers upon the Arkansas Natural Resources Commission, and the rights and powers set forth in this subchapter shall be regarded as alternative methods for the accomplishment of the purposes of this subchapter.
Acts 1987, No. 686, § 20.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-704 - Powers of commission

In addition to powers conferred under other laws, the Arkansas Natural Resources Commission shall have the power under this subchapter to:
(1)
Provide loans from bond proceeds to cities, counties, improvement districts, conservation districts, or other political subdivisions or agencies and instrumentalities of the state for payment of project costs;
(2)
Construct or cause to be constructed with proceeds of loans or grants by the commission, lease as lessee, and in any manner acquire, own, hold, maintain, operate, sell, dispose of, lease as lessor, exchange, mortgage, or lend with respect to all or any part of any project;
(3)
Acquire, own, hold, use, exercise, sell, mortgage, pledge, hypothecate, and in any manner to dispose of franchises, rights, privileges, licenses, rights-of-way, and easements necessary, useful, or appropriate for the exercise of the powers or implementation of the purposes set forth in this subchapter;
(4)
Sell and convey, mortgage, pledge, lease as lessor, and otherwise dispose of all or any part of any project or other properties, tangible or intangible, including, without limitation, franchises, rights, privileges, licenses, rights-of-way, and easements;
(5)
Have and exercise the right of eminent domain for the purpose of acquiring lands, the fee title thereto, or any easement, right-of-way, or other interest or estate therein for projects or portions thereof by the procedure now provided for condemnation by railroads by §
18-15-1201
et seq.;
(6)
Make or accept gifts or grants of moneys, services, franchises, rights, privileges, licenses, rights-of-way, easements, or other property, real, personal, or mixed;
(7)
Make any and all contracts necessary or convenient for the exercise of the powers or implementation of the purposes set forth in this subchapter;
(8)
Fix, regulate, and collect rates, fees, rents, or other charges for the use of any properties or services furnished by the commission;
(9)
Require audits of any or all accounts related to construction, operation, or maintenance of any project funded by this subchapter;
(10)
Take reasonable actions necessary to ensure that debt service requirements are met; and
(11)
Take such other action as may be appropriate to accomplish the purposes of this subchapter.
Acts 1987, No. 686, § 13.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-705 - Waste disposal and pollution abatement facilities bonds - Authority to issue

The Arkansas Natural Resources Commission is authorized to issue bonds of the State of Arkansas, to be known as "State of Arkansas Waste Disposal and Pollution Abatement Facilities General Obligation Bonds", in total principal amount not to exceed two hundred fifty million dollars ($250,000,000), for the purposes set forth in this subchapter. The bonds may be issued in one (1) or more series as required subject to the conditions and in compliance with the procedures set forth in this subchapter.
Acts 1987, No. 686, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-706 - Bonds - Principal amount

The total principal amount of bonds to be issued during any fiscal biennium shall not exceed fifty million dollars ($50,000,000), unless the General Assembly, by law, shall have authorized a greater principal amount to be issued during a fiscal biennium.
Acts 1987, No. 686, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-707 - Bonds - Approval of Governor

(a)
Before any bonds may be issued during any fiscal biennium, the Arkansas Natural Resources Commission shall submit to the Governor a written plan for the work or projects to be financed with the proceeds derived from the sale of the bonds, the need for the work or projects, and the estimated benefits of the projects.
(b)
Upon receipt of the written plan, the Governor shall confer with the Chief Fiscal Officer of the State concerning whether the annual amount of general revenue funds required to be set aside from the general revenues, as that term is defined in the Revenue Stabilization Law, §
19-5-101
et seq., for payment of debt service requirements in connection with the bonds during either year of the fiscal biennium in which the bonds are to be issued would require moneys from the general revenues for allocation that would work undue hardship upon any agency or program supported from general revenues under the provisions of the Revenue Stabilization Law, §
19-5-101
et seq.
(c)
Upon conclusion of the studies and after obtaining the advice of the Legislative Council, the Governor, if he or she deems it to be in the public interest, shall by proclamation authorize the commission to proceed with the issuance of the bonds as provided in this subchapter.
(d)
If the Governor shall decline or refuse to give his or her approval for the issuance of the bonds and shall decline to issue a proclamation approving the issuance of the bonds, the Governor shall promptly notify the commission, in writing, and the commission shall not issue the bonds, but it may thereafter, but not sooner than one (1) year from the date of the earlier submission, resubmit a request to the Governor for the issuance of the bonds.
(e)
The issue as resubmitted to the Governor shall be dealt with in the same manner as provided for the initial request for authority to issue the bonds.
Acts 1987, No. 686, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-708 - Bonds - Purpose of issuance and application of proceeds

Bonds issued under this subchapter shall be issued for the purpose of financing and development of waste disposal facilities or pollution abatement facilities, and the proceeds of the bonds shall be applied for the payment of project costs and the costs and expenses of issuance of the bonds.
Acts 1987, No. 686, § 5.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-709 - Bonds - Form

The bonds may be issued in the form of coupon bonds, payable to bearer, or as bonds registered as to principal only with interest coupons, or as bonds registered as to both principal and interest without coupons; may be in such denominations; and may be made exchangeable for bonds of another form or denomination, bearing the same rate of interest; may be made payable at such places within or without the state; may be made subject to redemption prior to maturity in such manner and for such redemption prices; and may contain such other terms and conditions, all as the Arkansas Natural Resources Commission shall determine.
Acts 1987, No. 686, § 4.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-710 - Bonds - Individual series

(a)
The bonds shall be issued in series as set forth in this section, in amounts sufficient to finance all or any part of project costs with the respective series to be designated in alphabetical order or by the year in which issued.
(b)
The bonds of each series shall:
(1)
(A)
Have such date as the Arkansas Natural Resources Commission shall determine and shall mature annually, or be subject to mandatory sinking fund redemption, over a period ending not later than thirty (30) years after the date of the bonds of each series so as to provide annual debt service of approximately equal amounts insofar as practicable throughout the term of the bonds, as determined by the commission.
(B)
Pending the issuance of bonds under this subchapter, the commission may issue temporary notes, maturing not more than five (5) years from the date of issuance, to be exchanged for or paid from the proceeds of bonds at such time as the bonds may be issued;
(2)
(A)
Bear interest at the rate or rates accepted by the commission at the public sale of the bonds.
(B)
Interest shall be payable at such times as the commission shall determine; and
(3)
Have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions regarding registration of ownership set forth in §
15-22-709
.
Acts 1987, No. 686, § 4.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-711 - Bonds - Authorizing resolution, trust indenture, and selection of projects

(a)
(1)
The bonds shall be authorized by resolution of the Arkansas Natural Resources Commission.
(2)
Each resolution shall contain such terms, covenants, and conditions as are deemed desirable, including, without limitation, those pertaining to the establishment and maintenance of funds and accounts, to the deposit and investment of revenues and of bond proceeds, and to the rights and obligations of the state, its officers and officials, the commission, and the holders or registered owners of the bonds.
(3)
The resolution of the commission may provide for the execution and delivery by the commission of a trust indenture or trust indentures with a bank or banks located within or without the state, containing any of the terms, convenants, and conditions referred to in this subsection. The trust indenture or trust indentures shall be binding upon the state and its officers and officials to the extent set forth in this subchapter.
(b)
Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved:
(1)
To apply to the payment of debt service on the bonds issued or secured thereunder all or any part of the revenues derived from any project financed by the bonds; and
(2)
To the extent of the revenues, to release from any requirement of the resolution or trust indenture other revenues and resources of the state, including, without limitation, the general revenues for allocation required to be transferred under §
15-22-715
.
(c)
The commission shall endeavor to select projects for financing and development under this subchapter which offer reasonable and realistic prospects of the production of revenues, whether by direct user fees, taxes, or otherwise.
Acts 1987, No. 686, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-712 - Bonds - Execution and delivery

(a)
(1)
Each bond shall be signed with the facsimile signatures of the Governor, the Secretary of State, and the Chair of the Arkansas Natural Resources Commission and with the manual signature of the Treasurer of State or by one (1) or more deputies of the Treasurer of State.
(2)
Each bond shall have affixed or imprinted thereon the Great Seal of the State of Arkansas.
(b)
Interest coupons attached to the bonds, if any, shall be signed with the facsimile signature of the Treasurer of State.
(c)
Delivery of the bonds and coupons so executed shall be valid, notwithstanding any change in persons holding such offices occurring after the bonds have been executed.
Acts 1987, No. 686, § 7.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 2 - LAND AND WATER RESOURCES GENERALLY (§§ 15-20-101 — 15-24-109) › Chapter 22 - WATER RESOURCES (§§ 15-22-201 — 15-22-1313) › Subchapter 7 - ARKANSAS WASTE DISPOSAL AND POLLUTION ABATEMENT FACILITIES FINANCING ACT OF 1987 (§§ 15-22-701 — 15-22-721) › Section 15-22-713 - Bonds - Sale after notice

(a)
Bonds shall be sold at public sale on sealed bids, after notice published by the Chair of the Arkansas Natural Resources Commission by at least one (1) insertion not less than twenty (20) days before the date of sale in a newspaper published in the City of Little Rock and in a financial newspaper or journal published in the Borough of Manhattan, City and State of New York.
(b)
The Arkansas Natural Resources Commission shall award the sale of the bonds to the bidder offering to purchase the bonds at a price which results in the lowest net interest cost to the State of Arkansas, determined by computing the total interest cost from date to maturity and deducting therefrom any premium bid and adding thereto the amount of any discount bid.
(c)
The commission shall reserve the right to reject all bids tendered at the public sale.
(d)
The notice shall contain such other terms and provisions as the commission determines to be desirable.
(e)
The costs of publication of notices and of printing of the bonds, official statements, and other documents relating to the sale of the bonds shall be paid from the proceeds of the bonds.
(f)
The commission may employ administrative agents, fiscal agents, and legal counsel and may pay them reasonable compensation from the proceeds of the bonds.
Acts 1987, No. 686, § 8.