reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 361 - AIRPORTS IN BORDER MUNICIPALITIES (§§ 14-361-101 — 14-361-124) › Section 14-361-117 - Federal and state aid

(a)
Acceptance Authorized, Conditions.
(1)
Every municipality is authorized to accept, receive, receipt for, disburse, and expend federal and state moneys and other moneys, public or private, made available by grant or loan, or both, to accomplish, in whole or in part, any of the purposes of this chapter.
(2)
(A)
All federal moneys accepted under this section shall be accepted and expended by the municipality upon such terms and conditions as are prescribed by the United States and as are consistent with state law.
(B)
All state moneys accepted under this section shall be accepted and expended by the municipality upon such terms and conditions as are prescribed by the state.
(3)
Unless otherwise prescribed by the agency from which the moneys were received, the chief financial officer of the municipality shall, on its behalf, deposit all moneys received pursuant to this section and shall keep them, in separate funds designated according to the purposes for which the moneys were made available, in trust for these purposes.
(b)
Aeronautics Commission as Agent.
(1)
(A)
(i)
A municipality is authorized to designate the Arkansas Department of Aeronautics as its agent to accept, receive, receipt for, and disburse federal and state moneys and other moneys, public or private, made available by grant or loan, or both, to accomplish, in whole or in part, any of the purposes of this chapter and to designate the commission as its agent in contracting for and supervising the planning, acquisition, development, construction, improvement, maintenance, equipment, or operation of any airport or other air navigation facility.
(ii)
All contracts made, let, or awarded by the department, acting as agent of a municipality under authority of this section, shall be made, let, or awarded pursuant to the laws governing the making of contracts by or on behalf of the state.
(B)
The municipality may enter into an agreement with the department prescribing the terms and conditions of the agency in accordance with such terms and conditions as are prescribed by the United States, if federal money is involved, and in accordance with the applicable laws of this state.
(2)
(A)
All federal moneys shall be accepted and transferred or expended by the commission upon such terms and conditions as are prescribed by the United States.
(B)
All moneys received by the department pursuant to this subsection shall be deposited in the State Treasury and, unless otherwise prescribed by the agency from which the moneys were received, shall be kept in separate funds designated according to the purposes for which the moneys were made available and held by the state in trust for these purposes.
Acts 1953, No. 128, § 12; A.S.A. 1947, § 74-612.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 361 - AIRPORTS IN BORDER MUNICIPALITIES (§§ 14-361-101 — 14-361-124) › Section 14-361-118 - Joint operations - Authorization

(a)
(1)
For the purposes of this section and §§
14-361-119
-
14-361-122
, unless the context otherwise requires, the term "public agency" includes municipality, as defined in this chapter, any agency of the state government and of the United States, and any municipality, political subdivision, and agency of another state; and
(2)
The term "governing body" means the governing body of the municipality, and the head of the agency if the public agency is other than a municipality.
(b)
(1)
All powers, privileges, and authority granted to any municipality by this chapter may be exercised and enjoyed jointly with any public agency of any other state or of the United States to the extent that the laws of such other state or of the United States permit such joint exercise or enjoyment.
(2)
If not otherwise authorized by law, any agency of the state government, when acting jointly with any municipality, may exercise and enjoy all of the powers, privileges, and authority conferred by this chapter upon a municipality.
Acts 1953, No. 128, § 14; A.S.A. 1947, § 74-614.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 361 - AIRPORTS IN BORDER MUNICIPALITIES (§§ 14-361-101 — 14-361-124) › Section 14-361-119 - Joint operations - Agreements

(a)
Any two (2) or more public agencies may enter into agreements with each other for joint action pursuant to the provisions of this chapter, and any two (2) or more municipalities are specially authorized to make such agreement or agreements as they may deem necessary for the joint acquisition and operation of airports and air navigation facilities.
(b)
(1)
Concurrent action by ordinance, resolution, or otherwise of the governing bodies of the participating public agencies shall constitute joint action.
(2)
Each such agreement shall specify:
(A)
Its duration;
(B)
The proportionate interest which each public agency shall have in the property;
(C)
Facilities and privileges involved;
(D)
The proportion to be borne by each public agency of preliminary costs and costs of acquisition, establishment, construction, enlargement, improvement, and equipment of the airport or air navigation facility;
(E)
The proportion of the expenses of maintenance, operation, regulation, and protection thereof to be borne by each; and
(F)
Such other terms as are required by the provisions of this section.
(3)
The agreement may also provide for:
(A)
Amendments thereof, and conditions and methods of termination of the agreement;
(B)
The disposal of all or any of the property, facilities, and privileges jointly owned, prior to or upon the property, facilities, and privileges, or any part thereof, ceasing to be used for the purposes provided in this chapter, or upon termination of the agreement;
(C)
The distribution of the proceeds received upon any such disposal, and of any funds or other property jointly owned and undisposed of;
(D)
The assumption or payment of any indebtedness arising from the joint venture which remains unpaid upon the disposal of all assets or upon a termination of the agreement; and
(E)
Such other provisions as may be necessary or convenient.
Acts 1953, No. 128, § 14; A.S.A. 1947, § 74-614.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 361 - AIRPORTS IN BORDER MUNICIPALITIES (§§ 14-361-101 — 14-361-124) › Section 14-361-120 - Joint operations - Joint boards

(a)
(1)
Public agencies acting jointly pursuant to this section shall create a joint board which shall consist of members appointed by the governing body of each participating public agency.
(2)
The number to be appointed, their term, and compensation, if any, shall be provided for in the joint agreement.
(b)
Each joint board shall organize, select officers for terms to be fixed by the agreement, and adopt and amend, from time to time, rules for its own procedure.
(c)
The joint board shall have power to plan, acquire, establish, develop, construct, enlarge, improve, maintain, equip, operate, regulate, protect, and police any airport or air navigation facility or airport hazard to be jointly acquired, controlled, and operated, and the board may exercise, on behalf of its constituent public agencies, all the powers of each with respect to the airport, air navigation facility, or airport hazard, subject to the limitations of §
14-361-121
.
Acts 1953, No. 128, § 14; A.S.A. 1947, § 74-614.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 361 - AIRPORTS IN BORDER MUNICIPALITIES (§§ 14-361-101 — 14-361-124) › Section 14-361-121 - Joint operations - Limitations on joint boards

(a)
Expenditures.
The total expenditures to be made by the joint board for any purpose in any calendar year shall be determined by a budget approved by the governing bodies of its constituent public agencies on or before the preceding December 1.
(b)
Acquisitions Beyond Sums Allotted.
No airport, air navigation facility, airport hazard, or real or personal property, the cost of which is in excess of sums therefor fixed by the joint agreement or allotted in the annual budget, may be acquired by the joint board without the approval of the governing bodies of its constituent public agencies.
(c)
Eminent Domain.
(1)
Eminent domain proceedings under this section may be instituted only by authority of the governing bodies of the constituent public agencies of the joint board.
(2)
If so authorized, these proceedings shall be instituted in the names of the constituent public agencies jointly, and the property so acquired shall be held by the public agencies as tenants in common until conveyed by them to the joint board.
(d)
Disposal of Real Property.
The joint board shall not dispose of any airport, air navigation facility, or real property under its jurisdiction except with the consent of the governing bodies of its constituent public agencies. However, the joint board may, without such consent, enter into the contract, lease, or other arrangements contemplated by §
14-361-107
.
(e)
Police Regulations.
Any resolutions, rules, regulations, or orders of the joint board dealing with subjects authorized by §
14-361-111
shall become effective only upon approval of the governing bodies of the constituent public agencies provided that, upon such approval, the resolutions, rules, regulations, or orders of the joint board shall have the same force and effect in the territories or jurisdictions involved as the ordinances, resolutions, rules, regulations, or orders of each public agency would have in its own territory or jurisdiction.
Acts 1953, No. 128, § 14; A.S.A. 1947, § 74-614.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 361 - AIRPORTS IN BORDER MUNICIPALITIES (§§ 14-361-101 — 14-361-124) › Section 14-361-122 - Joint operations - Joint fund

(a)
(1)
For the purpose of providing a joint board with moneys for the necessary expenditures in carrying out the provisions of this section and §§
14-361-118
-
14-361-121
, a joint fund shall be created and maintained, into which shall be deposited the share of each of the constituent public agencies as provided by the joint agreement.
(2)
Each of the constituent public agencies shall provide its share of the fund from sources available to each.
(b)
(1)
Any federal, state, or other contributions or loans, and the revenues obtained from the joint ownership, control, and operation of any airport or air navigation facility under the jurisdiction of the joint board, shall be paid into the joint fund.
(2)
Disbursements from the fund shall be made by order of the board, subject to the limitations prescribed in §
14-361-121
.
Acts 1953, No. 128, § 14; A.S.A. 1947, § 74-614.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 361 - AIRPORTS IN BORDER MUNICIPALITIES (§§ 14-361-101 — 14-361-124) › Section 14-361-123 - Levy of special tax

In addition to and exclusive of any taxes which may be levied for the interest and sinking fund of any bonds, notes, or time warrants issued under authority of this chapter or any other act of the General Assembly authorizing municipalities to issue such bonds, notes, or warrants for airport purposes, the governing body of any municipality may levy and collect a special tax for the purpose of improving, operating, maintaining, and conducting an airport or air navigation facility, or for any other purpose falling within the purview of this chapter. However, the total of the special tax, together with all other taxes levied by the municipality, shall not exceed the limit placed on the municipal taxes by Arkansas Constitution, Article 14, § 4, nor exceed the limits of indebtedness placed upon municipalities by the constitution and laws of this state.
Acts 1953, No. 128, § 8; A.S.A. 1947, § 74-608.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 361 - AIRPORTS IN BORDER MUNICIPALITIES (§§ 14-361-101 — 14-361-124) › Section 14-361-124 - Tax exemptions

(a)
Any property in this state acquired by a municipality for airport purposes pursuant to the provisions of this chapter and any income derived by the municipality from the ownership, operation, or control thereof, shall be exempt from taxation to the same extent as other property used for public purposes.
(b)
Any municipality is authorized to exempt from municipal taxation any property acquired within its boundaries by a public agency of another state for airport purposes and any income derived from the property, to the extent that the other state authorizes similar exemptions from taxation to municipalities of this state.
Acts 1953, No. 128, § 16; A.S.A. 1947, § 74-616.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-101 - Title

This chapter may be cited as the "Regional Airport Act."
Acts 1968 (1st Ex. Sess.), No. 17, § 1; 1973, No. 426, § 1; A.S.A. 1947, § 74-216.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-103 - Establishment of authorities

(a)
(1)
Any two (2) or more municipalities, any two (2) or more contiguous counties, or any one (1) or more municipalities together with any one (1) or more contiguous counties, are authorized to create and establish an authority as prescribed in this chapter for the purpose of acquiring, equipping, constructing, maintaining, and operating regional airports.
(2)
(A)
A county or municipality shall not participate in the creation and establishment of an authority until:
(i)
The governing body of the county or municipality provides for the creation and establishment by ordinance; and
(ii)
The county or municipality enters into an agreement with the other participating governmental units that establishes the terms and conditions for the operation of the authority.
(B)
The terms and conditions established under subdivision (a)(2)(A)(ii) of this section shall be within the limitations provided in this chapter and other laws of the State of Arkansas as may be applicable.
(b)
The state may join in the creation and establishment of any authority if the regional airport to be acquired, equipped, constructed, maintained, or operated is a major airport facility. The state shall not participate in any authority unless and until the Governor so provides by proclamation and enters into the agreement with the other participating governmental units. The agreement with the other participating governmental units shall be executed by the Governor.
(c)
To the extent that it is consistent with this chapter, the agreement shall specify the information provided for in §
25-20-104(c)
.
(d)
The agreement shall be filed with the Secretary of State.
Amended by Act 2023, No. 769,§ 1, eff. 8/1/2023.
Acts 1968 (1st Ex. Sess.), No. 17, § 2; 1973, No. 426, § 2; A.S.A. 1947, § 74-217; Acts 1992 (1st Ex. Sess.), No. 56, § 2; 1992 (1st Ex. Sess.), No. 63, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-104 - Authority as public corporation

(a)
Each authority when created, and the members thereof, shall constitute a public corporation and, as such, shall have perpetual succession, may contract and be contracted with, sue and be sued, and have and use a common seal.
(b)
The exercise of the powers and performance of duties provided for in this chapter by each authority and its officers, agents, and employees are:
(1)
Public and governmental functions; and
(2)
Exercised for a public purpose and matters of public necessity.
(c)
(1)
It is the public policy of the State of Arkansas that an authority created under this chapter and the directors and employees of the authority are immune from liability and from suit for damages except to the extent that the damages may be covered by liability insurance.
(2)
An authority created under this chapter is immune from a tort action resulting from an act or omission of its directors, employees, or agents.
Amended by Act 2023, No. 769,§ 3, eff. 8/1/2023.
Amended by Act 2023, No. 769,§ 2, eff. 8/1/2023.
Acts 1968 (1st Ex. Sess.), No. 17, § 3; A.S.A. 1947, § 74-218.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-106 - Vacancy on board

(a)
If any member of an authority dies, resigns, is removed, or for any other reason ceases to be a member of the authority, the mayor, the county judge, or the Governor, as appropriate to the governmental unit which the member represented, shall appoint another person to fill the unexpired portion of the term of the member.
(b)
A member of the authority once qualified shall not be removed during his or her appointment except for cause by the mayor, the county judge, or the Governor, as appropriate, which appointed him or her, or upon such other conditions as shall be set forth in the agreement establishing the authority.
Acts 1968 (1st Ex. Sess.), No. 17, § 6; A.S.A. 1947, § 74-221; Acts 1992 (1st Ex. Sess.), No. 56, § 4; 1992 (1st Ex. Sess.), No. 63, § 4.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-107 - Compensation prohibited - Reimbursement of expenses

(a)
No member of the board of an authority shall receive any compensation, whether in form of salary, per diem allowance, or otherwise, for or in connection with his services as a member.
(b)
Each member shall, however, be entitled to reimbursement by the authority for any necessary expenditures in connection with the performance of his general duties as a member.
Acts 1968 (1st Ex. Sess.), No. 17, § 8; A.S.A. 1947, § 74-223.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-108 - Facilities authorized

Each authority is authorized and empowered to acquire, equip, construct, maintain, and operate a regional airport or landing field and appurtenant facilities so located to best serve the region in which the authority is located. Each authority in which the state is a participant is further authorized and empowered to acquire, equip, construct, maintain, and operate industrial, warehouse, distribution, and related types of facilities, including education, training, office and support facilities, located at a major airport facility for the purpose of securing and developing industry within the state.
Acts 1968 (1st Ex. Sess.), No. 17, § 4; A.S.A. 1947, § 74-219; Acts 1992 (1st Ex. Sess.), No. 56, § 5; 1992 (1st Ex. Sess.), No. 63, § 5.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-110 - Issuance of revenue bonds - Authorization

(a)
Authorities are authorized to use any available revenues for the accomplishment of the purposes and the implementation of the powers authorized by this chapter, including the proceeds of revenue bonds issued from time to time pursuant to the provisions of this chapter, 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 thereof are available; and
(5)
Any other costs and expenditures of whatever nature incidental to the accomplishment of the specified purposes.
Acts 1968 (1st Ex. Sess.), No. 17, § 10; 1970 (Ex. Sess.), No. 63, § 1; 1973, No. 426, § 7; 1975, No. 225, § 3; 1981, No. 425, § 3; A.S.A. 1947, § 74-225.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-111 - Issuance of revenue bonds - Resolution of authority - Nature of bonds

(a)
The issuance of revenue bonds shall be by resolution of the authority.
(b)
The bonds of each issue may:
(1)
Be coupon bonds payable to bearer or may be registrable as to principal only or as to both principal and interest;
(2)
Be in such form and denominations;
(3)
Be made payable at such places within or without the state;
(4)
Be issued in one (1) or more series;
(5)
Bear such date or dates;
(6)
Mature at such time or times, not exceeding forty (40) years from their respective dates;
(7)
Bear interest at such rate or rates;
(8)
Be payable in such medium of payment;
(9)
Be subject to such terms of redemption; and
(10)
Contain such terms, covenants, and conditions as the resolution authorizing their issuance may provide 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 imposition and maintenance of rates and charges for the use of airport facilities;
(E)
The nature and extent of the security;
(F)
The rights, duties, and obligations of the authority and the trustee for the holders and registered owners of the bonds; and
(G)
The rights of the holders and registered owners of the bonds.
(c)
(1)
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 chapter, with each successive issue to be authorized as provided by this chapter.
(2)
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 resolutions authorizing the issuance of bonds under this chapter.
(d)
Subject to the provisions of this section and §§
14-362-110
and
14-362-112
-
14-362-118
, pertaining to registration, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.
Acts 1968 (1st Ex. Sess.), No. 17, § 10; 1970 (Ex. Sess.), No. 63, § 1; 1973, No. 426, § 7; 1975, No. 225, § 3; 1981, No. 425, § 3; A.S.A. 1947, § 74-225.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-112 - Issuance of revenue bonds - Indenture

(a)
The resolution authorizing the bonds may provide for the execution by the authority of an indenture which defines the rights of the holders and registered owners of the bonds and provides for the appointment of a trustee for the holders and registered owners of the bonds.
(b)
Indenture may control the priority between successive issues and may contain 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 imposition and maintenance of rates and charges for the use of airport facilities;
(5)
The nature and extent of the security;
(6)
The rights, duties, and obligations of the authority and the trustee; and
(7)
The rights of the holders and registered owners of the bonds.
Acts 1968 (1st Ex. Sess.), No. 17, § 10; 1970 (Ex. Sess.), No. 63, § 1; 1973, No. 426, § 7; 1975, No. 225, § 3; 1981, No. 425, § 3; A.S.A. 1947, § 74-225.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-113 - Issuance of revenue bonds - Price and manner sold

The bonds may be sold for such price, including sale at a discount, and in such manner as the authority may determine by resolution.
Acts 1968 (1st Ex. Sess.), No. 17, § 10; 1970 (Ex. Sess.), No. 63, § 1; 1973, No. 426, § 7; 1975, No. 225, § 3; 1981, No. 425, § 3; A.S.A. 1947, § 74-225.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-114 - Issuance of revenue bonds - Execution

(a)
(1)
The bonds shall be executed by the manual or facsimile signatures of the chair and secretary of the authority.
(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.
(b)
The coupons attached to the bonds may be executed by the facsimile signature of the chair of the authority.
Acts 1968 (1st Ex. Sess.), No. 17, § 10; 1970 (Ex. Sess.), No. 63, § 1; 1973, No. 426, § 7; 1975, No. 225, § 3; 1981, No. 425, § 3; A.S.A. 1947, § 74-225; Acts 1992 (1st Ex. Sess.), No. 56, § 7; 1992 (1st Ex. Sess.), No. 63, § 7.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-115 - Issuance of revenue bonds - Obligation of authority

(a)
The revenue bonds issued under this chapter shall be obligations only of the authority and shall not be general obligations of any county, municipality, or the state.
(b)
(1)
In no event shall the revenue bonds constitute an indebtedness of any county, municipality, or the state 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 chapter and that it does not constitute an indebtedness of any county, municipality, or the state within any constitutional or statutory limitation.
(c)
The principal of and interest on the bonds may be secured, to the extent set forth in the resolution or indenture securing the bonds, by a pledge of and payable from all or any part of revenues derived from the use of the facilities of the authority, including, without limitation:
(1)
Revenues derived from rates and charges imposed and maintained for the use of the facilities of the authority;
(2)
Revenues derived from taxes levied under §
14-362-109(14)
and §
14-362-109(20)
;
(3)
Lease rentals under leases or payments under security agreements or other instruments entered into under this chapter; and
(4)
Revenues derived from tolls imposed upon vehicles utilizing intermodal access roads providing service to the airport and revenues derived from related auxiliary services and facilities.
Acts 1968 (1st Ex. Sess.), No. 17, § 10; 1970 (Ex. Sess.), No. 63, § 1; 1973, No. 426, § 7; 1975, No. 225, § 3; 1981, No. 425, § 3; A.S.A. 1947, § 74-225; Acts 1992 (1st Ex. Sess.), No. 56, § 8; 1992 (1st Ex. Sess.), No. 63, § 8; 1999, No. 1349, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-116 - Issuance of revenue bonds - Refunding bonds

(a)
(1)
Revenue bonds may be issued under this chapter for the purpose of refunding any obligations issued under this chapter.
(2)
The refunding bonds may be combined with bonds issued into a single issue.
(b)
(1)
When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.
(2)
If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement of them.
(c)
(1)
All refunding bonds issued under this chapter 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 these bonds.
(2)
The resolution under which these refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded by them.
Acts 1968 (1st Ex. Sess.), No. 17, § 10; 1970 (Ex. Sess.), No. 63, § 1; 1973, No. 426, § 7; 1975, No. 225, § 3; 1981, No. 425, § 3; A.S.A. 1947, § 74-225.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-117 - Issuance of revenue bonds - Mortgage lien

(a)
The resolution or indenture securing the bonds may impose a forecloseable mortgage lien upon or security interest in the facilities of the authority, or any portion thereof, and the extent of the mortgage lien or security interest may be controlled by the resolution or indenture including, without limitation, provisions pertaining to the release of all or part of the facilities subject to the mortgage lien or security interest in the event of successive issues of bonds.
(b)
Subject to the terms, conditions, and restrictions contained in the resolution or indenture, any holder of any of the bonds, or of any coupon attached thereto, or a trustee on behalf of the holders may, either at law or in equity, enforce the mortgage lien or security interest and may, by proper suit, 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.
Acts 1968 (1st Ex. Sess.), No. 17, § 10; 1970 (Ex. Sess.), No. 63, § 1; 1973, No. 426, § 7; 1975, No. 225, § 3; 1981, No. 425, § 3; A.S.A. 1947, § 74-225.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-118 - Issuance of revenue bonds - Default

(a)
(1)
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 any facilities upon or in which there is a mortgage lien or security interest securing the bonds in default.
(2)
The receiver shall have the power to operate and maintain the facilities in receivership and to charge and collect rates and rents sufficient to provide for the payment of any costs of receivership and operating expenses of the facilities in receivership and to apply the revenues derived from the facilities in receivership in conformity with this chapter and the resolution or indenture securing the bonds in default.
(3)
When the default has been cured, the receivership shall be ended and the facilities returned to the authority.
(b)
The relief provided for in this section shall be construed to be in addition and as supplemental to the remedies that may be provided for in the resolution or indenture 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, mortgage lien on, and security interest in facilities as specified in and fixed by the resolution or indenture securing successive issues of bonds.
Acts 1968 (1st Ex. Sess.), No. 17, § 10; 1970 (Ex. Sess.), No. 63, § 1; 1973, No. 426, § 7; 1975, No. 225, § 3; 1981, No. 425, § 3; A.S.A. 1947, § 74-225.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-119 - Agreements to obtain funds

Each authority may, in connection with obtaining funds for its purposes, enter into any agreement with any person, firm, or corporation including the federal government, or any agency or subdivision thereof, containing such provisions, covenants, terms, and conditions as the authority may deem advisable.
Acts 1968 (1st Ex. Sess.), No. 17, § 11; A.S.A. 1947, § 74-226.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-120 - Acquisition of property

Whenever it shall be deemed necessary by an authority, in connection with the exercise of its powers conferred in this chapter, to take or acquire any lands, structures, buildings, or other rights, either in fee or as easements, for the purposes set forth in this chapter, the authority may purchase them directly or through its agents from the owners thereof, or failing to agree with the owners, the authority may exercise the power of eminent domain in the manner provided for condemnation proceedings under §§
14-358-101
,
14-358-102
, and
14-360-102
, and these purposes are declared to be public uses for which private property may be taken or damaged.
Acts 1968 (1st Ex. Sess.), No. 17, § 12; A.S.A. 1947, § 74-227.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-121 - Exemption from taxation

(a)
Each authority shall be exempt from the payment of any taxes or fees to the state, or any subdivision thereof, or to any office or employee of the state, or of any subdivision thereof.
(b)
(1)
The property of each authority shall be exempt from all local and municipal taxes.
(2)
Bonds, notes, debentures, and other evidence of indebtedness of the authority are declared to be issued for a public purpose and to be public instrumentalities and, together with interest thereon, shall be exempt from taxes.
Acts 1968 (1st Ex. Sess.), No. 17, § 13; A.S.A. 1947, § 74-228.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-122 - Use of surplus funds

(a)
If an authority should realize a surplus, whether from operating the airport or leasing it for operation, over and above the amount required for the maintenance, improvement, and operation of the airport and for meeting all required payments on its obligations, it shall set aside the reserve for future operations, improvements, and contingencies as it shall deem proper and shall then apply the residue of the surplus, if any, to the payment of any recognized and established obligations not then due.
(b)
(1)
After all the recognized and established obligations have been paid and discharged in full, at the end of each fiscal year the authority shall set aside the reserve for future operations, improvements, and contingencies as prescribed in subsection (a) of this section and then pay the residue of the surplus, if any, to the counties, municipalities, and the state in direct proportion to their financial contribution.
(2)
No such distribution of the residue of the surplus shall violate United States law or the terms of any deed, grant agreement, or other agreement with the United States.
Acts 1968 (1st Ex. Sess.), No. 17, § 15; A.S.A. 1947, § 74-230; Acts 1992 (1st Ex. Sess.), No. 56, § 9; 1992 (1st Ex. Sess.), No. 63, § 9.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-123 - Public and private contributions

(a)
Contributions may be made to authorities from time to time by the counties and municipalities and persons, firms, or corporations that shall desire to do so.
(b)
In order to afford maximum opportunities for contributions, the agreement provided for under §
14-362-103
may be treated as a cooperative agreement under the provisions of the Interlocal Cooperation Act, §
25-20-101
et seq., and may contain language enabling the agreement to be treated as a formal compact under §§
14-165-201
-
14-165-204
in which case the authority shall hold title to property in its powers and capacity as a public corporation rather than as a commission-trustee as provided in §§
14-165-201
-
14-165-204
, or may be treated as a less formal arrangement for the cooperative use of industrial development bond funds, all to the end that the counties and municipalities may contribute to the authority funds derived from general obligation bonds under the Arkansas Constitution, Amendments No. 13 and 49, from revenue bonds under §§
14-164-201
-
14-164-206
and
14-164-208
-
14-164-223
from other available sources, and may contribute funds derived from a combination of these sources.
Acts 1968 (1st Ex. Sess.), No. 17, § 16; A.S.A. 1947, § 74-231.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-124 - Accounts and reports

(a)
(1)
All funds received by an authority shall be deposited in such banks as the authority may direct and shall be withdrawn therefrom in such manner as the authority may direct.
(2)
(A)
Each authority shall keep strict account of all of its receipts and expenditures and each quarter shall make a report to the counties and municipalities which have made contributions.
(B)
(i)
The report shall contain an itemized account of its receipts and disbursements during the preceding quarter.
(ii)
The report shall be made within sixty (60) days after the termination of the quarter.
(b)
(1)
(A)
Within one hundred fifty (150) days after the end of each fiscal year, each authority shall cause an annual audit to be made by an independent certified public accountant and shall file a copy of the resulting audit report with each of the governing bodies participating in the authority.
(B)
This audit shall contain an itemized statement of its receipts and disbursements for the preceding year.
(2)
The books, records, and accounts of each authority shall be subject to audit and examination by any proper public official or body in the manner provided by law.
(c)
The agreement provided for in §
14-362-103
may also provide for each authority to furnish the participating governing bodies copies of its annual budget for examination and approval.
Acts 1968 (1st Ex. Sess.), No. 17, § 16; A.S.A. 1947, § 74-231; Acts 1999, No. 1349, § 3; 2001, No. 772, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-125 - County, municipal, and state authority

(a)
Counties, municipalities, and the state are authorized and empowered to appoint members of the authorities and to contribute to the cost of acquiring, constructing, equipping, maintaining, and operating the regional airports and appurtenant facilities.
(b)
Counties, municipalities, and the state are authorized and empowered to transfer and convey to the authorities property of any kind acquired by the counties, municipalities, and the state for airport purposes.
Acts 1968 (1st Ex. Sess.), No. 17, § 17; A.S.A. 1947, § 74-232; Acts 1992 (1st Ex. Sess.), No. 56, § 10; 1992 (1st Ex. Sess.), No. 63, § 10.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-126 - Lease of facilities

(a)
Each authority may lease its airport and all or any part of its appurtenances and facilities to any available lessee at such rental and upon such terms and conditions as the authority shall deem proper.
(b)
Leases shall be for some purpose associated with airport activities.
Acts 1968 (1st Ex. Sess.), No. 17, § 14; A.S.A. 1947, § 74-229.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-127 - Sale of assets

(a)
In the event the board shall so determine, any authority may sell all or any part of its properties and assets and distribute the proceeds among the participating municipalities, counties, and the state in the proportion each unit contributed to the authority's funds or otherwise in the manner set forth in the agreement establishing the authority, provided no authority in which the state is a participant shall sell all or substantially all of its properties or assets without the consent of the Governor.
(b)
No sale of properties or assets and no distribution of proceeds of such sale shall be done in a manner which violates United States law or the terms of any deed, grant agreement, or other agreement with the United States.
Acts 1968 (1st Ex. Sess.), No. 17, § 18; A.S.A. 1947, § 74-233; Acts 1992 (1st Ex. Sess.), No. 56, § 11; 1992 (1st Ex. Sess.), No. 63, § 11.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-128 - Workers' compensation

All employees of each authority who are eligible shall be deemed to be within the workers' compensation laws of Arkansas, and premiums on their compensation shall be paid by the authority as required by law.
Acts 1968 (1st Ex. Sess.), No. 17, § 19; A.S.A. 1947, § 74-234.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-129 - Existing authorities

Any existing regional airport authority, de facto or de jure, previously created, or attempted to have been created, under the acts of Arkansas, or in any other manner created under color of law, having been created substantially in conformance with the provisions contained in this chapter is declared to be a body corporate and public as fully and to all intents and purposes as if created under this chapter. All acts and deeds heretofore done by any member or officer of the authority or of the governing bodies participating in the authority and any agreement between participating bodies creating the authority are cured, validated, and confirmed and shall have the full force and effect as if done pursuant to this chapter.
Acts 1968 (1st Ex. Sess.), No. 17, § 20; A.S.A. 1947, § 74-235.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-130 - Authorized investors

Any municipality, or any board, commission, or other authority duly established by ordinance of any municipality, or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such municipality, or the board of trustees of any retirement system created by the General Assembly may, in its discretion, invest any of its funds not immediately needed for its purposes, in bonds issued under the provisions of this chapter, and bonds issued under the provisions of this chapter shall be eligible to secure the deposit of public funds.
Acts 1992 (1st Ex. Sess.), No. 56, § 12; 1992 (1st Ex. Sess.), No. 63, § 12.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 22 - AIRPORT FACILITIES GENERALLY (§§ 14-356-101 — 14-364-102) › Chapter 362 - REGIONAL AIRPORTS (§§ 14-362-101 — 14-362-306) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-362-101 — 14-362-132) › Section 14-362-131 - Construction

(a)
This chapter shall be liberally construed to accomplish its intent and purposes and shall be the sole authority required for the accomplishment of its purpose.
(b)
To this end:
(1)
It shall not be necessary to comply with the general provisions of other laws dealing with public facilities, their acquisition, construction, leasing, encumbering, or disposition; and
(2)
Section
15-5-303
shall not apply.
Acts 1992 (1st Ex. Sess.), No. 56, § 13; 1992 (1st Ex. Sess.), No. 63, § 13.