reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-123 - Bonds - Terms and conditions

(a)
As the authorizing resolution may provide, the bonds may:
(1)
Be coupon bonds payable to bearer;
(2)
Be registered as to principal or as to principal and interest, or be coupon bonds subject to registration as to principal or as to principal and interest;
(3)
Be in one (1) or more series;
(4)
Bear such date or dates;
(5)
Mature at such time or times, not exceeding thirty-five (35) years from their respective dates;
(6)
Bear interest at such rate or rates;
(7)
Be in such form;
(8)
Be executed in such manner;
(9)
Be payable in such medium of payment at such place or places;
(10)
Be subject to such terms of redemption; and
(11)
Contain such terms, covenants, and conditions including, without limitation, those pertaining to:
(A)
The custody and application of the proceeds of the bonds;
(B)
The collection and disposition of revenues;
(C)
The maintenance and investment of various funds and reserves;
(D)
The nature and extent of the security;
(E)
The rights, duties, and obligations of the authority issuing the bonds and of the trustee for the holders or registered owners of the bonds; and
(F)
The rights of the holders or registered owners of the bonds.
(b)
Bonds issued under this chapter shall have all of the qualities of negotiable instruments under the negotiable instruments laws of the State of Arkansas, subject to the provisions of this section pertaining to registration.
Acts 1961, No. 439, § 9; 1970 (Ex. Sess.), No. 59, § 1; 1975 (Extended Sess., 1976), No. 1232, § 1; 1981, No. 425, § 34; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-124 - Bonds - Trust indenture

(a)
Each resolution of an authority authorizing the issuance of bonds may provide for the execution of an indenture defining the rights of the holders and registered owners of the bonds and providing for the appointment of a trustee for the holders and registered owners of the bonds.
(b)
The indenture may control the priority, between and among successive issues, of the pledge of revenues and mortgage lien and may control any other terms, covenants, and conditions that are deemed desirable, including without limitation, those pertaining to:
(1)
The custody and application of the proceeds of the bonds;
(2)
The collection and disposition of revenues;
(3)
The maintenance of various funds and reserves;
(4)
The nature and extent of the security;
(5)
The rights, duties, and obligations of the authority and the trustee for the holders and registered owners of the bonds; and
(6)
The rights of the holders and registered owners of the bonds.
Acts 1961, No. 439, § 9; 1975 (Extended Sess., 1976), No. 1232, § 1; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-125 - Bonds - Contents

It shall be plainly stated on the face of each bond issued under this chapter that it has been issued under the provisions of this chapter.
Acts 1961, No. 439, § 10; 1975 (Extended Sess., 1976), No. 1232, § 2; A.S.A. 1947, § 21-1510; reen. Acts 1987, No. 1017, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-126 - Bonds - Sale

Bonds issued under this chapter may be sold for such price including, without limitation, sale at a discount and in such manner as the authority issuing the bonds may determine by resolution.
Acts 1961, No. 439, § 9; 1970 (Ex. Sess.), No. 59, § 1; 1975 (Extended Sess., 1976), No. 1232, § 1; 1981, No. 425, § 34; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-127 - Bonds, coupons - Execution

(a)
(1)
Bonds issued under this chapter may be executed by the facsimile signature of the chairman of the authority issuing the bonds and by the manual signature of the secretary of the authority issuing the bonds and sealed with the seal of the authority issuing the bonds.
(2)
The coupons attached to the bonds may be executed by the facsimile signature of the chairman of the authority issuing the bonds.
(b)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of the bonds or coupons, their signatures shall, nevertheless, be valid and sufficient for all purposes.
Acts 1961, No. 439, § 9; 1975 (Extended Sess., 1976), No. 1232, § 1; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-128 - Bonds - Conversion

Bonds issued under this chapter may be sold with the privilege of conversion to an issue bearing a lower rate or rates of interest upon such terms that the authority issuing the bonds receive no less and pay no more than it would receive and pay if the bonds were not converted. The conversion shall be subject to the approval of the authority issuing the bonds.
Acts 1961, No. 439, § 9; 1970 (Ex. Sess.), No. 59, § 1; 1975 (Extended Sess., 1976), No. 1232, § 1; 1981, No. 425, § 34; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-129 - Bonds - Issues

There may be separate issues involving different facilities and there may be successive issues involving the same facilities.
Acts 1961, No. 439, § 9; 1975 (Extended Sess., 1976), No. 1232, § 1; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-130 - Bonds - General or special obligations

Bonds issued under this chapter shall be general or special obligations only of the port authority issuing the bonds. In no event shall they constitute an indebtedness for which the faith and credit of the State of Arkansas or the faith and credit of any municipality or county, or other political subdivision of the State of Arkansas or any of their revenues are pledged.
Acts 1961, No. 439, § 10; 1975 (Extended Sess., 1976), No. 1232, § 2; A.S.A. 1947, § 21-1510; Acts 1987, No. 46, § 2; reen. Acts 1987, No. 1017, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-131 - Bonds - Liability

No member of any port authority shall be personally liable on the bonds or for any damages sustained by anyone in connection with the contracts with the holders and registered owners of the bonds or the construction, reconstruction, extension, improvement, or equipping of buildings or facilities unless the member shall have acted with a corrupt intent.
Acts 1961, No. 439, § 10; 1975 (Extended Sess., 1976), No. 1232, § 2; A.S.A. 1947, § 21-1510; Acts 1987, No. 46, § 2; reen. Acts 1987, No. 1017, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-132 - Bonds - Pledge of revenues

(a)
The principal of, premium, if any, or interest on, and trustee's and paying agent's fees in connection with each issue of bonds issued by the port authority under this chapter shall be secured by a pledge of, and shall be payable from, the revenues derived from the lands, buildings, or facilities acquired, constructed, reconstructed, extended, improved, or equipped, in whole or in part, with the proceeds of the bonds of the particular issue.
(b)
In addition, the port authority issuing the bonds is authorized to pledge to, and use for the payment of the principal of, premium, if any, or interest on, and trustee's and paying agent's fees in connection with a particular issue of bonds, revenues derived from other lands, buildings, or facilities owned or held by the port authority, and an investment contract or contracts entered into by the port authority for the purpose of paying and securing the bonds, and any revenues to be derived from the contract or contracts.
Acts 1961, No. 439, § 10; 1975 (Extended Sess., 1976), No. 1232, § 2; A.S.A. 1947, § 21-1510; Acts 1987, No. 46, § 2; reen. Acts 1987, No. 1017, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-133 - Refunding bonds

(a)
(1)
Bonds may be issued under this chapter for the purpose of refunding any bonds theretofore issued under this chapter.
(2)
(A)
Refunding bonds may be issued alone or combined with bonds issued under this chapter into a single issue for the purpose of refunding outstanding bonds, acquiring lands, and constructing and equipping buildings or facilities or reconstructing, extending, improving, or reequipping existing buildings or facilities.
(B)
(i)
When refunding bonds are issued, the bonds may be either sold or delivered in exchange for the outstanding bonds being refunded.
(ii)
If sold, the proceeds may either be applied to the payment of the bonds being refunded, or the proceeds may be deposited in escrow for the retirement of them.
(b)
(1)
All refunding bonds shall, in all respects, be authorized, issued, and secured in the manner provided for other bonds issued under this chapter and shall have all the attributes of such bonds.
(2)
The resolution or indenture authorizing or securing refunding bonds may provide that the bonds shall have the same priority of lien on the revenues pledged for their payment and on the property mortgaged as security for their payment as was enjoyed by the bonds refunded by them.
Acts 1961, No. 439, § 11; A.S.A. 1947, § 21-1511.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-134 - Bonds - Tax exemption

(a)
Bonds issued under the provisions of this chapter shall be exempt from all state, county, and municipal taxes.
(b)
This exemption shall include income, inheritance, and estate taxes.
Acts 1961, No. 439, § 12; A.S.A. 1947, § 21-1512.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-135 - Bonds as legal investment

Bonds issued under this chapter shall be eligible to secure deposits of all public funds and shall be legal for the investment of bank, insurance company, and retirement funds.
Acts 1961, No. 439, § 13; A.S.A. 1947, § 21-1513.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-136 - Bonds - Mortgage lien

(a)
The resolution or indenture referred to in §§
14-185-122
and
14-185-124
may, but need not, impose a foreclosable mortgage lien upon the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter.
(b)
The nature and extent of the mortgage lien may be controlled by the resolution or indenture including, without limitation, provisions pertaining to:
(1)
The release of all or part of the land, building, or facilities from the mortgage lien; and
(2)
The priority of the mortgage lien in the event of successive bond issues as authorized by this chapter.
(c)
The resolution or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this chapter or a trustee on behalf of all holders and registered owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, to compel the performance of the duties of the officials of the authority set forth in this chapter and set forth in the resolution or indenture authorizing or securing the bonds.
Acts 1961, No. 439, § 9; 1975 (Extended Sess., 1976), No. 1232, § 1; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-137 - Bonds - Default - Receiver

(a)
In the event of a default in the payment of the principal of or interest on any bonds issued under this chapter, any court having jurisdiction may appoint a receiver to take charge of the land, buildings, or facilities upon which there is a mortgage lien securing the bonds.
(b)
The receiver shall have the power to operate and maintain the land, buildings, or facilities and to charge and collect rates or rents with reference to them. These rents shall be sufficient to provide for the payment of the principal of and interest on bonds, after providing for the payment of any costs of receivership and operating expenses of the land, buildings, or facilities and to apply the income and revenues derived from them in conformity with this chapter and the resolution or indenture authorizing or securing the bonds.
(c)
When the default has been cured, the receivership shall be ended and the properties returned to the authority issuing the bonds.
(d)
The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded the trustee for the bondholders and the bondholders in the resolution or indenture authorizing or securing the bonds and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from, the mortgage lien on, the land, buildings, or facilities as specified in and fixed by the resolution or indenture authorizing or securing successive bond issues.
Acts 1961, No. 439, § 9; 1975 (Extended Sess., 1976), No. 1232, § 1; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 1 - GENERAL PROVISIONS (§ 14-186-101) › Section 14-186-101 - Powers of city council generally

(a)
(1)
A city council shall have power to:
(A)
Establish, construct, and regulate landing places, levees, wharves, docks, piers, and basins;
(B)
Fix the rates of landing, wharfage, and dockage; and
(C)
Use, for the purposes indicated, any public landing or any property belonging to or under the control of the city.
(2)
For these purposes, the council shall have the use and control of the shore or bank of any lake or river, not the property of individuals, to the extent and in the manner that the state can grant such use or control.
(b)
(1)
The council shall have the power to:
(A)
Appoint, or to provide that the qualified voters shall elect, harbormasters, wharfmasters, port wardens, and other officers usual or proper for the regulation of the navigation, trade, or commerce of the city;
(B)
Define their duties and powers; and
(C)
Fix their fees and compensation.
(2)
Copies of the examination and surveys and of the proceedings of any port warden in the usual discharge of the duties of this office, certified under his hand, shall be prima facie evidence of the facts stated in them.
Acts 1875, No. 1, § 8, p. 1; C. & M. Dig., §§ 7609-7612; Pope's Dig., §§ 9704-9706, 9722; A.S.A. 1947, § 19-2701.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-202 - Construction

(a)
It is intended that the provisions of this subchapter shall be liberally construed to accomplish the purposes provided for, or intended to be provided for, in this subchapter.
(b)
Where strict construction would result in the defeat of the accomplishment of any of the actions authorized in this subchapter and a liberal construction would permit or assist in the accomplishment of them, the liberal construction shall be chosen.
Acts 1947, No. 167, § 12; A.S.A. 1947, § 19-2731.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-203 - Creation of authority - Members

(a)
(1)
The municipal port authority shall be created by ordinance of the governing body of the city or town and shall be an instrumentality of the city or town creating the authority.
(2)
(A)
Any city or incorporated town in the State of Arkansas shall have the right, by ordinance, to create and set up a port authority.
(B)
(i)
The authority shall consist of and be governed by a board of not less than five (5) members and not more than seven (7) members, one (1) of whom may be the mayor of the city or incorporated town creating the authority.
(ii)
If the mayor is a member of the port authority, the mayor shall be chair.
(iii)
If the mayor is not a member of the port authority, the chair shall be elected by the members of the authority.
(b)
(1)
The members shall be appointed by the mayor of the city or town creating the authority and shall be qualified electors residing in the city or town or within the county in which the city or town is located.
(2)
(A)
(i)
The members of the board shall be appointed for a period of one (1) year, two (2) years, three (3) years, four (4) years, and five (5) years, respectively.
(ii)
If the authority consists of more than five (5) members, the new members shall initially be appointed for staggered terms so that in no year will more than two (2) members be appointed to a full five-year term.
(B)
(i)
Upon the termination of office of each member, his or her successor shall be appointed for a term of five (5) years and shall serve until his or her successor has been appointed and qualified.
(ii)
In the event of a vacancy, however caused, the successor shall be appointed by the mayor for the unexpired term.
(3)
(A)
The board shall elect one (1) of their number as vice chair and shall elect a secretary and a treasurer who need not necessarily be members of the board.
(B)
The authority shall require a surety bond of the treasurer appointee in such amount as the authority may fix, and the premiums on it shall be paid by the authority as a necessary expense of the authority.
(4)
The board shall meet upon the call of its chair. A majority of all of its members shall constitute a quorum for the transaction of business.
(5)
The members of the authority shall receive such compensation for their services as shall be determined and prescribed by the ordinance setting up and creating the authority.
Acts 1947, No. 167, §§ 1, 2, 9; 1979, No. 910, § 1; 1983, No. 622, § 1; A.S.A. 1947, §§ 19-2720, 19-2721, 19-2728; Acts 1991, No. 735, § 1; 2011, No. 833, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-205 - Authority - Activities in which city or town may engage

Through the municipal port authority created under §
14-186-203
, any city or incorporated town may engage in promoting, developing, acquiring, constructing, equipping, maintaining, and operating harbors, ports, river-rail terminals, barge terminals, parks for industrial and commercial operations and improvements, and facilities incident to them, within or without the corporate limits of the city or town, including the acquisition, construction, maintenance, and operation of such harbors, ports, river-rail terminals, barge terminals, parks for industrial and commercial operations, improvements, and facilities including, without limitation, highways, railroads, bridges, utilities, and other facilities necessary or essential for the proper operation of them, subject to the purposes and restrictions set forth in §
14-186-204
.
Acts 1947, No. 167, § 2; 1983, No. 622, § 1; A.S.A. 1947, § 19-2721.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-206 - Jurisdiction

The jurisdiction of a municipal port authority in any harbors, ports, or river-rail and barge terminals within the state shall extend over the waters and shores of the harbors or ports.
Acts 1947, No. 167, § 8; A.S.A. 1947, § 19-2727.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-208 - Warehouse facilities - Proposals for lease

(a)
Before entering into a new lease of existing warehouse facilities with a third-party lessor or a lease of new warehouse facilities with a third-party lessor under this subchapter, an authority shall:
(1)
Publicly solicit proposals for the leasing of the warehouse facilities on terms that are customary and usual in the commercial warehousing industry; and
(2)
Accept the proposal the authority deems to be commercially reasonable and in the best interest of the authority.
(b)
This section does not apply to a warehouse facility that:
(1)
An authority owns or plans to construct; and
(2)
Is leased to a third-party tenant.
Amended by Act 2021, No. 515,§ 1, eff. 7/28/2021.
Acts 1947, No. 167, §§ 2, 3; 1983, No. 622, §§ 1, 2; A.S.A. 1947, §§ 19-2721, 19-2722.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-209 - Operation of terminal railroads

(a)
A municipal port authority shall have the power and authority to acquire, own, lease, locate, install, construct, equip, hold, maintain, control, and operate at harbors, ports, and river-rail and barge terminals a line of terminal railroads with necessary sidings, turn outs, spurs, branches, switches, yard tracks, bridges, trestles, and causeways; and in connection therewith and appurtenant thereto, shall have the further right to lease, install, construct, acquire, own, maintain, control, and use any and every kind or character of motive power and conveyances or appliances necessary or proper to carry passengers, goods, wares, and merchandise over, along, or upon the tracks of the railroads or other conveyances.
(b)
(1)
The authority shall have the right and authority to make agreements as to scale of wages, seniority, and working conditions with locomotive engineers, locomotive firemen, switchmen, switch engine foremen, and hostlers engaged in the operation of the terminal railroads provided for in this section, and the service and equipment pertinent to them.
(2)
Should the authority exercise the power given in this section, then, in such event, it shall be the duty of the authority to make such agreements with the employees specified, in accordance with the act of Congress known as the Railway Labor Act, as amended, to the end that the same agreements as to seniority and working conditions will obtain as to the employees and that the standard rate of pay be provided, as are in force relative to like employees of interstate railroads operating in the same territory with terminal railroads authorized by this section.
(c)
The authority shall have the right and power with its terminal railroads to connect with or cross any other railroad upon payment of just compensation and to receive, deliver to, and transport the freight, passengers, and cars of common carrier railroads as though it were an ordinary common carrier.
Acts 1947, No. 167, § 7; A.S.A. 1947, § 19-2726.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-210 - Acquisition of rights-of-way and property

(a)
For the acquiring of rights-of-way and property necessary for the construction of terminal railroads and structures, including railroad crossings, airports, seaplane bases, naval bases, wharves, piers, ships, docks, quays, elevators, compresses, refrigeration storage plants, warehouses, and other riparian and littoral terminals and structures and approaches to them and transportation facilities needful for the convenient use of them, and belt line roads and highways and causeways and bridges and other bridges and causeways, a municipal port authority shall have the right and power to acquire them by purchase, by negotiation, or by condemnation.
(b)
(1)
Should a municipal port authority elect to exercise the right of eminent domain, condemnation proceedings shall be maintained by and in the name of the authority, and it may proceed as provided by the general laws of the State of Arkansas for the procedure by any county, municipality, or authority organized under the laws of this state, or by the Arkansas Department of Transportation, or by railroad corporations, or in any other manner provided by law, as the authority may, in its discretion, elect.
(2)
The power of eminent domain shall not apply to property of persons, state agencies, or corporations already devoted to public use.
Amended by Act 2017, No. 707,§ 26, eff. 8/1/2017.
Acts 1947, No. 167, § 4; A.S.A. 1947, § 19-2723.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-211 - Exemptions for property

The property of a municipal port authority shall not be subject to any taxes or assessments on it.
Acts 1947, No. 167, § 3; 1983, No. 622, § 2; A.S.A. 1947, § 19-2722.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-212 - Exchange of property, etc

(a)
A municipal port authority may exchange any property acquired under the authority of this subchapter for other property usable in carrying out the power conferred by this subchapter.
(b)
The authority may also remove from lands needed for its purposes, and reconstruct on other locations, buildings, terminals, railroads, or other structures, upon the payment of just compensation if, in its judgment, it is necessary or expedient so to do in order to carry out any of its plans for port, harbor, or river-rail or barge terminal development, under the authorization of this subchapter.
Acts 1947, No. 167, § 5; A.S.A. 1947, § 19-2724.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-213 - Transfer of property or money to federal government

(a)
A municipal port authority is authorized to assign, transfer, lease, convey, grant, or donate to the federal government, or to the appropriate agency or department of it, any, or all, of the property of the authority for any use by the federal government for any purpose included within the general purposes of this subchapter, as provided in this subchapter, such assignments, transfer, lease, conveyance, grant, or donation to be made upon such terms as the authority board may deem advisable.
(b)
In the event the federal government should decide to undertake the acquisition, construction, equipment, maintenance, or operation of the airports, seaplane bases, naval bases, wharves, piers, ships, refrigerator storage plants, warehouses, elevators, compresses, docks, shipyards, shipping and transportation facilities referred to in this section including terminal railroads, roads, highways, causeways, or bridges, and should itself decide to acquire the lands and properties necessarily needed in connection with them, by condemnation or otherwise, the authority is further authorized to transfer and pay over to the federal government, or to the appropriate agency or department of it, such of the moneys belonging to the authority as may be found, needed, or reasonably required by the federal government to meet and pay the amount of judgments or condemnation, including costs, if any are taxed on them, as may be rendered from time to time against the federal government or its appropriate agency, or as may be reasonably necessary to permit and allow the federal government, or its appropriate agency, to acquire and become possessed of such lands and properties as are reasonably required for the construction and use of the facilities referred to in this section.
Acts 1947, No. 167, § 6; A.S.A. 1947, § 19-2725.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-214 - Deposit and payment of funds

(a)
All municipal port authority funds shall be deposited in banks to be designated by the authority.
(b)
No funds of the authority shall be disbursed except for a purpose authorized by this subchapter and only when the account or expenditure for which it is to be given in payment has been approved by the authority.
Acts 1947, No. 167, § 10; A.S.A. 1947, § 19-2729; Acts 1997, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 2 - MUNICIPAL PORT AUTHORITIES (§§ 14-186-201 — 14-186-215) › Section 14-186-215 - Periodic financial statement

(a)
At least once in each year, a municipal port authority shall publish a report. It shall be published one (1) time in some newspaper published in the city or incorporated town where the authority is located. If no paper exists in the city or town creating such authority, the report may be published in any newspaper published in the county where the authority is located. It shall show a complete financial statement of all moneys received and disbursed by the authority during the preceding year.
(b)
The statement shall show:
(1)
The several sources from which funds were received;
(2)
The balance on hand at the time of publishing the statement; and
(3)
The complete financial condition of the authority.
Acts 1947, No. 167, § 11; A.S.A. 1947, § 19-2730.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-301 - Legislative intent

(a)
This subchapter, without reference to any other statute, shall be deemed full authority for the construction, acquisition, improvement, equipment, maintenance, operation, and repair of barge terminals together with tenders and barges, wharves, docks, landing places, piers, and basins provided for in this subchapter and for the issuance and sale of the bonds authorized by this subchapter. It shall be construed as an additional and alternative method for them and for the financing of them.
(b)
No petition or election or other or further proceeding in respect to the construction or acquisition of barge terminals, together with tenders and barges, wharves, docks, landing places, piers, and basins, or to the issuance or sale of bonds under this subchapter and no publication of any resolution, ordinance, notice, or proceeding relating to such construction or acquisition or to the issuance or sale of such bonds shall be required except such as are prescribed by this subchapter, any provisions of other statutes of the state to the contrary notwithstanding.
Acts 1937, No. 231, § 13; Pope's Dig., § 9717; A.S.A. 1947, § 19-2719.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-302 - Definitions

As used in this subchapter, unless the context otherwise requires:
(1)
"Municipality" means a city of the first class, a city of the second class, or an incorporated town;
(2)
"Governing body" means the council, board of directors, or city commission of any municipality;
(3)
"Equip" means to install or place on, or in, any building or structure equipment of any and every kind, whether or not affixed, including, without limiting the generality of the foregoing, 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 shall determine, including, without limiting the generality of the foregoing, private or public sale and, if public, pursuant to such advertisement as the municipality shall determine, sale for cash or credit payable in lump sum or in installments over such period as the municipality shall determine and, if on credit, with or without interest, and at such rate or rates as the municipality shall determine;
(5)
"Lease" means to lease for such rentals, for such periods, and upon such terms and conditions as the municipality shall determine, including, without limiting the generality of the foregoing, the granting of renewal or extension options for the rentals, for such periods, and upon such terms and conditions, as the municipality shall determine and the granting of purchase options for such prices and upon such terms and conditions as the municipality 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 bids upon such terms and pursuant to such advertising, as the municipality 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)
"Port authority facilities" means any real property, personal property, or mixed property of any and every kind that can be used or that will be useful to accomplish the purposes of and authorities set forth in this subchapter, including, without limiting the generality of the foregoing, wharves, docks, piers, quays, barges, shipyards, elevators, compresses, storage plants, rights-of-way, roads, streets, railroads, pipes, pipelines, reservoirs, utilities, materials, equipment, fixtures, machinery, furnishings, furniture, instrumentalities, and other real, personal, or mixed property of every kind.
Acts 1937, No. 231, § 2; Pope's Dig., § 9708; Acts 1947, No. 189, § 2; 1973, No. 87, § 6; 1981, No. 425, § 36; A.S.A. 1947, § 19-2703.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-303 - Powers of municipality generally

Any municipality owning a port, harbor, or related facilities is authorized and empowered to acquire, construct, equip, operate, sell, lease, contract concerning, and otherwise deal in and with lands, buildings, structures, and other improvements and facilities, of whatever nature and wherever located, connected with, or incidental to or related to the operation or management of the port, harbor, or related facilities, or such facilities that may be necessary or useful in the securing and developing of industry, which may be collectively referred to in this subchapter as "port authority facilities."
Acts 1937, No. 231, § 1; Pope's Dig., § 9707; Acts 1947, No. 189, § 1; 1973, No. 87, § 1; A.S.A. 1947, § 19-2702.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-304 - Power of eminent domain

To acquire property, wherever located, in furtherance of the purposes of this subchapter, any municipality shall have the power of eminent domain as is provided in §§
18-15-301
-
18-15-303
and any statutes supplemental thereto.
Acts 1937, No. 231, § 9; 1973, No. 87, § 4; A.S.A. 1947, § 19-2710.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-305 - Funding of facilities

(a)
Municipalities are authorized to use any available revenues for the accomplishment of the purposes and the implementation of the powers authorized by this subchapter, including the proceeds of revenue bonds issued from time to time pursuant to the provisions of this subchapter, either alone or together with other available funds and revenues.
(b)
The amount of each issue of bonds issued may be sufficient to pay:
(1)
The costs of accomplishing the purposes for which it is being issued;
(2)
The cost of issuing the bonds;
(3)
The amount necessary for a reserve if it is determined to be desirable in favorably marketing the bonds;
(4)
The amount, if any, necessary to provide for debt service on the bonds until revenues for the payment of them are available; and
(5)
Any other costs and expenditures of whatever nature incidental to the accomplishment of the specified purposes.
Acts 1937, No. 231, § 3; Pope's Dig., § 9709; Acts 1947, No. 189, § 3; 1967, No. 69, § 1; 1970 (Ex. Sess.), No. 54, § 1; 1973, No. 87, § 2; A.S.A. 1947, § 19-2704.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-306 - Issuance of revenue bonds generally

(a)
(1)
The issuance of revenue bonds shall be by ordinance of the municipality.
(2)
As the ordinance authorizing their issuance may provide, the bonds of each issue may:
(A)
Be coupon bonds payable to bearer or may be made registrable as to principal only or as to both principal and interest;
(B)
Be in such form and denominations;
(C)
Be made payable at such places within or without the state;
(D)
Be issued in one (1) or more series;
(E)
Bear such date or dates;
(F)
Mature at such time or times, not exceeding forty (40) years from their respective dates;
(G)
Bear interest at such rate or rates;
(H)
Be payable in such medium of payment;
(I)
Be subject to such terms of redemption; and
(J)
Contain such terms, covenants, and conditions, including without limitation those pertaining to:
(i)
The custody and application of the proceeds of the bonds;
(ii)
The collection and disposition of revenues;
(iii)
The maintenance and investment of various funds and reserves;
(iv)
The imposition and maintenance of rates and charges for the use of port authority facilities;
(v)
The nature and extent of the security;
(vi)
The rights, duties, and obligations of the municipality and the trustee for the holders and registered owners of the bonds; and
(vii)
The rights of the holders and registered owners of the bonds.
(b)
There may be successive bond issues for the purpose of financing the same project. There may also be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping projects already in existence, whether or not originally financed by bonds issued under this subchapter, with each successive issue to be authorized as provided by this subchapter.
(c)
Priority between and among issues and successive issues as to security, the pledge of revenues and lien on and security interest in the land, buildings, and facilities involved, may be controlled by the ordinances authorizing the issuance of bonds under this subchapter.
(d)
Subject to the provisions of this section pertaining to registration, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.
Acts 1937, No. 231, § 3; Pope's Dig., § 9709; Acts 1947, No. 189, § 3; 1967, No. 69, § 1; 1970 (Ex. Sess.), No. 54, § 1; 1973, No. 87, § 2; 1981, No. 425, § 36; A.S.A. 1947, § 19-2704.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-307 - Sale and execution of bonds

(a)
Revenue bonds may be sold for such price including sale at a discount and in such manner as the municipality may determine by ordinance.
(b)
(1)
(A)
The bonds shall be executed by the manual or facsimile signature of the mayor and the manual signature of the clerk or recorder of the municipality.
(B)
The coupons attached to the bonds may be executed by the facsimile signature of the mayor of the municipality.
(2)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of the bonds or coupons, their signatures shall, nevertheless, be valid and sufficient for all purposes.
Acts 1937, No. 231, § 3; Pope's Dig., § 9709; Acts 1947, No. 189, § 3; 1967, No. 69, § 1; 1970 (Ex. Sess.), No. 54, § 1; 1973, No. 87, § 2; 1981, No. 425, § 36; A.S.A. 1947, § 19-2704.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-308 - Payment of bonds

(a)
(1)
Revenue bonds issued under this subchapter shall not be general obligations of the municipality but shall be special obligations. In no event shall the revenue bonds constitute an indebtedness of the municipality 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 within any constitutional or statutory limitation.
(b)
The principal of, and interest on, the bonds shall be secured by a pledge of, and be payable from, all, or any part, of the revenues derived from the use of port authority facilities including without limitation:
(1)
Revenues derived from rates and charges imposed and maintained for the use of port authority facilities; and
(2)
Lease rentals under leases or payments under security agreements or other instruments entered into under this subchapter.
Acts 1937, No. 231, § 3; Pope's Dig., § 9709; Acts 1947, No. 189, § 3; 1967, No. 69, § 1; 1970 (Ex. Sess.), No. 54, § 1; 1973, No. 87, § 2; A.S.A. 1947, § 19-2704.