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 3 - LOCAL GOVERNMENT BOND ACT (§§ 14-164-301 — 14-164-342) › Section 14-164-317 - Bonds generally - Pledge and collection of ad valorem taxes

(a)
The ad valorem tax pledged for payment of bonds shall constitute a special fund pledged as security for the payment of such indebtedness.
(b)
The ad valorem tax shall never be extended for any other purpose, nor collected for any greater length of time than necessary to retire the bonded indebtedness.
(c)
Upon retirement on the bonded indebtedness, any surplus tax collections which may have accumulated shall be transferred to the general fund of the issuer.
(d)
The collection of ad valorem taxes, or a portion thereof, may be suspended by the issuer when not required for the payment of the bonds, subject to any covenants with the owners of the bonds.
Amended by Act 2017, No. 533,§ 8, eff. 8/1/2017.
Acts 1985, No. 871, § 8; A.S.A. 1947, § 13-1246.
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 14-164-318 - Bonds generally - Successive issues

There may be successive bond issues for the purpose of financing the same capital improvements.
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 14-164-319 - Bonds generally - Mortgage lien - Definition

(a)
The ordinance or trust indenture authorized in §
14-164-310
or §
14-164-312
may, but need not, impose a foreclosable mortgage lien upon the capital improvements or economic development projects financed with the proceeds of bonds issued under this subchapter.
(b)
The nature and extent of the mortgage lien imposed under subsection (a) of this section may be controlled by the ordinance or trust indenture, including without limitation provisions:
(1)
Pertaining to the release of all or part of the land, buildings, or facilities from the mortgage lien;
(2)
Pertaining to the priority of the mortgage lien in the event of successive bond issues; and
(3)
Authorizing any owner of bonds, or a trustee on behalf of all 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 issuer set forth in this subchapter or in the ordinance or trust indenture authorizing and securing the bonds.
(c)
As used in this section, "mortgage lien" includes a security interest in any personal property constituting the capital improvements or economic development projects, or part of the capital improvements or economic development projects, financed with the proceeds of bonds issued under this subchapter.
Amended by Act 2017, No. 533,§ 9, eff. 8/1/2017.
Acts 1985, No. 871, § 13; A.S.A. 1947, § 13-1251.
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 14-164-320 - Bonds generally - Liability

No officer, employee, or member of the legislative body of the issuer shall be personally liable on any bonds issued under the provisions of this subchapter or for any damages sustained by any person in connection with any contracts entered into to carry out the purposes and intent of this subchapter unless that person has acted with a corrupt intent.
Acts 1985, No. 871, § 19; A.S.A. 1947, § 13-1257.
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 14-164-321 - Bonds generally - Tax exemption

Bonds and notes issued under the provisions of this subchapter and the income thereon shall be exempt from all state, county, and municipal taxes, including, without limitation, all income, property, and inheritance taxes.
Acts 1985, No. 871, § 15; A.S.A. 1947, § 13-1253.
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 14-164-322 - Bonds generally - Multipurpose bonds

(a)
When bonds are to be issued for more than one (1) purpose the principal amount of bonds applicable to each purpose shall be stated on the ballot as a separate question and no bonds shall be issued for such purpose unless a majority of the electors voting on each separate question shall have approved the issuance of bonds for such purpose.
(b)
Bonds that are approved by the electors for more than one (1) purpose may be combined into a single issue.
Acts 1985, No. 871, §§ 4, 5; A.S.A. 1947, §§ 13-1242, 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 14-164-323 - Bonds generally - Interim borrowing

(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 the tax or taxes approved by the voters to be pledged to the bonds, and to otherwise secure the notes as bonds issued under this subchapter may be secured.
(c)
The notes may bear such date or dates, may mature at such time or times, not exceeding three (3) years from their respective dates, may bear interest at such rate or rates, may be in such form, may be executed in such manner, may be payable at such place or places, may contain such provisions for prepayment prior to maturity and may contain such other terms, or covenants, and conditions as the ordinance may provide which are not inconsistent with the provisions of this subchapter.
Acts 1985, No. 871, § 14; A.S.A. 1947, § 13-1252.
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 14-164-325 - Taxes not state revenues

It is the express intent of the General Assembly that any tax levied under the authority of this subchapter by a municipality or county to finance capital improvements of a public nature or economic development projects shall not constitute revenues of the state within the meaning of any constitutional or statutory provisions, but the tax levied under this subchapter shall at all times continue to be revenues of the particular municipality or county notwithstanding the participation or involvement, for the convenience of administration, by the Secretary of the Department of Finance and Administration or the Treasurer of State in the manner authorized in this subchapter in any phase of collection, holding, or distribution of proceeds of any tax authorized under this subchapter.
Amended by Act 2019, No. 910,§ 3381, eff. 7/1/2019.
Amended by Act 2017, No. 533,§ 12, 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 14-164-326 - Capital improvement bonds - Hotel and restaurant tax

(a)
Any municipality levying a tax upon the gross receipts of hotel and motel accommodations or upon the gross receipts of restaurants, cafes, cafeterias, and similar establishments is authorized to pledge all or a specified portion of the receipts of such tax to the retirement of bonds for capital improvements.
(b)
However, no such pledge or the issuance of such bonds shall be effective unless the pledge or the issuance of the bonds has been approved by a majority of the electors of the municipality voting on the question at an election held substantially in the manner provided in §
14-164-328
.
Acts 1985, No. 871, § 11; A.S.A. 1947, § 13-1249.
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 14-164-327 - Capital improvement bonds - Local sales and use tax - Levy

(a)
(1)
In lieu of or in addition to the levying of an ad valorem tax to retire bonds for capital improvements or for financing economic development projects, the legislative body of a municipality or county may adopt an ordinance levying a local sales and use tax in the amount of one-eighth of one percent (0.125%), one-fourth of one percent (0.25%), one-half of one percent (0.5%), three-fourths of one percent (0.75%), one percent (1%), or any combination of these amounts to retire the bonds in accordance with the terms of this section and §§
14-164-328
-
14-164-335
.
(2)
(A)
The ordinance may levy multiple taxes.
(B)
However, there shall not be in effect at any one (1) time taxes levied under this subchapter at an aggregate rate greater than one percent (1%).
(b)
A certified copy of the ordinance or ordinances authorizing the levy of a local sales and use tax or taxes and the issuance of bonds secured by the taxes shall be provided to the Secretary of the Department of Finance and Administration and to the Treasurer of State as soon as practicable after the adoption of the taxes.
(c)
Section
26-74-414(b)
does not apply to a local sales and use tax levied by a county under this subchapter for the sole purpose of retiring bonds for capital improvements or economic development projects if all collections derived from the local sales and use tax are pledged by the county to pay the principal and interest of the bonds for capital improvements or economic development projects.
Amended by Act 2019, No. 910,§ 3382, eff. 7/1/2019.
Amended by Act 2017, No. 533,§ 14, eff. 8/1/2017.
Amended by Act 2017, No. 533,§ 13, eff. 8/1/2017.
Acts 1985, No. 871, § 9; A.S.A. 1947, § 13-1247; Acts 1991, No. 765, § 1; 2001, No. 1168, § 1; 2005, No. 1551, § 6; 2007, No. 603, § 2; 2011, No. 276, § 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 14-164-328 - Capital improvement bonds - Local sales and use tax - Election to authorize

(a)
(1)
(A)
On the date of adoption of an ordinance levying a local sales and use tax or taxes to retire the bonds for capital improvements or economic development projects, or within thirty (30) days following the adoption of the ordinance, the municipality or county shall provide by ordinance for the calling and holding of an election on the issuance of the bonds to which the tax or taxes will be pledged as provided in §
14-164-309
.
(B)
The ordinance levying the tax may also call the election.
(2)
(A)
In addition to the requirements of §
14-164-309
and in lieu of a reference to an ad valorem tax, if none is to be levied, there shall be set forth on the ballot a statement that a local sales and use tax or taxes shall be levied and pledged to the retirement of the bonds approved by the voters.
(B)
The percentage rate for each tax shall also be specified on the ballot.
(b)
(1)
Following the election, the chief executive of the municipality or county shall issue his or her proclamation of the results of the election with reference to the bonds.
(2)
The proclamation shall be published one (1) time in a newspaper having general circulation in the municipality or county.
(c)
(1)
Any person desiring to challenge the results of the election as published in the proclamation shall file a challenge in the circuit court in which the municipality or county is located within thirty (30) days of the date of publication of the proclamation.
(2)
Hearings of such matters of litigation shall be advanced on the docket of the courts and disposed of at the earliest feasible time.
Amended by Act 2017, No. 533,§ 15, eff. 8/1/2017.
Acts 1985, No. 871, § 9; A.S.A. 1947, § 13-1247; Acts 1991, No. 765, § 2; 2001, No. 1168, § 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 14-164-330 - Capital improvement bonds - Local sales and use tax - Notice to Secretary of the Department of Finance and Administration

As soon as is feasible and no later than ten (10) days following each of the events set forth in the ordinance with reference to the procedure for the adoption or abolition of the local sales and use tax and the effective dates of the action, the clerk shall notify the Secretary of the Department of Finance and Administration of such event.
Amended by Act 2019, No. 910,§ 3387, eff. 7/1/2019.
Acts 1985, No. 871, § 9; A.S.A. 1947, § 13-1247; Acts 2003, No. 383, § 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 14-164-331 - Capital improvement bonds - Local sales and use tax - Alteration of municipal boundaries

If a municipality in which a local sales and use tax has been imposed in the manner provided for in this subchapter changes or alters its boundaries, any tax imposed under this subchapter shall be effective in the added territory or abolished in the detached territory on the first day of the first calendar month following the expiration of thirty (30) days from the date that the annexation or detachment becomes effective.
Acts 1985, No. 871, § 9; A.S.A. 1947, § 13-1247; Acts 2003, No. 383, § 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 14-164-332 - Capital improvement bonds - Local sales and use tax - Pledge

(a)
Any moneys collected under this subchapter by the director acting as agent for any municipality or county which, as indicated by a certified copy of an ordinance of the municipality or county previously filed with the director and the State Treasurer, are pledged to secure the retirement of bonds authorized by this subchapter shall be transmitted by the director to the State Treasurer.
(b)
Notwithstanding the provisions of §§
26-74-201
-
26-74-219
,
26-74-221
,
26-74-315
-
26-74-317
,
26-75-201
-
26-75-221
,
26-75-223
,
26-75-317
, and
26-75-318
, in any municipality or county in which a local sales and use tax has been adopted in the manner provided for in this subchapter, and all or a portion of the tax is pledged to secure the payment of bonds as authorized by this subchapter, that portion of the tax pledged to retire the bonds shall not be repealed, abolished, or reduced so long as such bonds are outstanding and, subject to covenants entered into with owners of the bonds, the tax may be pledged as security for the issuance of additional bonds if authorized by the electors.
Acts 1985, No. 871, § 9; A.S.A. 1947, § 13-1247.
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 14-164-334 - Capital improvement bonds - Local sales and use tax - Single transactions

(a)
Any sales and use tax levied pursuant to this subchapter shall be levied and collected only on the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of:
(1)
Motor vehicles;
(2)
Aircraft;
(3)
Watercraft;
(4)
Modular homes;
(5)
Manufactured homes; or
(6)
Mobile homes.
(b)
(1)
For any taxpayer not subject to the levy of a use tax on taxable services or tangible personal property brought into the State of Arkansas for storage until the property is subsequently initially used in the State of Arkansas, the use tax portion of the local sales and use tax authorized by this subchapter shall be computed on each purchase of the property by the taxpayer as if all the property was subject upon purchase to the use tax but only on the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of:
(A)
Motor vehicles;
(B)
Aircraft;
(C)
Watercraft;
(D)
Modular homes;
(E)
Manufactured homes; or
(F)
Mobile homes.
(2)
The taxes so computed in the preceding sentence shall be aggregated on a monthly basis and the aggregate monthly amount shall be divided by the sum of the total purchases of the property on which the taxes are computed and the quotient shall be multiplied by the amount of the taxpayer's property subsequently initially used and subject to levy of such use tax within the municipality or county during the month for which the monthly aggregate tax figure was computed, and the product shall be the amount of such use tax liability for the taxpayer for the month computed.
Acts 1985, No. 871, § 9; A.S.A. 1947, § 13-1247; Acts 1993, No. 669, § 1; 2003, No. 1273, §§ 85, 86.
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 14-164-335 - Capital improvement bonds - Local sales and use tax - Reports

Vendors collecting, reporting, and remitting such sales and use taxes shall show sales taxes as a separate entry on the tax report form filed with the director.
Acts 1985, No. 871, § 9; A.S.A. 1947, § 13-1247.
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 14-164-336 - Local Sales and Use Tax Trust Fund

(a)
There is created a trust fund for the remittance of local sales and use taxes collected under this subchapter which shall be known as "the Local Sales and Use Tax Trust Fund," which trust fund shall be held apart from the State Treasury by the Treasurer of State and shall be administered by the Treasurer of State as provided in this section, in addition to other duties of the Treasurer of State prescribed by law.
(b)
The Treasurer of State shall not deposit any such moneys into the State Treasury or into general revenues, but shall hold such moneys apart, in trust, and shall deposit such moneys as cash funds into the Local Sales and Use Tax Trust Fund established by this subchapter.
(c)
The Treasurer of State shall transmit monthly to the treasurer of the municipality or county, as the case may be, or in the alternative, to a bank or other depository designated by the municipality or county, the moneys of the municipality or county held in the Local Sales and Use Tax Trust Fund established by this subchapter, subject to the charges payable and retainage authorized by §§
26-74-201
-
26-74-219
,
26-74-221
,
26-74-315
-
26-74-317
,
26-75-201
-
26-75-221
,
26-75-223
,
26-75-317
,
26-75-318
, and the Local Sales and Use Tax Economic Development Project Funding Act, §
26-82-101
et seq.
(d)
(1)
With the exception of revenue derived from taxes under subdivision (d)(2) of this section, revenue derived from a tax on aviation fuel by a city or county where a regional airport, as described by the Regional Airport Act, §
14-362-101
et seq., is located shall be remitted by the Treasurer of State directly to the regional airport located within the levying city or county.
(2)
Revenue derived from a tax on aviation fuel in effect on December 30, 1987, is not subject to this section.
Acts 1985, No. 871, § 9; A.S.A. 1947, § 13-1247; Acts 2007, No. 166, § 1; 2011, No. 828, § 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 14-164-342 - Net casino gaming receipts tax bonds

(a)
The governing body of a municipality or county may pledge by ordinance all or a specified portion of the municipality's or county's share of collections of the net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, to retire bonds issued for capital improvements or economic development projects.
(b)
(1)
An ordinance pledging revenues under subsection (a) of this section is not effective unless the issuance of the bonds is approved by a majority of the electors of the municipality or county voting on the question at an election that is held substantially in the manner provided under §
14-164-309
.
(2)
The ballot form in an election to issue bonds secured by the pledge of revenues under subsection (a) of this section shall contain a statement describing the extent to which the municipality's or county's share of collections of the net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, may be pledged to the retirement of the bonds, if the bonds are approved by the voters of the municipality or county.
(c)
A certified copy of the ordinance authorizing the issuance of bonds under this section shall be filed with the Secretary of the Department of Finance and Administration and the Treasurer of State as soon as practicable after the approval of the adoption of the ordinance under this section.
(d)
(1)
If a municipality or county has filed an ordinance with the Treasurer of State under subsection (c) of this section, the municipality or county may elect to have its share of collections of the net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, distributed to a bank or other depository designated in the ordinance adopted under this section.
(2)
(A)
If a municipality or county elects to have funds distributed to a bank or other depository under subdivision (d)(1) of this section, the net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, shall be distributed to the bank or other depository designated in the ordinance rather than to the municipality or county.
(B)
The distribution under subdivision (d)(2)(A) of this section shall continue until the municipality or county files a signed statement with the Treasurer of State to the effect that the bonds to which the net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, is pledged have been fully paid or are no longer outstanding.
Added by Act 2019, No. 703,§ 2, eff. 7/24/2019.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-401 - Title

This subchapter shall be referred to and may be cited as the "Local Government Capital Improvement Revenue Bond Act of 1985."
Acts 1985, No. 974, § 1; A.S.A. 1947, § 13-1261.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-403 - 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 granted in this subchapter shall be broadly interpreted to effectuate the intent and purposes and not as a limitation of powers.
Acts 1985, No. 974, § 11; A.S.A. 1947, § 13-1270.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-404 - Subchapter supplemental

It is the specific intent of this subchapter that the provisions hereof are supplemental to other constitutional or statutory provisions which may provide for the financing of capital improvements.
Acts 1985, No. 974, § 10; A.S.A. 1947, § 13-1269.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-405 - Bonds - Issuance generally

(a)
Municipalities and counties are authorized to issue bonds for capital improvements and performance-based efficiency projects within, near, or within and near the municipality or county. These bonds shall be issued pursuant to an ordinance adopted by the legislative body specifying the principal amount of bonds to be issued, the purpose or purposes for which the bonds are to be issued, and provisions with respect to the bonds.
(b)
If determined to be in the interest of the municipality or county, a portion of the bonds may be used to finance a project or a performance-based efficiency project, and expenses in connection with the issuance of the bonds and a major portion of the proceeds may be invested in consideration of a contract for the full term of the bonds or a shorter period at a rate or rates at least sufficient to provide for, alone or with other revenues that may be pledged, debt service for the bonds.
Acts 1985, No. 974, § 3; A.S.A. 1947, § 13-1263; Acts 1987, No. 58, § 2; 2005, No. 1980, § 2; 2009, No. 545, § 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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-406 - Bonds - Terms and conditions

(a)
As the ordinance or trust indenture which is 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)
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 project revenues;
(C)
The maintenance of various funds and reserves;
(D)
The nature and extent of the pledge and security;
(E)
The remedies on default;
(F)
The rights, duties, and obligations of the legislative body of the issuer and the trustee, if any, for the owners of the bonds, and the rights of the owners of the bonds.
(b)
All bonds 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. 974, §§ 3, 7; A.S.A. 1947, §§ 13-1263, 13-1267.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-407 - Bonds - 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 §
14-164-406
and any other terms, covenants, and conditions that are deemed desirable.
Acts 1985, No. 974, § 3; A.S.A. 1947, § 13-1263.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-408 - Bonds - Contents

It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of this subchapter and that it does not constitute an indebtedness of the issuer within any constitutional or statutory limitation.
Acts 1985, No. 974, § 3; A.S.A. 1947, § 13-1263.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-409 - Bonds - Sale

The 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.
Acts 1985, No. 974, § 3; A.S.A. 1947, § 13-1263.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-410 - Bonds - 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. 974, § 3; A.S.A. 1947, § 13-1263.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-411 - Bonds - Payment - Security

(a)
The principal of and interest on the revenue bonds issued pursuant to this section and §
14-164-402
shall be secured by a pledge of, and shall be payable from, revenues, as defined in §
14-164-402
.
(b)
Notwithstanding any provision of Arkansas law including, but not limited, §
14-200-101
, et seq., in any municipality or county in which revenues have been pledged to secure the payment of revenue bonds as authorized by this subchapter, the portion of the revenues pledged to retire the revenue bonds shall not, except as permitted by the ordinance, order or trust indenture pursuant to which such revenue bonds are issued and secured, be repealed, abolished, or reduced so long as such revenue bonds, and any bonds issued to refund such revenue bonds, are outstanding.
Acts 1985, No. 974, § 3; A.S.A. 1947, § 13-1263; Acts 1987, No. 58, § 2; 1997, No. 1130, § 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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-412 - Bonds - Mortgage lien

(a)
The ordinance or trust indenture authorized in §§
14-164-405
or
14-164-407
may, but need not, impose a foreclosureable mortgage lien upon the capital improvements financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter.
(b)
The nature and extent of the mortgage lien may be controlled by the ordinance or trust indenture including, without limitation, provisions pertaining to:
(1)
The release of all or part of the land, buildings, or facilities from the mortgage lien;
(2)
The priority of the mortgage lien in the event of successive bond issues; and
(3)
Authorizing any owner of bonds, or a trustee on behalf of all 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 issuer set forth in this subchapter or in the ordinance or trust indenture authorizing or securing the bonds.
(c)
References in this section to mortgage lien shall include a security interest in any personal property constituting the capital improvements, or part thereof, financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter.
Acts 1985, No. 974, § 5; A.S.A. 1947, § 13-1265.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-413 - Bonds - Special obligations

The bonds issued under this subchapter shall not be general obligations of the issuer, but shall be special obligations, and in no event shall the bonds constitute an indebtedness of the issuer within the meaning of any constitutional or statutory limitation.
Acts 1985, No. 974, § 3; A.S.A. 1947, § 13-1263.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-414 - Bonds - Liability of legislative body's officers, employees, or members

No officer, employee, or member of the legislative body of the issuer shall be personally liable on any bonds issued under the provisions of this subchapter or for any damages sustained by any person in connection with any contracts entered into to carry out the purposes and intent of this subchapter unless the person has acted with a corrupt intent.
Acts 1985, No. 974, § 8; A.S.A. 1947, § 13-1268.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-415 - Bonds - Successive issues

There may be successive bond issues for the purpose of financing the same capital improvements.
Acts 1985, No. 974, § 3; A.S.A. 1947, § 13-1263.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-416 - Bonds - Tax exemption

Bonds issued under the provisions of this subchapter and the income thereon shall be exempt from all state, county, and municipal taxes, including, without limitation, all income, property, and inheritance taxes.
Acts 1985, No. 974, § 6; A.S.A. 1947, § 13-1266.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-417 - Alternative financing

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 1985, No. 974, § 10; A.S.A. 1947, § 13-1269.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-418 - Refunding bonds

(a)
Bonds may be issued under this subchapter to refund any outstanding bonds issued pursuant to this subchapter or to refund any outstanding bonds, whether revenue bonds or not, issued pursuant to any other law for the purpose of financing capital improvements or a performance-based efficiency project.
(b)
(1)
The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(2)
If sold for cash, the proceeds may be either applied to the payment of the obligations refunded or deposited in irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.
(c)
Refunding bonds shall in all respects be authorized, issued, and secured in the manner provided in this subchapter.
(d)
The ordinance under which the refunding bonds are issued may provide that any refunding bonds shall have the same priority of lien on revenues as originally pledged for payment of the obligation refunded thereby.
Acts 1985, No. 974, § 4; A.S.A. 1947, § 13-1264; Acts 1987, No. 58, § 3; 2005, No. 1980, § 3.
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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-419 - Contract requirements

(a)
All services provided by a qualified efficiency engineer in completing a performance-based efficiency project pursuant to a qualified efficiency contract, including, but not limited to, the procurement of any goods and services in connection with the performance-based efficiency project, shall be considered professional services under §
19-11-801
et seq.
(b)
An issuer's engagement of a qualified efficiency engineering company and execution of a qualified efficiency contract in favor of a qualified efficiency engineering company shall be subject to §
19-11-801
et seq., but shall be exempt from all competitive bidding statutes, including, but not limited to, §
14-43-601
et seq., §
14-47-101
et seq., §
14-48-101
et seq., §
14-54-301
et seq., §
14-54-401
et seq., §
14-58-301
et seq., §
14-141-101
et seq., the General Accounting and Budgetary Procedures Law, §
19-4-101
et seq., §
19-11-101
et seq., §
22-1-201
et seq., the Building Authority Division Act, §
22-2-101
et seq., §
22-3-202
et seq., §
22-4-101
et seq., §
22-5-101
et seq., §
22-6-101
et seq., §
22-7-101
et seq., §
22-8-101
et seq., and §
22-9-101
et seq.
Acts 2005, No. 1980, § 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 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-501 - Title

This subchapter shall be referred to and may be cited as the "Economic and Industrial Development Revenue Bond Law of 1985."
Acts 1985, No. 1017, § 17; A.S.A. 1947, § 13-1271.
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 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-502 - Legislative findings and determinations

It is found and declared by the General Assembly of the State of Arkansas that:
(1)
(A)
This state's program for industrial and economic development and the financing thereof is inadequate; and
(B)
As a result, there are inadequate opportunities for employment of its inhabitants in industry and industry is not able to adequately replace, retool, or modernize with new technology, existing facilities; and
(2)
The securing and developing of industry upon terms and under conditions competitive with those available in other states is essential to the economic growth and development of this state; and
(3)
The economic and other benefits to the state and its people resulting from economic development are essential to the public health, safety, and welfare of the people of Arkansas; and
(4)
Preserving and maintaining economic activity and the securing and developing of industry are essential public purposes serving to benefit the people of Arkansas; and
(5)
The issuance of bonds and other evidences of indebtedness under the provisions of this subchapter will promote the economic welfare of this state and its people and is for a public purpose.
Acts 1985, No. 1017, § 1; A.S.A. 1947, § 13-1272.
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 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-503 - Purpose and supplemental intent

(a)
This subchapter is enacted by the General Assembly in the exercise of its inherent powers under Arkansas Constitution, Amendment 7, § 1 and not under any other express constitutional provision.
(b)
This subchapter is intended to supplement all other law which is designed to secure and develop industry and, when applicable in accordance with the provisions of this subchapter, may be used by any municipality or county as an alternative notwithstanding any constitutional provision or any other act authorizing a municipality or county, or any commission or agency thereof, to issue bonds for the purpose of securing and developing industry.
Acts 1985, No. 1017, § 14; A.S.A. 1947, § 13-1285.
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 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-505 - Construction - Subchapter controlling

(a)
This subchapter shall be liberally construed to accomplish its purposes.
(b)
(1)
This subchapter shall constitute the sole authority for the accomplishment of the purposes of this subchapter, separate and independent of any other act or constitutional provision pertaining to such purposes.
(2)
Furthermore, it shall not be necessary to comply with general provisions of other laws dealing with public facilities, their acquisition, construction, leasing, encumbering, or disposition.
Acts 1985, No. 1017, § 14; A.S.A. 1947, § 13-1285.
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 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-506 - Authority to obtain and develop industry

Any municipality and any county is authorized to own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning, or otherwise deal in or dispose of industrial facilities of any and every nature whatever that can be used in securing or developing industry within or near the municipality or county.
Acts 1985, No. 1017, § 2; A.S.A. 1947, § 13-1274.