reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-202 - Purpose

This subchapter is intended to supplement all constitutional provisions and other legislation designed to secure and develop industry and, when applied in accordance with its provisions, may be used by any municipality or county as an alternative notwithstanding any constitutional provision or any other legislation authorizing a municipality or county or any commission or agency thereof to issue bonds for the purpose of securing and developing industry.
Acts 1960 (Ex. Sess.), No. 9, § 15; 1961, No. 48, § 5; A.S.A. 1947, § 13-1614.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-204 - Construction

(a)
This subchapter shall be liberally construed to accomplish its intent and purposes and shall be the sole authority required for the accomplishment of its purpose. To this end, it shall not be necessary to comply with general provisions of other laws dealing with public facilities, their acquisition, construction, leasing, encumbering, or disposition.
(b)
(1)
The practice of municipalities and counties and their authority to loan the proceeds of industrial development revenue bonds to accomplish the purposes set forth in §
14-164-205
is explicitly confirmed and ratified.
(2)
All loans previously made by a municipality or county shall be considered for all purposes as if made under the authority of this subchapter.
Acts 1960 (Ex. Sess.), No. 9, § 15; 1961, No. 48, § 5; 1971, No. 208, § 2; A.S.A. 1947, §§ 13-1614, 13-1615; Acts 2005, No. 1922, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-205 - Authority to develop industry

Any municipality or any county is authorized to own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, or contract concerning, or otherwise deal in or dispose of, any land, buildings, or facilities of any and every nature whatever that can be used in securing or developing industry within or near the municipality or county.
Acts 1960 (Ex. Sess.), No. 9, § 2; A.S.A. 1947, § 13-1602.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-206 - Authority to issue revenue bonds

(a)
Municipalities and counties are authorized to use any available revenues for the accomplishment of the purposes set forth in §
14-164-205
and are authorized to issue revenue bonds and to loan and otherwise use the proceeds thereof for the accomplishment of the purposes set forth in §
14-164-205
, either alone or together with other available funds and revenues.
(b)
(1)
The proceeds of bonds issued may be used or loaned to pay:
(A)
All or any portion of the costs of accomplishing the specified purposes;
(B)
All or any portion of the costs of issuing the bonds;
(C)
The amount necessary for a reserve, if desirable;
(D)
The amount necessary to provide debt service on the bonds until revenues for payment of the bonds are available; and
(E)
Any other costs of whatever nature necessarily incidental to the accomplishment of the specified purposes.
(2)
(A)
In addition, revenue bonds are authorized for the purpose of refunding any bonds issued and outstanding by a municipality or county under the provisions of Arkansas Constitution, Amendment 49 [repealed], it being declared that the refunding will be in the best interest of the municipality or county involved and will be in furtherance of the purpose of securing and developing industry in that the tax levied for Arkansas Constitution, Amendment 49 [repealed] bonds being refunded will, by virtue of the refunding, be released and thereby made available for a subsequent bond issue under Arkansas Constitution, Amendment 49 [repealed].
(B)
The bonds issued under this subchapter for the purpose of refunding Arkansas Constitution, Amendment 49 [repealed] bonds may be issued solely for that purpose or may be issued for that purpose and for the accomplishment of any other purposes set forth in §
14-164-205
.
Acts 1960 (Ex. Sess.), No. 9, § 3; 1961, No. 48, § 1; 1965, No. 383, § 1; A.S.A. 1947, § 13-1603; Acts 2005, No. 1922, §§ 3, 4.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-207 - Applicability of sections 14-164-208 - 14-164-216, and 14-164-218

The provisions of this section and §§
14-164-208
-
14-164-216
and
14-164-218
shall not restrict the issuance of any bonds with regard to which a resolution, ordinance, order, or like action authorizing or committing to the issuance of bonds shall have been adopted or taken by a municipality or county prior to March 16, 1981.
Acts 1981, No. 503, § 3; A.S.A. 1947, § 13-1605.1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-208 - Adoption of bond ordinance or order

(a)
(1)
Revenue bonds authorized by this subchapter may be issued by a municipality upon the adoption of an ordinance for that purpose by the governing body of the municipality.
(2)
Revenue bonds authorized by this subchapter may be issued by a county upon the entry of an order of the county court of the county.
(b)
The ordinance or order shall state the purpose for which the revenue bonds are to be issued and the total principal amount of the issue.
(c)
(1)
No ordinance or order shall be adopted or entered until after a public hearing is held before the governing body of the municipality or the county court of the county. However, no public hearing shall be required for the issuance of bonds for the purpose of refunding any obligations issued under this subchapter.
(2)
At least ten (10) days prior to the date of the hearing, notice of it shall be published one (1) time in a newspaper of general circulation in the municipality or county.
(d)
After the hearing, which may be adjourned from time to time, the ordinance or order as introduced or as modified or amended may be adopted or entered.
(e)
(1)
The notice provided for in this section shall be published by the mayor, clerk, or recorder of the municipality or by the county judge or county clerk of the county.
(2)
It shall not be necessary that the action be taken by the governing body or county court to direct publication of the notice.
(f)
(1)
(A)
A municipal ordinance authorizing bonds shall be published one (1) time in a newspaper of general circulation in the municipality.
(B)
It shall not be necessary to publish a county court order authorizing bonds.
(C)
It shall not be necessary to comply with general provisions of other laws dealing with the publication or posting of ordinances or orders.
(2)
(A)
Subdivision (f)(1) of this section applies to all ordinances and orders adopted or entered under this section before March 28, 2007.
(B)
An ordinance or order adopted or entered before March 28, 2007, shall be considered for all purposes as if adopted or entered under the authority of this subsection.
(C)
An ordinance adopted before March 28, 2007, shall not be held to be invalidly adopted for noncompliance with §
14-55-206
.
Acts 1960 (Ex. Sess.), No. 9, § 4; 1968 (1st Ex. Sess.), No. 52, § 1; 1975 (Extended Sess., 1976), No. 1239, § 1; 1981, No. 503, § 1; A.S.A. 1947, § 13-1604; Acts 1997, No. 540, § 16; 1999, No. 307, § 2; 2007, No. 644, § 1; 2009, No. 163, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-209 - Bonds - Issuance - Authorizing resolution

(a)
The issuance of revenue bonds shall be by an ordinance of the municipality or an order of the county court, as the case may be.
(b)
In the ordinance of the municipality or the order of the county court authorizing the issuance of revenue bonds, the municipality or the county may:
(1)
Provide for the initial issuance of one (1) or more bonds aggregating the principal amount of the entire issue and may, in the ordinance or order, make such provisions for installment payments of the principal amount of the bonds as it may consider desirable; and
(2)
Provide for the bonds to be payable to the bearer with interest coupons, or to be registrable as to principal only with interest coupons, or to be registrable as to principal and interest, and where interest accruing thereon is not represented by interest coupons, for the endorsement of payment of interest on the bonds.
Acts 1960 (Ex. Sess.), No. 9, § 5; 1961, No. 48, § 2; 1963, No. 231, § 2; 1968 (1st Ex. Sess.), No. 16, § 1; 1969, No. 121, § 1; 1970 (Ex. Sess.), No. 36, § 1; 1981, No. 4, § 2; A.S.A. 1947, § 13-1605.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-210 - Bonds - Terms and conditions

(a)
The bonds may be in bearer or registered form, with or without coupons, and may be subject to exchange or modification in that regard, and, as the ordinance may provide, may:
(1)
Be issued in one (1) or more series;
(2)
Bear such date or dates;
(3)
Mature at such time or times, not exceeding thirty (30) years from their respective dates;
(4)
Bear interest at such rate or rates;
(5)
Be in such form;
(6)
Be executed in such manner;
(7)
Be payable in such medium of payment, at such place or places;
(8)
Be subject to such terms of redemption; and
(9)
Contain such terms, covenants, and conditions, including, without limitation, those pertaining to:
(A)
The custody and application of proceeds of the bonds;
(B)
The collection and disposition of revenues;
(C)
The maintenance of various funds and reserves;
(D)
The nature and extent of the security;
(E)
The rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds; and
(F)
The rights of the holders or registered owners of the bonds.
(b)
The bonds shall have all the qualities of negotiable instruments under the negotiable instruments laws of this state.
Acts 1960 (Ex. Sess.), No. 9, § 5; 1961, No. 48, § 2; 1963, No. 231, § 2; 1968 (1st Ex. Sess.), No. 16, § 1; 1969, No. 121, § 1; 1970 (Ex. Sess.), No. 36, § 1; 1975, No. 221, § 1; 1975 (Extended Sess., 1976), No. 1239, § 2; 1981, No. 4, §§ 2-4; 1981, No. 503, § 2; A.S.A. 1947, § 13-1605.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-211 - Bonds - Trust indenture, lease, etc

(a)
The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the rights of the bondholders and provides for the appointment of a trustee for the bondholders.
(b)
The indenture may control the priority between successive issues and may contain any other items, covenants, and conditions that are deemed desirable, including, without limitation, those pertaining to:
(1)
The custody and application of the proceeds of the bonds;
(2)
The collection and disposition of revenues;
(3)
The maintenance of various funds and reserves;
(4)
The nature and extent of the security;
(5)
The rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds; and
(6)
The rights of the holders or registered owners of the bonds.
(c)
It shall not be necessary for the municipality to publish any indenture, lease, or any other agreement if the ordinance authorizing an indenture, the ordinance authorizing a lease, or the ordinance authorizing any other agreement is published as required by the law governing the publication of ordinances of a municipality and the ordinance advises that a copy of the indenture, lease, or other agreement, as the case may be, is on file in the office of the clerk or recorder of the municipality for inspection by an interested person, and the copy of the indenture, lease, or other agreement, as the case may be, is filed with the clerk or recorder of the municipality.
Acts 1960 (Ex. Sess.), No. 9, § 5; 1961, No. 48, § 2; 1963, No. 231, § 2; 1968 (1st Ex. Sess.), No. 16, § 1; 1969, No. 121, § 1; 1970 (Ex. Sess.), No. 36, § 1; 1975, No. 221, § 1; 1975 (Extended Sess., 1976), No. 1239, § 2; 1981, No. 4, §§ 2-4; 1981, No. 503, § 2; A.S.A. 1947, § 13-1605.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-212 - Bonds and coupons - Execution

(a)
(1)
(A)
The bonds shall be executed by the mayor and the city clerk or recorder of the municipality, or by the county judge and the county clerk of the county, as the case may be.
(B)
One (1) signature may be facsimile, but one (1) signature must be manual.
(2)
The coupons attached to the bonds may be executed by the facsimile signature of the mayor or county judge.
(b)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of the bonds or coupons, their signatures shall nevertheless be valid and sufficient for all purposes.
Acts 1960 (Ex. Sess.), No. 9, § 5; 1961, No. 48, § 2; 1963, No. 231, § 2; 1968 (1st Ex. Sess.), No. 16, § 1; 1969, No. 121, § 1; 1970 (Ex. Sess.), No. 36, § 1; 1975, No. 221, § 1; 1975 (Extended Sess., 1976), No. 1239, § 2; 1981, No. 4, §§ 2-4; 1981, No. 503, § 2; A.S.A. 1947, § 13-1605.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-213 - Bonds - Sale

The bonds may be sold for such price, including, without limitation, sale at a discount, and in such manner as the municipality or county may determine by ordinance or order.
Acts 1960 (Ex. Sess.), No. 9, § 5; 1961, No. 48, § 2; 1963, No. 231, § 2; 1968 (1st Ex. Sess.), No. 16, § 1; 1969, No. 121, § 1; 1970 (Ex. Sess.), No. 36, § 1; 1975, No. 221, § 1; 1975 (Extended Sess., 1976), No. 1239, § 2; 1981, No. 4, §§ 2-4; 1981, No. 503, § 2; A.S.A. 1947, § 13-1605.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-214 - Bonds - Conversion

The municipality or the county may make provision in the ordinance or order for the manner and circumstances in which and under which bonds issued under this section may, in the future at the request of the holders or registered owners thereof, be converted into bonds of smaller denomination. The bonds of smaller denomination may in turn be either coupon bonds payable to bearer or bonds registrable as to principal only, or bonds registrable as to both principal and interest.
Acts 1960 (Ex. Sess.), No. 9, § 5; 1961, No. 48, § 2; 1963, No. 231, § 2; 1968 (1st Ex. Sess.), No. 16, § 1; 1969, No. 121, § 1; 1970 (Ex. Sess.), No. 36, § 1; 1975, No. 221, § 1; 1975 (Extended Sess., 1976), No. 1239, § 2; 1981, No. 4, §§ 2-4; 1981, No. 503, § 2; A.S.A. 1947, § 13-1605.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-215 - Bonds - Successive issues

There may be successive bond issues for the purpose of financing the same industrial projects, including land, buildings, or facilities, involving one (1) or more industries, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping industrial projects, including land, buildings, or facilities, already in existence, whether or not originally financed by bonds issued under this subchapter, with each successive issue to be authorized as provided by this subchapter.
Acts 1960 (Ex. Sess.), No. 9, § 5; 1961, No. 48, § 2; 1963, No. 231, § 2; 1968 (1st Ex. Sess.), No. 16, § 1; 1969, No. 121, § 1; 1970 (Ex. Sess.), No. 36, § 1; 1975, No. 221, § 1; 1975 (Extended Sess., 1976), No. 1239, § 2; 1981, No. 4, §§ 2-4; 1981, No. 503, § 2; A.S.A. 1947, § 13-1605.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-216 - Bonds - Priority among issues

Priority between and among issues and successive issues as to security of the pledge of revenues and mortgage liens on the land, buildings, and facilities involved may be controlled by the ordinance or order authorizing the issuance of bonds under this subchapter.
Acts 1960 (Ex. Sess.), No. 9, § 5; 1961, No. 48, § 2; 1968 (1st Ex. Sess.), No. 16, § 1; 1969, No. 121, § 1; 1970 (Ex. Sess.), No. 36, § 1; 1981, No. 4, § 2; A.S.A. 1947, § 13-1605.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-217 - Bonds - Payment

(a)
(1)
Revenue bonds issued under this subchapter shall not be general obligations of the municipality or county, but shall be special obligations, and in no event shall the revenue bonds constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation.
(2)
It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and that it does not constitute an indebtedness of the municipality or county within any constitutional or statutory limitation.
(b)
(1)
The principal of and interest on the revenue bonds and trustee's and paying agent's fees shall be payable from one (1) or more of the following sources as determined by the municipality or county:
(A)
Revenues derived from the lands, buildings, or facilities acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds;
(B)
Surplus revenues derived from other lands, buildings, or facilities used and useful for securing and developing industry;
(C)
Surplus revenues derived from water, sewer, sanitation, gas, and electric utilities owned by the municipality or county;
(D)
Revenues derived from payments in lieu of ad valorem taxes to the municipality or county with respect to the lands, buildings, or facilities acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds; and
(E)
Revenues derived from governmental grants and tax rebates and credits received or anticipated to be received with respect to the lands, buildings, or facilities acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.
(2)
The revenues may also be pledged to and used for the reimbursement for payments of the principal of and interest on the bonds and trustee's and paying agent's fees made by the Arkansas Economic Development Commission or the Arkansas Economic Development Council pursuant to guaranties issued under the Industrial Revenue Bond Guaranty Law, §
15-4-601
et seq., or made by the Arkansas Development Finance Authority pursuant to guaranties issued under the Arkansas Development Finance Authority Bond Guaranty Act of 1985, §
15-5-401
et seq.
(3)
Surplus funds on hand derived from the water, sewer, sanitation, gas, and electric utilities owned by the municipality or county may also be pledged and used for any of the foregoing purposes, including the establishment and maintenance of a reserve fund or funds for the payment of the principal of and interest on the bonds and trustee's and paying agent's fees or the reimbursement thereof.
Acts 1960 (Ex. Sess.), No. 9, § 6; A.S.A. 1947, § 13-1606; Acts 1999, No. 307, § 3; 2005, No. 1922, § 5.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-218 - Bonds - Interim financing

(a)
If the issuance of bonds is authorized in accordance with the provisions of this subchapter, a municipality or county is authorized to obtain interim financing pending the delivery of all or any part of the bonds from such sources and upon such terms as the municipality or the county shall determine.
(b)
As evidence of any indebtedness so incurred, the municipality or the county may execute and deliver its promissory note or notes and pledge to the payment thereof any revenues authorized by this subchapter to be pledged to revenue bonds and may secure the notes in the same manner as revenue bonds issued under this subchapter may be secured.
(c)
As the ordinance or order may provide, the notes may:
(1)
Bear such date or dates;
(2)
Mature at such time or times, not exceeding thirty-six (36) months from their respective dates;
(3)
Bear interest at such rate or rates;
(4)
Be in such form;
(5)
Be executed in such manner;
(6)
Be payable at such place or places;
(7)
Contain such provisions for prepayment prior to maturity; and
(8)
Contain such other terms, or covenants and conditions, consistent with the provisions of this subchapter, pertaining to revenue bonds and pertaining to the security, rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds and the rights of the holders or registered owners of the bonds.
(d)
These notes shall not be general obligations of the municipality or county but shall be special obligations, and in no event shall these notes constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation.
(e)
The municipality or county may use, as distinguished from pledge, any available revenues to pay or to apply to the payment of the principal of, and interest on, these notes and may use the proceeds of revenue bonds, either alone or with other available revenues, to pay the principal and interest on the notes.
Acts 1960 (Ex. Sess.), No. 9, § 5; 1968 (1st Ex. Sess.), No. 16, § 1; 1969, No. 121, § 1; 1970 (Ex. Sess.), No. 36, § 1; 1975 (Extended Sess., 1976), No. 1239, § 2; 1981, No. 4, §§ 2-4; A.S.A. 1947, § 13-1605.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-219 - Refunding bonds

(a)
(1)
Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter.
(2)
Refunding bonds may be combined with bonds issued under the provisions of §
14-164-206
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)
The ordinance or order under which the refunding bonds are issued may provide that any of the bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded by them.
(2)
Refunding bonds shall be issued and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of these bonds.
Acts 1960 (Ex. Sess.), No. 9, § 7; 1965, No. 383, § 2; 1975 (Extended Sess., 1976), No. 1239, § 3; A.S.A. 1947, § 13-1607; reen. Acts 1987, No. 1020, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-220 - Statutory mortgage lien

(a)
(1)
The ordinance, order, or indenture referred to in §§
14-164-209
and
14-164-211
may, but need not, impose a foreclosable mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
(2)
The nature and extent of the mortgage lien may be controlled by the ordinance, order, or indenture, including, without limitation, provisions pertaining to the release of all, or part of, the land, buildings, or facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by §
14-164-215
.
(b)
(1)
The ordinance, order, or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this subchapter, or a trustee on behalf of all holders and registered owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuing municipality or county set forth in this subchapter and set forth in the ordinance, order, or indenture authorizing or securing the bonds.
(2)
References in this subchapter to mortgage liens shall include and mean security interest in any personal property embodied in the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
Acts 1960 (Ex. Sess.), No. 9, § 8; 1961, No. 48, § 3; 1975, No. 221, § 2; A.S.A. 1947, § 13-1608.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-221 - Default in payment of bonds

(a)
In the event of a default in the payment of the principal of, or interest on, any revenue bonds issued under this subchapter, any court having jurisdiction may appoint a receiver to take charge of the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of revenue bonds issued under this subchapter, upon which land, buildings, or facilities, or any part thereof, there is a mortgage lien securing the revenue bonds with reference to which there is such a default in the payment of principal or interest.
(b)
The receiver shall have the power to operate and maintain the land, buildings, or facilities and to charge and collect rates or rents sufficient to provide for the payment of the principal of, and interest on, the bonds, after providing for the payment of any cost of receivership and operating expenses of the land, buildings, or facilities, and to apply the income and revenues derived from the land, buildings, or facilities in conformity with this subchapter and the ordinance, order, or indenture authorizing or securing the bonds.
(c)
When the default has been cured, the receivership shall be ended and the properties returned to the municipality or county.
(d)
The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded the trustee for the bondholders and the bondholders in the ordinance, order, or indenture authorizing or securing the bonds and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from, and mortgage lien on, the land, buildings, or facilities as specified in, and fixed by, the ordinances, orders, or indentures authorizing or securing successive bond issues.
Acts 1960 (Ex. Sess.), No. 9, § 9; 1961, No. 48, § 4; A.S.A. 1947, § 13-1609.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-222 - Bonds - Tax exemption

(a)
Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes.
(b)
This exemption includes income and inheritance taxes.
Acts 1960 (Ex. Sess.), No. 9, § 10; A.S.A. 1947, § 13-1610.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-223 - Public investment

(a)
Any municipality or any board, commission, or other authority 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 municipality or any county, 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 the revenue bonds issued under the provisions of this subchapter.
(b)
Revenue bonds issued under this subchapter shall be eligible to secure the deposit of public funds.
Acts 1960 (Ex. Sess.), No. 9, § 11; A.S.A. 1947, § 13-1611.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-224 - No utility acquisition by municipality

Nothing in this subchapter shall be construed to authorize any municipality to issue or sell revenue bonds, or use the proceeds thereof, to purchase, condemn, or otherwise acquire a utility plant or distribution system owned or operated by a regulated public utility.
Acts 1960 (Ex. Sess.), No. 9, § 13; A.S.A. 1947, § 13-1613.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-301 - Title

This subchapter shall be referred to and may be cited as the "Local Government Bond Act of 1985."
Acts 1985, No. 871, § 1; A.S.A. 1947, § 13-1239.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-302 - Legislative intent

The people of the State of Arkansas by the adoption of Arkansas Constitution, Amendment 62, have expressed their intention to provide county and municipal governments expanded powers and authority with respect to the creation of bonded indebtedness for capital improvements of a public nature and the financing of economic development projects, and have empowered the General Assembly to define and prescribe certain matters with respect to the exercise of this power and authority. To that end this subchapter is adopted to enable the accomplishment and realization of the public purposes intended by Arkansas Constitution, Amendment 62, and is not intended to otherwise limit in any manner the exercise of the powers of counties and municipalities.
Amended by Act 2017, No. 533,§ 1, eff. 8/1/2017.
Acts 1985, No. 871, § 2; A.S.A. 1947, § 13-1240.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-304 - 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 herein authorized and all powers herein granted shall be broadly interpreted to effectuate the intent and purposes and not as a limitation of powers.
Acts 1985, No. 871, § 22; A.S.A. 1947, § 13-1259.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-305 - Subchapter supplemental

(a)
It is the specific intent of this subchapter that this subchapter, and in particular §§
14-164-326
-
14-164-339
, be supplemental to other constitutional or statutory provisions that may provide for the financing of capital improvements of a public nature or economic development projects.
(b)
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.
Amended by Act 2019, No. 383,§ 17, eff. 7/24/2019.
Amended by Act 2017, No. 533,§ 5, eff. 8/1/2017.
Acts 1985, No. 871, § 21; A.S.A. 1947, § 13-1258; Acts 1991, No. 646, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-306 - Venue

For the purposes of this subchapter, when it is necessary to determine whether publication or other activity has taken place within a municipality lying in more than one (1) county, or where suit shall be filed contesting an election in that municipality, then the publication, activity, or suit shall take place in the county in which a majority of the people living in the municipality reside.
Acts 1985, No. 871, § 17; A.S.A. 1947, § 13-1255.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-307 - Financing of economic development projects

To provide for the financing of economic development projects, municipalities and counties may own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning, and otherwise deal in or dispose of any economic development projects.
Amended by Act 2017, No. 533,§ 6, eff. 8/1/2017.
Acts 1985, No. 871, § 6; A.S.A. 1947, § 13-1244.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-308 - Bonds generally - Authorizing ordinance

Whenever a legislative body determines the need to issue bonds for capital improvements or economic development projects, the legislative body shall authorize the issuance of the bonds by ordinance specifying the principal amount of bonds to be issued, the purpose or purposes for which the bonds are to be issued, and the maximum rate of any ad valorem tax to be levied and pledged to the retirement of the bonds.
Amended by Act 2017, No. 533,§ 6, eff. 8/1/2017.
Acts 1985, No. 871, § 4; A.S.A. 1947, § 13-1242.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-309 - Bonds generally - Election to authorize issuance

(a)
The question of the issuance of such bonds shall be submitted to the electors of the county or municipality at the general election or at a special election called for that purpose in accordance with §
7-11-201
et seq., as provided in the ordinance and held in the manner provided in this subchapter.
(b)
Except as otherwise provided in this subchapter, the election shall be held and conducted in the same manner as a special or general election under the election laws of the state.
(c)
The ordinance shall set forth the form of the ballot question or questions, which shall include a statement of the purpose or purposes for which the bonds are to be issued and the maximum rate of any ad valorem tax to be levied for payment of bonded indebtedness.
(d)
Notice of the election shall be given by the clerk of the issuer by one (1) publication in a newspaper having general circulation within the municipality or county not less than ten (10) days prior to the election. No other publication or posting of a notice by any other public official shall be required.
(e)
The chief executive officer of the municipality or county shall proclaim the results of the election by issuing a proclamation and publishing it one (1) time in a newspaper having general circulation within the municipality or county.
(f)
(1)
The results of the election as stated in the proclamation shall be conclusive unless suit is filed in the circuit court in the county in which the issuer is located within thirty (30) days after the date of the publication.
(2)
No other action shall be maintained to challenge the validity of the bonds and of the proceedings authorizing the issuance of the bonds unless suit is filed in such circuit court within thirty (30) days after the date of the adoption of an ordinance authorizing the sale of the bonds.
Acts 1985, No. 871, § 4; A.S.A. 1947, § 13-1242; Acts 2005, No. 2145, § 47; 2007, No. 1049, § 68; 2009, No. 1480, § 87.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-310 - Bonds generally - Terms and conditions

(a)
As the ordinance or trust indenture as authorized in this subchapter may provide, the bonds may:
(1)
Be in registered or other form;
(2)
Be in such denominations;
(3)
Be exchangeable for bonds of another denomination;
(4)
Be made payable at such places within or without the state;
(5)
Be issued in one (1) or more series;
(6)
Bear such date or dates;
(7)
Mature at such time or times;
(8)
Be payable in such medium of payment;
(9)
Be subject to such terms of redemption; and
(10)
May contain such other terms, covenants, and conditions, including, without limitation, those pertaining to:
(A)
The custody and application of the proceeds of the bonds;
(B)
The collection and disposition of tax collections;
(C)
The maintenance of various funds and reserves;
(D)
The nature and extent of the pledge and security;
(E)
The maintaining of taxes;
(F)
The remedies on default;
(G)
The rights, duties, and obligations of the legislative body of the issuer and the trustee, if any, for the owners of the bonds; and
(H)
The rights of the owners of the bonds.
(b)
All bonds and notes issued under the provisions of this subchapter shall be and are declared to be negotiable instruments within the meaning of the negotiable instruments law of the state.
Acts 1985, No. 871, §§ 5, 16; A.S.A. 1947, §§ 13-1243, 13-1254.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-311 - Bonds generally - Interest rates

Bonds may bear the rate or rates of interest that the ordinance or trust indenture authorized in §
14-164-310(a)
provides.
Acts 1985, No. 871, § 5; A.S.A. 1947, § 13-1243; Acts 2011, No. 287, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-312 - Bonds generally - Trust indenture

(a)
The ordinance authorizing the bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture which defines the rights of the owners of the bonds and provides for the appointment of a trustee for the owners of the bonds.
(b)
The trust indenture may provide for the priority between and among successive issues and may contain any of the provisions set forth in §
14-164-310
and any other terms, covenants, and conditions that are deemed desirable.
(c)
A municipality or county is not required to publish an indenture or other agreement if:
(1)
The ordinance that authorizes the indenture or other agreement:
(A)
Is published as required by law governing the publication of an ordinance; and
(B)
States that a copy of the indenture or other agreement is on file in the office of the clerk or recorder of the municipality or county for inspection by an interested person; and
(2)
A copy of the indenture or other agreement is filed in the office of the clerk or recorder of the municipality or county.
Acts 1985, No. 871, § 5; A.S.A. 1947, § 13-1243; Acts 2007, No. 603, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-313 - Bonds generally - Contents

It shall be plainly stated on the face of each bond that it has been issued under the provisions of Arkansas Constitution, Amendment 62 and this subchapter.
Acts 1985, No. 871, § 5; A.S.A. 1947, § 13-1243.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-314 - Bonds generally - Execution

The bonds shall be executed in the manner provided by the Registered Public Obligations Act of Arkansas, §
19-9-401
et seq., as that act may be amended.
Acts 1985, No. 871, § 5; A.S.A. 1947, § 13-1243.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-315 - Bonds generally - Sale

Bonds may be sold at public or private sale for such price, including without limitation sale at a discount, and in such manner as the legislative body of the issuer may determine.
Amended by Act 2017, No. 533,§ 7, eff. 8/1/2017.
Acts 1985, No. 871, §§ 5, 7; A.S.A. 1947, §§ 13-1243, 13-1245.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-316 - Bonds generally - Pledge of taxes generally

The bonds shall be secured by, and contain a pledge of, any tax or combination of taxes authorized to pay the bonded indebtedness and shall be payable solely from the taxes authorized by this subchapter. However, the issuer is not prohibited from using other taxes, revenues, or receipts to retire the bonds.
Acts 1985, No. 871, § 5; A.S.A. 1947, § 13-1243.