reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 3 - REFUNDING BONDS (§§ 19-9-301 — 19-9-306) › Section 19-9-302 - Sale when old bonds cannot be presented

(a)
Where refunding bonds are to be issued by any municipality, county, state-supported educational institution, or improvement district of any kind and the bonds to be refunded cannot be presented for payment and cancellation simultaneously with the payment and delivery of the refunding bonds, the refunding bonds may be delivered when the purchase money is deposited into trust. The purchase money may be deposited for the purpose of payment of the principal of and interest on the bonds to be refunded with any insured bank or trust company in the state which is otherwise fully qualified to receive trust funds if the bonds to be refunded have fixed maturity dates of not to exceed twelve (12) months from the date of the payment and delivery of the refunding bonds or if the bonds are redeemable before maturity and have been duly called for payment.
(b)
If the bank or trust company is not the paying agent for the bonds to be refunded, the purchase money shall be paid over by it to the paying agent three (3) days before the maturity of the bonds or three (3) days before the date for which the bonds have been called for payment.
Acts 1945, No. 12, § 1; A.S.A. 1947, § 13-1102.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 3 - REFUNDING BONDS (§§ 19-9-301 — 19-9-306) › Section 19-9-303 - Private sale to United States

Any refunding bonds authorized to be sold by the State of Arkansas or any agency or instrumentality of the state at public sale, notwithstanding the provision for public sale, may, nevertheless, be sold to the United States or any agency thereof at private sale without public advertisement if the bonds are sold at not less than par and at a rate of interest not greater than the rate borne by the bonds to be refunded.
Acts 1939, No. 152, § 1; A.S.A. 1947, § 13-1101.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 3 - REFUNDING BONDS (§§ 19-9-301 — 19-9-306) › Section 19-9-304 - Interest rate

(a)
Any county, school district, improvement district, or municipality may refund any bonds issued under any statutory or constitutional authority at any time outstanding by the issuance of bonds bearing a rate or rates of interest that the issuer shall deem to be just and fair, whether or not greater than the rate or rates of interest borne by the bonds being refunded.
(b)
No bonds shall be refunded at a rate of interest greater than the maximum rate set by the statutes or constitutional provision under which they were originally authorized.
Acts 1961, No. 449, § 1; A.S.A. 1947, § 13-1103.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 3 - REFUNDING BONDS (§§ 19-9-301 — 19-9-306) › Section 19-9-305 - Conversion privilege

The refunding bonds may be issued with the privilege of conversion to a lower rate or rates of interest if the issuer receives no less and pays no more than it would receive or pay if the bonds were not converted. The conversion shall be subject to the approval of the issuer.
Acts 1961, No. 449, § 2; A.S.A. 1947, § 13-1104.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 3 - REFUNDING BONDS (§§ 19-9-301 — 19-9-306) › Section 19-9-306 - Inclusion of redemption premiums in principal

The State of Arkansas, any agency of the state, any county, any municipality, any school district, any improvement district of any kind, or any other political subdivision of the State of Arkansas, which may be called "issuing authorities", is authorized to include in the principal of refunding bonds the amount of any redemption premiums required to be paid to accomplish the redemption of the bonds being refunded.
Acts 1967, No. 146, § 1; A.S.A. 1947, § 13-1106.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-401 - Title

This subchapter may be cited as the "Registered Public Obligations Act of Arkansas".
Acts 1983, No. 786, § 1; A.S.A. 1947, § 13-2801.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-402 - Purpose

(a)
The Internal Revenue Code provides that interest with respect to certain obligations may not be exempt from federal income taxation unless the obligations are in registered form. It is therefore a matter of state concern that public entities be authorized to provide for the issuance of obligations in such form. It is a purpose of this subchapter to empower all public entities to establish and maintain a system pursuant to which obligations may be issued in registered form within the meaning of the applicable provisions of the Internal Revenue Code.
(b)
Obligations have traditionally been issued in bearer rather than in registered form, and a change from bearer to registered form may affect the relationships, rights, and duties of issuers of and the persons that deal with obligations and, by such effect, the costs of issuing obligations. Such effects will impact the various issuers and varieties of obligations differently depending upon their legal and financial characteristics, their markets, and their adaptability to recent and prospective technological and organizational developments. It is therefore a matter of state concern that public entities be provided flexibility in the development of such systems and control over system incidents so as to accommodate the different impacts. It is a purpose of this subchapter to empower the establishment, maintenance, and amendment, from time to time, of differing systems of registration of obligations so as to accommodate the differing impacts upon issuers and varieties of obligations. It is further a purpose of this subchapter to authorize systems that will facilitate the prompt and accurate transfer of registered public obligations and develop practices with regard to the registration and transfer of registered public obligations.
Acts 1983, No. 786, § 3; A.S.A. 1947, § 13-2803.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-404 - Applicability

(a)
Unless, at any time prior to or at original issuance of a registered public obligation, the official or official body of the issuer determines otherwise, this subchapter shall be applicable to such registered public obligation, notwithstanding any provision of law to the contrary. When this subchapter is applicable, no contrary provision shall apply.
(b)
Nothing in this subchapter limits or prevents the issuance of obligations in any other form or manner authorized by law.
(c)
Unless determined otherwise pursuant to subsection (a) of this section, the provisions of this subchapter shall be applicable with respect to obligations which have been approved by vote, referendum, or hearing which authorizes or permits the authorization of obligations in bearer and registered form or in bearer form only. These obligations need not be resubmitted for a further vote, referendum, or hearing for the purpose of authorizing or permitting the authorization of registered public obligations pursuant to this subchapter.
Acts 1983, No. 786, § 12; A.S.A. 1947, § 13-2812.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-405 - Construction

(a)
This subchapter shall be liberally construed to accomplish the intent and purposes hereof and shall be the sole authority required for the accomplishment of such purposes.
(b)
This subchapter shall be construed in conjunction with the Uniform Commercial Code, §
4-1-101
et seq., and the principles of contract law relative to the registration and transfer of obligations.
Acts 1983, No. 786, §§ 13, 16; A.S.A. 1947, §§ 13-2813, 13-2815.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-407 - Signatures required

(a)
A certificated registered public obligation shall be executed by the issuer by the manual or facsimile signatures of authorized officers. Any signature of an authorized officer may be attested by the manual or facsimile signature of another authorized officer.
(b)
In addition to the signatures referred to in subsection (a) of this section, any certificated registered public obligation or any writing relating to an uncertificated registered public obligation may include a certificate signed by the manual or facsimile signature of an authenticating agent, registrar, transfer agent, or the like.
(c)
At least one (1) signature of an authorized officer or other person required or permitted to be placed on a certificated registered public obligation shall be a manual signature.
Acts 1983, No. 786, § 5; A.S.A. 1947, § 13-2805.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-408 - Signature of predecessor in office

(a)
Any certificated registered public obligation signed by the authorized officers at the time of the signing thereof shall remain valid and binding, notwithstanding that before the issuance thereof any or all of the officers shall have ceased to fill their respective offices.
(b)
(1)
Any authorized officer empowered to sign any certificated registered public obligation may adopt as and for the signature of such officer the signature of a predecessor in office in the event that such predecessor's signature appears on such certificated registered public obligation.
(2)
An authorized officer incurs no liability by adoption of a predecessor's signature that would not be incurred by such authorized officer if the signature were that of such authorized officer.
Acts 1983, No. 786, § 6; A.S.A. 1947, § 13-2806.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-409 - Seal

When a seal is required or permitted in the execution of any certificated registered public obligation, an authorized officer may cause the seal to be printed, engraved, stamped, or otherwise placed in facsimile thereon. The facsimile seal has the same legal effect as the impression of the seal.
Acts 1983, No. 786, § 7; A.S.A. 1947, § 13-2807.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-410 - Appointment of agents by issuer

(a)
An issuer may appoint for such term as may be agreed, including for so long as a registered public obligation may be outstanding, corporate or other authenticating agents, transfer agents, registrars, and paying or other agents. The issuer may also specify the terms of their appointment, including their rights, their compensation and duties, limits upon their liabilities, and provision for their payment of liquidated damages in the event of breach of certain of the duties imposed. These liquidated damages may be made payable to the issuer, the owner, or a financial intermediary. None of such agents need have an office or do business within this state.
(b)
An issuer may agree with custodian banks and financial intermediaries, and nominees of any of them, in connection with the establishment and maintenance by others of a central depository system for the transfer of pledge of registered public obligations. Any such custodian banks and financial intermediaries, and nominees, may, if qualified and acting as fiduciaries, also serve as authenticating agents, transfer agents, registrars, or paying or other agents of the issuer with respect to the same issue of registered public obligations.
(c)
Nothing shall preclude the issuer from itself performing, either alone or jointly with other issuers, any transfer, registration, authentication, payment, or other function described in this section.
Acts 1983, No. 786, § 8; A.S.A. 1947, § 13-2808.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-411 - Payment of costs

(a)
An issuer, prior to or at original issuance of registered public obligations, may provide as a part of a system of registration that the transferor or transferee of the registered public obligations pay all or a designated part of the costs of the system as a condition precedent to transfer, that costs be paid out of proceeds of the registered public obligations, or that both methods be used. The portion of the costs of the system not provided to be paid for by the transferor or transferee or out of proceeds shall be the liability of the issuer.
(b)
The issuer may, as a part of a system of registration, provide for reimbursement or for satisfaction of its liability by payment by others. The issuer may:
(1)
Enter into agreements with others respecting such reimbursement or payment;
(2)
Establish fees and charges pursuant to such agreements or otherwise; and
(3)
Provide that the amount or estimated amount of such fees and charges shall be reimbursed or paid from the same sources and by means of the same collection and enforcement procedures and with the same priority and effect as with respect to the obligations.
Acts 1983, No. 786, § 9; A.S.A. 1947, § 13-2809.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-412 - Reciprocal recognition for obligations

Obligations issued by public entities under the laws of one (1) or more states, territories, possessions, or the District of Columbia, which are in registered form, whether or not represented by an instrument, and which, except for their form, satisfy the requirements with regard to security for deposits of moneys of public agencies prescribed pursuant to any law of this state, shall be deemed to satisfy all such requirements, even though they are in registered form, if a security interest in such obligations is perfected on behalf of the public agencies whose moneys are so deposited.
Acts 1983, No. 786, § 10; A.S.A. 1947, § 13-2810.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-413 - Registration records

(a)
Records, with regard to the ownership of or security interest in registered public obligations, are not subject to inspection or copying under any law of this state relating to the right of the public to inspect or copy public records, notwithstanding any law to the contrary.
(b)
Registration records of the issuer may be maintained at such locations within or without this state as the issuer shall determine.
Acts 1983, No. 786, § 11; A.S.A. 1947, § 13-2811.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 4 - REGISTRATION (§§ 19-9-401 — 19-9-414) › Section 19-9-414 - Exemption of interest from taxation

The state covenants with the owners of any registered public obligations that it will not amend or repeal this subchapter if the effect may be to impair the exemption from income taxation of interest on registered public obligations.
Acts 1983, No. 786, § 14; A.S.A. 1947, § 13-2814.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 5 - REVENUE BOND REPORTING (§§ 19-9-501 — 19-9-502) › Section 19-9-501 - Title

This subchapter may be known and cited as the "Revenue Bond Reporting Act".
Acts 1985, No. 222, § 1; A.S.A. 1947, § 13-444.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 5 - REVENUE BOND REPORTING (§§ 19-9-501 — 19-9-502) › Section 19-9-502 - Annual report

(a)
All state and local agencies, boards, commissions, institutions of higher education, and authorities authorized by the state and cities and counties shall annually file a report with the State Board of Finance, on or before October 1, reflecting any and all revenue bonds which have been issued and have not been liquidated as of the preceding July 1 by such governmental units.
(b)
The report shall contain:
(1)
The purpose for which the revenue bonds were issued;
(2)
The total dollar amount issued;
(3)
The percentage interest rate payable under the revenue bonds;
(4)
The total dollar amount outstanding;
(5)
The repayment schedule; and
(6)
The source, type, and amount of pledged revenues for the bonds.
(c)
The Secretary of the State Board of Finance shall compile a summary report of all revenue bonds from information provided under this section and present the summary report to the Legislative Council as soon as practicable after each October 1.
Acts 1985, No. 222, § 2; A.S.A. 1947, § 13-445; Acts 1987, No. 646, § 4.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 6 - REVENUE BOND ACT OF 1987 (§§ 19-9-601 — 19-9-607) › Section 19-9-601 - Title

This subchapter shall be referred to and may be cited as the "Revenue Bond Act of 1987".
Acts 1987, No. 852, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 6 - REVENUE BOND ACT OF 1987 (§§ 19-9-601 — 19-9-607) › Section 19-9-602 - Legislative determination

The people of the State of Arkansas, by the adoption of Arkansas Constitution, Amendment 65, have expressed their intention to provide governmental units expanded power and authority with respect to the creation of bonded indebtedness for capital improvements of a public nature, facilities for the securing and developing of industry or agriculture, and other purposes as defined and prescribed by the General Assembly.
Acts 1987, No. 852, § 2.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 6 - REVENUE BOND ACT OF 1987 (§§ 19-9-601 — 19-9-607) › Section 19-9-603 - Legislative intent

It is the specific intent of this subchapter that the provisions hereof are procedural only and are supplemental to other constitutional or statutory provisions now existing or hereafter adopted which may authorize the issuance of revenue bonds for the financing of capital improvements. Nothing contained in this subchapter shall be deemed to be a restriction or limitation upon alternative means of financing previously available or hereafter made available to municipalities or counties for the purposes set forth in this subchapter.
Acts 1987, No. 852, § 7.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 6 - REVENUE BOND ACT OF 1987 (§§ 19-9-601 — 19-9-607) › Section 19-9-605 - Construction

This subchapter shall be construed liberally to effectuate the legislative intent and the purposes of this subchapter as complete and independent authority for the performance of each and every act and thing authorized in this subchapter. All powers granted in this subchapter shall be broadly interpreted to effectuate that intent and those purposes and not as a limitation of powers.
Acts 1987, No. 852, § 8.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 6 - REVENUE BOND ACT OF 1987 (§§ 19-9-601 — 19-9-607) › Section 19-9-606 - Proclamation, order, etc., authorizing issuance of bonds

(a)
Whenever a governmental unit shall determine the need to issue revenue bonds for capital improvements of a public nature or industrial enterprise, the governing body shall authorize the issuance of those bonds by proclamation, order, ordinance, or resolution clearly stating the principal amount of and the purpose or purposes for which the bonds are to be issued.
(b)
Only upon the proclamation, order, ordinance, or resolution of the governing body shall the governmental unit be authorized to issue such bonds, provided that no proclamation, order, ordinance, or resolution shall be required for the issuance of refunding bonds, including refunding bonds where the principal amount of the new bonds to be issued exceeds the outstanding principal amount of the prior bonds or notes to be refunded.
Acts 1987, No. 852, § 4; 1987 (1st Ex. Sess.), No. 36, § 2; 1991, No. 210, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 6 - REVENUE BOND ACT OF 1987 (§§ 19-9-601 — 19-9-607) › Section 19-9-607 - Hearing

(a)
No proclamation, order, or ordinance prescribed by §
19-9-606
shall be entered by a governing body until the governing body, the governmental unit, or the delegate of either shall have conducted a public hearing:
(1)
In the case of a regional water distribution district, regional wastewater district, or regional solid waste management district issuing bonds, in the county seat of the county that has the greatest amount of territory within the district;
(2)
In the case of a city or county issuing bonds, within the city or county; or
(3)
In the locality to be affected by the issuance of the bonds if subdivisions (a)(1) and (2) of this section are not applicable.
(b)
At least ten (10) days before the date set for the public hearing, notice of the hearing shall be published one (1) time in a newspaper of general circulation:
(1)
In the locality to be affected; or
(2)
In the case of a regional water distribution district, regional wastewater district, or regional solid waste management district, in a newspaper of general circulation in each county in which land lies within the boundaries of the district.
(c)
The notice shall:
(1)
Contain a general description of the purpose or purposes for which the bonds are to be issued;
(2)
Contain the maximum principal amount of the bonds; and
(3)
State the date, time, and place of the public hearing.
Acts 1987, No. 852, § 5; 1987 (1st Ex. Sess.), No. 36, § 3; 1991, No. 213, § 1; 2005, No. 1553, § 2.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 7 - TAXABLE BOND ACT OF 1989 (§§ 19-9-701 — 19-9-710) › Section 19-9-701 - Title

This subchapter shall be referred to as, and may be cited as, the "Taxable Bond Act of 1989".
Acts 1989, No. 632, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 7 - TAXABLE BOND ACT OF 1989 (§§ 19-9-701 — 19-9-710) › Section 19-9-702 - Legislative findings

The General Assembly hereby finds and declares:
(1)
The United States Supreme Court, in the case of South Carolina v. Baker, decided April 20, 1988, 485 U.S. 505, held that no barrier exists under the United States Constitution to the imposition of federal income taxation on interest received by holders of bonds of governmental units. Such exemption from federal income taxation has been a desirable feature of such bonds, operating to reduce interest expense to governmental units and enhancing the marketability of the bonds;
(2)
The continued ability of governmental units to provide for the financing of public improvements and other projects and programs which serve important public purposes by the issuance of bonds is essential for the health, welfare, and economic well-being of the people of the State of Arkansas;
(3)
By the adoption of the Internal Revenue Code of 1986, as amended, the United States Congress has substantially limited the purposes for which bonds may be issued with interest exempt from federal income taxation and imposed other restrictive provisions as a condition of such exemption. Additionally, under the authority of South Carolina v. Baker, the United States Congress may be expected to enact other laws and effect changes in federal tax policy to eliminate or further reduce the exemption of interest on bonds of governmental units from federal income taxation, with the result that, to provide financing for public purposes, governmental units may now find it in their best interests to issue bonds the interest on which is not exempt from federal income taxation;
(4)
Under the Arkansas Constitution and existing laws of this state, governmental units have had, and continue to have, the power to issue bonds without respect to whether the interest thereon is subject to federal income taxation; but many statutes applicable to governmental units lack effective, modern procedures under which the structure of a taxable financing may comply with current market practices, obtain the lowest effective borrowing cost, or provide terms most suitable to the governmental unit, the project, or the financing program; and
(5)
The purposes sought to be achieved by this subchapter are to provide governmental units with all means necessary to obtain financing for public purposes under the changing circumstances related to future tax policy of the federal government and to supplement and complement the provisions of existing and future laws authorizing the issuance of bonds, to the end that governmental units may provide for the health, safety, and welfare of the people by the issuance of bonds under terms and conditions necessary under the then-existing conditions.
Acts 1989, No. 632, § 2.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 7 - TAXABLE BOND ACT OF 1989 (§§ 19-9-701 — 19-9-710) › Section 19-9-703 - Definitions

As used in this subchapter, unless the content otherwise requires:
(1)
"Act" means this subchapter.
(2)
"Bonds" means any bonds, issued pursuant to the Arkansas Constitution and pursuant to an act of the General Assembly heretofore or hereafter enacted, and means all debentures, notes, warrants, tax anticipation notes, bond anticipation notes, commercial paper, or other evidence of indebtedness or leases, installment purchase contracts, or other agreements or certificates of participation therein issued by or on behalf of a governmental unit, secured by revenues from any special fund or source or assessments for local improvements and taxes;
(3)
"Foreign currency" means currency, euros, or money other than the legal tender of the United States;
(4)
"Governmental unit" means the State of Arkansas, any department, board, commission, or other agency or instrumentality of the state, or any county, municipality, school district, regional water distribution district, improvement district, public trust, or other political subdivision of the state, heretofore or hereafter created, or any board, commission, authority, or other public agency or instrumentality of a governmental unit which is now or hereafter authorized by law to issue bonds. Nothing herein shall be deemed to give any department, board, commission, or other agency of the state any additional authority to issue bonds or take any action independently and without acting by or through the State Board of Finance if the participation of the State Board of Finance is otherwise required by the law under authority of which the bonds are issued;
(5)
"State" means the State of Arkansas; and
(6)
"Taxable bonds" means bonds the interest on which is not, in any manner, exempt from federal income taxation or excludable from gross income for federal income tax purposes.
Acts 1989, No. 632, § 3.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 7 - TAXABLE BOND ACT OF 1989 (§§ 19-9-701 — 19-9-710) › Section 19-9-704 - Subchapter supplemental - Effect on other state laws or on previously issued bonds

(a)
This subchapter is supplemental to all other provisions of state law governing the issuance of bonds by any governmental unit and, except as otherwise provided in this subchapter, the provisions of state law governing the issuance of bonds by any governmental unit shall continue to apply to the issuance by such governmental unit of taxable bonds.
(b)
Nothing herein shall be deemed to broaden or otherwise alter any provisions of state law as they relate to the issuance of the bonds the interest on which is, in some manner, exempt or excludable from federal income taxation.
(c)
The reference herein to law providing authority for issuance of bonds shall mean laws now in effect and as hereafter enacted or amended by the General Assembly.
(d)
Nothing contained herein shall be construed to impugn the validity of any taxable bonds heretofore issued.
Acts 1989, No. 632, § 9.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 7 - TAXABLE BOND ACT OF 1989 (§§ 19-9-701 — 19-9-710) › Section 19-9-705 - Construction

The provisions of this subchapter shall be liberally construed in order to effectively carry out the purposes of this subchapter.
Acts 1989, No. 632, § 10.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 7 - TAXABLE BOND ACT OF 1989 (§§ 19-9-701 — 19-9-710) › Section 19-9-706 - Issuance of bonds authorized

A governmental unit is hereby authorized to issue taxable bonds for any purpose permitted by the law heretofore or hereafter enacted under authority of which such taxable bonds are issued, whether such purposes are set forth in each law by specific category or by a general authorization to accomplish public purposes.
Acts 1989, No. 632, § 6.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 7 - TAXABLE BOND ACT OF 1989 (§§ 19-9-701 — 19-9-710) › Section 19-9-708 - Sale

The bonds may be sold at public or private sale. If the governing unit shall determine that a negotiated sale of the taxable bonds is in the best interest of the governmental unit, the governmental unit may negotiate for the sale of the taxable bonds.
Acts 1989, No. 632, § 5.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 7 - TAXABLE BOND ACT OF 1989 (§§ 19-9-701 — 19-9-710) › Section 19-9-709 - Proceeds - Use

(a)
The proceeds of an issue of taxable bonds and the investment earnings thereon shall be used, in the manner, and to the extent specified in the ordinance or resolution providing for the issuance of the bonds, by the governmental unit issuing the bonds for a purpose specified for the issuance of bonds in the law under authority of which the bonds are issued.
(b)
Notwithstanding subsection (a) of this section, invested or reinvested proceeds of an issue of taxable bonds shall be deemed to have been expended for a purpose specified for the issuance of bonds in the law under authority of which the bonds are issued if the earnings thereon and proceeds of liquidation of the investments are acquired with such proceeds, to the extent that they are:
(1)
Applied to pay or service debt service on the bonds; or
(2)
Applied toward such a purpose.
(c)
When the bond proceeds of taxable bonds are invested or reinvested by the governmental unit in obligations permitted by this subchapter, the issuance of the taxable bonds shall be deemed to be for a public purpose, provided, the net proceeds of such investment or reinvestment, after sufficient provision is made for debt service on the bonds, are then applied to a purpose for which the governmental unit has authority to issue bonds and the governmental unit has determined upon appropriate findings of fact that such application of net proceeds is for a public purpose which the governmental unit is authorized or empowered to perform.
Acts 1989, No. 632, §§ 6, 7.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 7 - TAXABLE BOND ACT OF 1989 (§§ 19-9-701 — 19-9-710) › Section 19-9-710 - Refunding bonds

Notwithstanding any provisions of state law relating to the investment or reinvestment of surplus funds of any governmental unit or any more restrictive provisions of the law under authority of which the bonds are issued, the proceeds of taxable bonds issued to refund or advance refund a prior issue or issues of bonds may be invested in securities or obligations described in the ordinance or resolution providing for the issuance of such refunding bonds.
Acts 1989, No. 632, § 8.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 10 - CLAIMS AGAINST THE STATE (§§ 19-10-101 — 19-10-406) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-10-101 — 19-10-105) › Section 19-10-101 - Investigatory powers

(a)
(1)
As soon as the Secretary of the Department of Finance and Administration learns of facts from which the secretary concludes that a claim may be filed under this chapter against the state or a state agency, the secretary shall investigate and take evidence concerning the claim.
(2)
The secretary's duty under subdivision (a)(1) of this section applies whether or not the claim has already been filed at the time the secretary learns the relevant facts upon which the secretary bases his or her conclusion.
(3)
Subdivision (a)(1) of this section does not apply to a claim for personal injury or death of a state employee.
(b)
To carry out his or her duties under this section, the secretary may exercise all necessary investigatory powers conferred upon him or her by this chapter.
(c)
All information acquired by the secretary under this section shall be made available to the Arkansas State Claims Commission before the hearing and determination of the claim.
Amended by Act 2019, No. 785,§ 1, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 3471, eff. 7/1/2019.
Acts 1949, No. 462, § 12; 1951, No. 373, § 7; A.S.A. 1947, § 13-1412.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 10 - CLAIMS AGAINST THE STATE (§§ 19-10-101 — 19-10-406) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-10-101 — 19-10-105) › Section 19-10-102 - Legal representative for state agencies

(a)
(1)
An attorney for a state agency against which a claim is filed shall represent his or her respective state agency before the Arkansas State Claims Commission.
(2)
The Attorney General shall represent all state agencies that have no special legal representatives before the Arkansas State Claims Commission.
(b)
Legal representation for a public employer before the Workers' Compensation Commission shall be in the manner prescribed in §
21-5-606
.
Amended by Act 2019, No. 785,§ 1, eff. 7/24/2019.
Acts 1949, No. 462, § 11; A.S.A. 1947, § 13-1411.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 10 - CLAIMS AGAINST THE STATE (§§ 19-10-101 — 19-10-406) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-10-101 — 19-10-105) › Section 19-10-103 - State employee not to represent claimant

The following shall not appear before the Arkansas State Claims Commission or the Workers' Compensation Commission as an attorney or representative for a claimant in the presentation or prosecution of a claim filed under this chapter:
(1)
A full-time employee of:
(A)
The State of Arkansas; or
(B)
A state agency; or
(2)
A member of a state agency.
Amended by Act 2019, No. 785,§ 1, eff. 7/24/2019.
Acts 1949, No. 462, § 13; A.S.A. 1947, § 13-1413.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 10 - CLAIMS AGAINST THE STATE (§§ 19-10-101 — 19-10-406) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-10-101 — 19-10-105) › Section 19-10-104 - Claims for late or lost warrants

Before approving a claim for reissuance of a state warrant that has been lost or presented for payment after expiration of the legal date for redemption, the Arkansas State Claims Commission shall request proof from the Auditor of State that:
(1)
The original warrant was legally canceled because of late redemption presentation; or
(2)
In the case of a lost warrant, an official warrant cancellation procedure has been exercised.
Amended by Act 2019, No. 785,§ 1, eff. 7/24/2019.
Acts 1977, No. 826, § 1; A.S.A. 1947, § 13-1415.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 10 - CLAIMS AGAINST THE STATE (§§ 19-10-101 — 19-10-406) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-10-101 — 19-10-105) › Section 19-10-105 - Definitions

As used in this chapter:
(1)
"General Assembly" means the appropriate subcommittee of the Legislative Council or the Joint Budget Committee that is assigned to hear appealed claims or claims requiring approval before being considered by the Legislative Council, the Joint Budget Committee, or the full General Assembly;
(2)
"Insurer" means a person engaged as indemnitor, surety, or contractor in the business of entering into contracts of insurance;
(3)
"State agency" means a department, office, board, commission, or institution of this state, including a state-supported institution of higher education; and
(4)
"Subrogation claim" means a claim filed with the Arkansas State Claims Commission by an insurer or by its insured, or both, to recover money paid or owed by an insurer to an individual under a contract of insurance.
Amended by Act 2019, No. 785,§ 1, eff. 7/24/2019.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 10 - CLAIMS AGAINST THE STATE (§§ 19-10-101 — 19-10-406) › Subchapter 2 - ARKANSAS STATE CLAIMS COMMISSION (§§ 19-10-201 — 19-10-223) › Section 19-10-201 - Creation of commission - Members - Salary and expense reimbursement

(a)
(1)
(A)
There is created a commission to be known as the "Arkansas State Claims Commission".
(B)
The commission shall consist of five (5) members to be known as "commissioners".
(C)
All commissioners shall be public-spirited persons of recognized standing, and at least two (2) commissioners shall be attorneys licensed to practice law in the State of Arkansas.
(2)
(A)
(i)
The commissioners shall be appointed by the Governor and confirmed by the Senate.
(ii)
The commissioners shall serve for terms of five (5) years and thereafter until a successor has been appointed and qualified.
(iii)
A vacancy in the office of commissioner shall be filled by the Governor, and that appointee shall hold office during the unexpired portion of the term in which the vacancy occurred.
(B)
Commissioners may be appointed to and may serve successive terms.
(b)
Before entering upon the duties of his or her office, each commissioner shall take the constitutional oath of office.
(c)
(1)
A commissioner shall not hear or participate in the consideration of a claim in which he or she is interested personally, either directly or indirectly.
(2)
If for reason of conflict of interest a commissioner disqualifies himself or herself or is absent for any reason from hearing a particular claim and if there are no other commissioners available to hear the claim or action, the interested parties may request that a special commissioner be appointed by the Governor to hear the specific claim or action.
(d)
The commission shall elect from its membership a chair or two (2) cochairs.
(e)
(1)
(A)
Each commissioner shall receive a salary as may be prescribed by law and appropriated by the General Assembly.
(B)
The salary shall be paid in the manner as are salaries of other state officials and employees.
(2)
In addition to salary, each commissioner may receive expense reimbursement in accordance with §
25-16-901
et seq.
(f)
The commission is considered an adjudicatory body when the commission applies or interprets:
(1)
A substantive procedural rule; or
(2)
Case law from an appellate court with jurisdiction to a pending claim or action.
Amended by Act 2019, No. 785,§ 2, eff. 7/24/2019.
Acts 1955, No. 276, § 2; 1983, No. 470, § 1; 1985, No. 861, § 7; A.S.A. 1947, § 13-1401, 13-1401.2; Acts 1997, No. 250, § 175.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 10 - CLAIMS AGAINST THE STATE (§§ 19-10-101 — 19-10-406) › Subchapter 2 - ARKANSAS STATE CLAIMS COMMISSION (§§ 19-10-201 — 19-10-223) › Section 19-10-202 - Director - Personnel

(a)
The Director of the Arkansas State Claims Commission shall be designated by the Arkansas State Claims Commission and shall serve as both the Executive Secretary for the Arkansas State Claims Commission and the Clerk of the Arkansas State Claims Commission.
(b)
The commission may appoint other personnel as may be necessary to effectuate the operations of the commission and as may be authorized by biennial appropriation of the General Assembly.
Amended by Act 2019, No. 785,§ 2, eff. 7/24/2019.
Acts 1949, No. 462, § 5; 1983, No. 470, § 5; A.S.A. 1947, § 13-1405.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 10 - CLAIMS AGAINST THE STATE (§§ 19-10-101 — 19-10-406) › Subchapter 2 - ARKANSAS STATE CLAIMS COMMISSION (§§ 19-10-201 — 19-10-223) › Section 19-10-220 - Special masters authorized

(a)
The Arkansas State Claims Commission may appoint a special master with specialized knowledge and skill to assist the commission in achieving a more timely resolution of complex litigation arising from a claim or action.
(b)
(1)
All or part of a special master's findings may be included as part of or in addition to a commission's final order.
(2)
The special master's findings, if disputed by a party, may be raised on appeal.
Amended by Act 2019, No. 785,§ 2, eff. 7/24/2019.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 10 - CLAIMS AGAINST THE STATE (§§ 19-10-101 — 19-10-406) › Subchapter 2 - ARKANSAS STATE CLAIMS COMMISSION (§§ 19-10-201 — 19-10-223) › Section 19-10-203 - Duties of director

(a)
(1)
The duties of the Director of the Arkansas State Claims Commission shall include maintaining a system of filing and adjudicating of claims or actions against the state.
(2)
The director shall keep a docket of all claims or actions filed and shall present them to the Arkansas State Claims Commission in the chronological order of filing.
(3)
The director is responsible for maintenance and custody of the docket, files, and records of the commission, including the transcripts of testimony and exhibits, with all papers and requests filed in proceedings, the minutes of all actions taken, and all of the commission's findings, determinations, opinions, reports, orders, and rules.
(4)
The director shall prepare the docket of claims or actions to be considered by the commission and shall notify all parties of record of the time, date, and place of hearing in advance when a claim or action will be docketed for hearing before the commission.
(5)
The director shall be responsible for hiring personnel in the administration of the commission.
(b)
The commission shall authorize the director to sign or authenticate all orders and other actions of the commission.
Amended by Act 2019, No. 315,§ 1748, eff. 7/24/2019.
Amended by Act 2019, No. 785,§ 2, eff. 7/24/2019.
Acts 1949, No. 462, § 5; 1983, No. 470, § 5; A.S.A. 1947, § 13-1405.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 10 - CLAIMS AGAINST THE STATE (§§ 19-10-101 — 19-10-406) › Subchapter 2 - ARKANSAS STATE CLAIMS COMMISSION (§§ 19-10-201 — 19-10-223) › Section 19-10-205 - Rulemaking authority

The Arkansas State Claims Commission may make and alter or amend all rules governing the procedure before the commission that may be necessary and expedient for the orderly discharge of the commission's duties and that are not inconsistent with this subchapter or other laws.
Amended by Act 2019, No. 315,§ 1749, eff. 7/24/2019.
Amended by Act 2019, No. 785,§ 2, eff. 7/24/2019.
Acts 1949, No. 462, § 2; 1983, No. 470, § 2; 1983, No. 677, § 7; A.S.A. 1947, § 13-1402.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 10 - CLAIMS AGAINST THE STATE (§§ 19-10-101 — 19-10-406) › Subchapter 2 - ARKANSAS STATE CLAIMS COMMISSION (§§ 19-10-201 — 19-10-223) › Section 19-10-206 - Meetings

(a)
(1)
The Arkansas State Claims Commission shall meet at the time and place designated by the Chair of the Arkansas State Claims Commission, the cochairs of the Arkansas State Claims Commission, or the Director of the Arkansas State Claims Commission.
(2)
General meetings of the commission for the purpose of hearing testimony and taking evidence shall be held each month unless scheduled differently by the chair, the cochairs, or the director.
(b)
The commission may hold a special meeting of the commission upon request by the interested parties.
(c)
The commission shall meet in Little Rock but may conduct hearings elsewhere in the state if the commission determines that a hearing is relevant to business before the commission.
(d)
(1)
A majority of the commissioners shall constitute a quorum, and the concurrence of two (2) members of the commission shall be necessary for the allowance or disallowance of any claims.
(2)
A vacancy does not impair the right of the remaining two (2) commissioners assigned to a particular hearing to exercise all powers of the full commission.
Amended by Act 2019, No. 785,§ 2, eff. 7/24/2019.
Acts 1949, No. 462, § 2; 1983, No. 470, § 2; 1983, No. 677, § 7; A.S.A. 1947, § 13-1402; Acts 1987, No. 249, § 1.