reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 201 - MUNICIPAL BOARDS AND COMMISSIONS (§§ 14-201-101 — 14-201-330) › Subchapter 3 - CITIES OF THE SECOND CLASS AND TOWNS (§§ 14-201-301 — 14-201-330) › Section 14-201-323 - Agents and employees

The board, in the operation of the plant or plants or sewerage systems, from time to time may employ agents, servants, and employees as it may deem necessary in the operation of the plant and may likewise discharge such agents, servants, or employees and such others as may have been employed in the operation of the plants or sewerage systems at the time of the creation of the board. No person related by blood or marriage to any member of the board shall ever be employed by it for any purpose.
Acts 1939, No. 95, § 24; A.S.A. 1947, § 19-4024.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 201 - MUNICIPAL BOARDS AND COMMISSIONS (§§ 14-201-101 — 14-201-330) › Subchapter 3 - CITIES OF THE SECOND CLASS AND TOWNS (§§ 14-201-301 — 14-201-330) › Section 14-201-324 - Deposit of moneys - Bond - Checks

(a)
All moneys derived from the operation of utilities under this subchapter shall be deposited in some solvent bank whose deposits are insured by the Federal Deposit Insurance Corporation to the credit of the board. In the event any sums in excess of the amount of the insurance shall be deposited therein, the board shall require of the bank ample security for same, either in the form of United States Bonds of an amount equal to the excess or by a bond in like amount executed by some surety company authorized to do business in the State of Arkansas.
(b)
The secretary and treasurer of the board shall give bond in some surety company authorized to do business in the State of Arkansas in an amount double the amount of any funds in his hands, and the bond shall be subject to the approval of all the members of the board. Before accepting the bonds herein mentioned, the chairman of the board shall investigate as to the solvency of the surety company issuing the bonds and its qualifications to do business in the State of Arkansas and shall file and incorporate in the minutes of the board the result of his findings with a resume of the evidence upon which such findings are based.
(c)
All checks drawn upon the funds of the board shall be countersigned by the chairman. The checks shall be of the voucher form and shall state the purpose and consideration for which they are given.
Acts 1939, No. 95, § 22; A.S.A. 1947, § 19-4022.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 201 - MUNICIPAL BOARDS AND COMMISSIONS (§§ 14-201-101 — 14-201-330) › Subchapter 3 - CITIES OF THE SECOND CLASS AND TOWNS (§§ 14-201-301 — 14-201-330) › Section 14-201-325 - Disposition of profits

Any profits derived by any of the boards of public utilities created under this subchapter, after there has been set aside from the earnings a sum sufficient to pay all outstanding indebtedness of the plants or sewerage systems under the control of the board and a sum sufficient to provide for expenses, extensions, and enlargements found necessary, or which may be reasonably anticipated, shall be used by the board to retire any outstanding bonds or interest thereon issued by any of the boards of improvement of the district constructing the plants under its control. In case there are no such outstanding bonds or interest or when all of such outstanding bonds and interest thereon have been paid, such profits shall be paid to the treasurer of the city or town wherein the board is created. These funds are to be used by the city or town council to defray any expense or pay any debt of the city or town.
Amended by Act 2017, No. 879,§ 37, eff. 8/1/2017.
Acts 1939, No. 95, § 28; A.S.A. 1947, § 19-4028.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 201 - MUNICIPAL BOARDS AND COMMISSIONS (§§ 14-201-101 — 14-201-330) › Subchapter 3 - CITIES OF THE SECOND CLASS AND TOWNS (§§ 14-201-301 — 14-201-330) › Section 14-201-326 - Enlargements of plants and systems

(a)
The board of public utilities may, in their discretion and from time to time, make an enlargement or enlargements of the plants and systems and extensions of the lines thereof as may be necessary to serve the residents of the city or town with electric lights, electric power, water, or sewerage, whether the area to be so serviced shall be included in the improvement district or not.
(b)
No additional tax shall be levied upon the property within the improvement district, but the funds for that purpose may be contributed in whole or in part by outside agencies, or by the persons to be benefited, or, in the discretion of the board, the funds may be taken from the net revenue coming into its hands.
Acts 1939, No. 95, § 4; A.S.A. 1947, § 19-4004.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 201 - MUNICIPAL BOARDS AND COMMISSIONS (§§ 14-201-101 — 14-201-330) › Subchapter 3 - CITIES OF THE SECOND CLASS AND TOWNS (§§ 14-201-301 — 14-201-330) › Section 14-201-327 - Sale or mortgage of plants and machinery

No board of public utilities created under the terms of this subchapter shall ever have the right to sell, mortgage, or create any lien whatsoever upon any of the plants under its jurisdiction, except that the board, from time to time, may sell and dispose of any machinery or equipment not necessary to the maintenance or operation of the plants, and, in the purchase of any equipment for the plants, the seller may retain title to or a vendor's lien upon the property purchased from him by the board.
Acts 1939, No. 95, § 29; A.S.A. 1947, § 19-4029.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 201 - MUNICIPAL BOARDS AND COMMISSIONS (§§ 14-201-101 — 14-201-330) › Subchapter 3 - CITIES OF THE SECOND CLASS AND TOWNS (§§ 14-201-301 — 14-201-330) › Section 14-201-328 - Accounting books - Annual audit

(a)
The board shall keep or cause to be kept separate books of account of each light plant, water plant, or sewerage system under its control and operation and for that purpose may employ such clerical help, bookkeepers, and accountants as may be necessary.
(b)
The books of accounts shall be audited annually by a certified public accountant, licensed and engaged in the practice of accountancy in the State of Arkansas, who shall make a detailed report of his audit and file one (1) copy with the secretary of the board and one (1) copy with the city clerk or recorder of the city or town wherein the board shall be. The expenses of such audits shall be paid by the boards of public utilities from the funds derived by them from the operation of the plants or sewerage systems.
Acts 1939, No. 95, § 27; A.S.A. 1947, § 19-4027.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 201 - MUNICIPAL BOARDS AND COMMISSIONS (§§ 14-201-101 — 14-201-330) › Subchapter 3 - CITIES OF THE SECOND CLASS AND TOWNS (§§ 14-201-301 — 14-201-330) › Section 14-201-329 - Suits for misappropriation or misuse of money

Any taxpayer in any city or town in this state where this subchapter shall be adopted shall have the right to institute a suit against the board of public utilities or any member thereof for any sums of money or any property that may be misappropriated or misused by the board or any member thereof.
Acts 1939, No. 95, § 30; A.S.A. 1947, § 19-4030.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 201 - MUNICIPAL BOARDS AND COMMISSIONS (§§ 14-201-101 — 14-201-330) › Subchapter 3 - CITIES OF THE SECOND CLASS AND TOWNS (§§ 14-201-301 — 14-201-330) › Section 14-201-330 - Power to sue and be sued - Hiring of attorneys

(a)
The board of public utilities may collect and receipt for and sue in its own name to recover any money, property, or right belonging to any of the utilities coming under its jurisdiction and may be sued.
(b)
When any actions shall be brought by or against the board or when, in its opinion, legal advice or services are necessary, it may employ and compensate from the funds in its hands any attorneys it may deem advisable to employ.
Acts 1939, No. 95, § 31; A.S.A. 1947, § 19-4031.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-101 - Title

This chapter may be referred to and cited as the "Joint Municipal Electric Power Generation Act."
Acts 1979, No. 5, § 1; A.S.A. 1947, § 19-5601.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-103 - Authorization to construct and operate project

(a)
(1)
A municipality is authorized and empowered to acquire, construct, reconstruct, enlarge, equip, operate, and maintain an interest in a project, jointly with one (1) or more municipalities, persons, or public utilities, and is authorized and empowered to enter into agreements for the joint or cooperative ownership, financing, construction, or operation and maintenance of any project, and to enter into agreements for the exchange of, and to exchange with, other municipalities, persons, or public utilities an interest in one (1) or more portions of a project for an interest in one (1) or more other portions of the project.
(2)
In particular, but without limiting the generality of subdivision (a)(1) of this section, any municipality may participate in the financing of any project owned or to be owned by the other party or parties to the agreement, in exchange for the ownership of a portion thereof, for the use of the project or for an agreed-upon portion of the power and energy output thereof.
(3)
Any agreement may provide for the creation of a joint board or committee for administration of the undertaking covered by the agreement or for the delegation of authority to administer an undertaking to one (1) or more parties to the agreement and may contain such other terms and conditions as the parties consider appropriate.
(b)
Prior to exercising any such authority or power, the governing body of the municipality shall determine the needs of the municipality for power and energy for the present and a reasonable period in the future as shall be determined by the governing body of the municipality. In determining the desirability of a proposed project, there shall be taken into account the following:
(1)
The economies, efficiencies, and revenues estimated to be achieved in acquiring, constructing, and operating the proposed project;
(2)
The municipality's estimated requirements for power and energy from the project and for reserve capacity and to meet obligations under pooling and reserve sharing agreements reasonably related to its needs for power and energy to which it is or is anticipated to become a party;
(3)
The cost of existing or alternative power supply sources; and
(4)
The marketability of electric power in excess of the power requirements of the municipality.
(c)
Any municipality is authorized to make, or cause to be made, and pay for engineering and other studies as it may deem necessary or desirable.
(d)
A municipality shall not undertake the acquisition, construction, enlarging, or equipping of an interest in the project which will result in the municipality's owning electric power capacity that shall exceed two hundred fifty percent (250%) of the power requirements of the municipality.
Acts 1979, No. 5, § 3; A.S.A. 1947, § 19-5603; Acts 2001, No. 988, § 2; 2003, No. 366, §§ 5, 6.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-105 - Sale of excess capacity

Capacity or output derived by a municipality from a project not then required by the municipality may be sold or exchanged by the municipality, for such consideration, for such period, and upon such other terms and conditions as may be determined by the parties to any other municipality, improvement district, federal or state political subdivision or agency, or other person, which other municipality, improvement district, federal or state political subdivision or agency, or other person owns an electric system or electric system facilities whether operated by it, or by a person under a franchise, lease, or other agreement.
Acts 1979, No. 5, § 5; A.S.A. 1947, § 19-5605; Acts 2007, No. 236, § 3.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-106 - Acquisition of licenses and permits

(a)
Municipalities proceeding under this chapter are authorized to apply to the appropriate agencies of the state, the United States or any state thereof, and to any other proper agency for such licenses, permits, certificates, or approvals as may be necessary, and to obtain, hold and use such licenses, permits, certificates, and approvals.
(b)
Nothing in this chapter shall be construed to require a municipality to obtain any license, certificate, permit, or approval from the Arkansas Public Service Commission not otherwise required by other laws of the State of Arkansas.
Acts 1979, No. 5, § 6; A.S.A. 1947, § 19-5606.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-107 - Contracts to exchange and transmit electric power

Municipalities are authorized to enter into contracts for the exchange, interchange, wheeling, pooling, and transmission of electric power and energy produced by a project with any other municipality, improvement district, federal or state political subdivision or agency, or other person which owns an electric system, or electric system facilities, whether operated by it or by a person under a franchise, lease, or other agreement.
Acts 1979, No. 5, § 7; A.S.A. 1947, § 19-5607.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-108 - Bonds - Issuance generally

(a)
Municipalities are authorized to use any available funds and revenues to pay and provide for costs and expenses of accomplishing the purposes authorized by this chapter and, for the purpose of paying project costs or the portion thereof pertaining to its interest in the project, a municipality may issue revenue bonds as provided in this chapter.
(b)
The issuance of bonds shall be by an ordinance of the governing body of the municipality.
Acts 1979, No. 5, § 8; 1981, No. 425, § 45; A.S.A. 1947, § 19-5608.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-109 - Bonds - Terms and conditions

(a)
As the ordinance may provide, the bonds may:
(1)
Be coupon bonds payable to bearer, subject to registration as to principal or as to principal and interest, or fully registered bonds without coupons;
(2)
Contain exchange privileges;
(3)
Be issued in one (1) or more series;
(4)
Bear such date or dates;
(5)
Mature at such time or times;
(6)
Bear interest at such rate or rates;
(7)
Be in such form;
(8)
Be executed in such manner;
(9)
Be payable in such medium of payment, at such place or places;
(10)
Be subject to such terms of redemption in advance of maturity at such prices; and
(11)
Contain such terms, covenants, and conditions including without limitation, those pertaining to:
(A)
The custody and application of the proceeds of the bonds;
(B)
The collection and disposition of revenues;
(C)
The maintenance of various funds and reserves;
(D)
The investing and reinvesting of any moneys during periods not needed for authorized purposes;
(E)
The nature and extent of the security;
(F)
The rights, duties, and obligations of the municipality and the trustee for the holders or registered owners of the bonds; and
(G)
The rights of the holders or registered owners of the bonds.
(b)
The bonds shall have all the qualities of negotiable instruments under the laws of this state, subject to the provisions for registration set forth herein.
Acts 1979, No. 5, § 8; 1981, No. 425, § 45; A.S.A. 1947, § 19-5608.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-110 - Bonds - Trust indenture

(a)
The ordinance may provide for the execution of a trust indenture by the municipality with a bank or trust company within or without the state.
(b)
The trust indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable by the governing body including, without limitation, those pertaining to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the maintenance of various funds and reserves, the investing and reinvesting of any moneys during periods not needed for authorized purposes, the nature and extent of the security, the rights, duties, and obligations of the municipality and the trustee for the holders or registered owners of the bonds, and the rights of the holders or registered owners of the bonds.
(c)
It shall not be necessary for the municipality to publish any trust indenture, or any security agreement or other instrument, if the ordinance authorizing the trust indenture or security agreement or other instrument is published as required by the law governing the publication of ordinances of a municipality, and the ordinance advises that a copy of the trust indenture or security agreement or other instrument, as the case may be, is on file in the office of the clerk of the municipality for inspection by any interested person, and the copy of the trust indenture or security agreement or other instrument, as the case may be, is filed with the clerk of the municipality.
Acts 1979, No. 5, § 8; 1981, No. 425, § 45; A.S.A. 1947, § 19-5608.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-111 - Bonds - Sale

The bonds may be sold at public or private sale for whatever price including, without limitation, sale at a discount, and in whatever manner as the municipality may determine by ordinance.
Acts 1979, No. 5, § 8; 1981, No. 425, § 45; A.S.A. 1947, § 19-5608.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-112 - Bonds, coupons - Execution and seal

(a)
(1)
(A)
Bonds issued hereunder shall be executed by the manual or facsimile signatures of the mayor and clerk of the municipality.
(B)
Any coupons attached to the bonds may be executed by the facsimile signature of the mayor of the municipality.
(2)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be officers before the delivery of the bonds or coupons, their signatures shall, nevertheless, be valid and sufficient for all purposes.
(b)
The seal of the municipality shall be placed or printed on each bond in such manner as the governing body of the municipality shall determine.
Acts 1979, No. 5, § 8; 1981, No. 425, § 45; A.S.A. 1947, § 19-5608; Acts 1993, No. 543, § 1; 1993, No. 611, § 1; 2007, No. 236, § 4.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-113 - Bonds - Priority among issues

Priority between and among successive issues may be controlled by the ordinance.
Acts 1979, No. 5, § 8; 1981, No. 425, § 45; A.S.A. 1947, § 19-5608.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-114 - Bonds - Mortgage lien

(a)
The ordinance or trust indenture authorizing or securing any bonds issued hereunder may impose a foreclosable mortgage lien upon the interest of the municipality in the project financed in whole or in part with the proceeds of the bonds or upon all or any part of the electric system of the municipality.
(b)
The nature and extent of the mortgage lien may be controlled by the ordinance or trust indenture, including, without limitation, provisions pertaining to the release of all or part of the project properties or the electric system, as the case may be, from the mortgage lien and the priority of the mortgage lien in the event of the issuance of additional bonds.
(c)
Subject to whatever terms, conditions, and restrictions may be contained in the ordinance or trust indenture, any holder or registered owner of bonds issued under this chapter, or of any coupon attached thereto, may, either at law or in equity, enforce the mortgage lien and may, by proper suit, compel the performance of the duties of the officials of the municipality set forth in the ordinance or trust indenture authorizing or securing the bonds.
Acts 1979, No. 5, § 8; 1981, No. 425, § 45; A.S.A. 1947, § 19-5608.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-115 - Bonds - Default - Receiver

(a)
In the event of a default in the payment of the principal of, premium, if any, or interest on any bonds issued under this chapter, any court having jurisdiction may appoint a receiver to take charge of all or any part of the electric system of the municipality.
(b)
The receiver shall have the power to operate and maintain the electric system and to charge and collect rates, fees, and charges sufficient to provide for the payment of the principal of, premium, if any, and interest on the bonds, after providing for the payment of any costs of receivership and operating expenses of the electric system, and to apply the revenues derived from the electric system in conformity with this chapter and the ordinance or trust indenture authorizing or securing the bonds.
(c)
When the default has been cured, the receivership shall be ended and the electric system returned to the municipality.
(d)
The authority of a receiver hereunder to take charge of, operate, or maintain any part of the electric system represented by an undivided interest in a project, shall be subject to the provisions of any and all contracts with others relative to the ownership, operation, and maintenance of the project and the receiver shall assume only the rights and obligations of the municipality therein.
(e)
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 or trust indenture authorizing or securing the bonds and shall be granted and administered so as to accord full recognition to priority rights of bondholders as the pledge of revenues from, and the mortgage lien on, the electric system as specified in and fixed by the ordinances or trust indentures authorizing or securing successive bond issues.
Acts 1979, No. 5, § 8; 1981, No. 425, § 45; A.S.A. 1947, § 19-5608.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-116 - Bonds - Nature of indebtedness

(a)
The bonds and coupons issued under this chapter shall not be general obligations of the municipality, but shall be special obligations payable from and secured by a pledge of revenues derived from the municipality's electric system and otherwise secured as provided in this chapter.
(b)
In no event shall the bonds and coupons constitute an indebtedness of the municipality within the meaning of any constitutional or statutory limitation.
(c)
It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter and that it does not constitute an indebtedness of the municipality within any constitutional or statutory limitation.
Acts 1979, No. 5, § 9; A.S.A. 1947, § 19-5609.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-117 - Refunding bonds

(a)
Bonds may be issued for the purpose of refunding any bonds issued under this chapter. Refunding bonds may be combined with bonds issued under the provisions of §§
14-202-108
-
14-202-115
into a single issue.
(b)
When refunding bonds are issued, they may either be sold or delivered in exchange for the bonds being refunded. If sold, the proceeds may be either applied to the payment of the bonds being refunded or deposited in escrow for the retirement thereof.
(c)
All refunding bonds shall in all respects be issued and secured in the manner provided for other bonds issued under this chapter and shall have all the attributes of those bonds.
(d)
The ordinance under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on and security interest in electric system revenues and the electric system as was enjoyed by the bonds refunded thereby.
Acts 1979, No. 5, § 10; A.S.A. 1947, § 19-5610.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-118 - Rates, fees, and charges - Disposition - Pledges

(a)
(1)
A municipality is authorized to fix, charge, and collect rates, fees, and charges for electric power and energy from its electric system.
(2)
For so long as any bonds are outstanding and unpaid, the rates, fees, and charges shall be fixed so as to provide revenues sufficient to pay all costs of and charges and expenses in connection with the proper operation and maintenance of its electric system, including its interest in any project, and all necessary repairs, replacements, or renewals thereof, to pay when due the principal of, premium, if any, and interest on all bonds, including bonds subsequently issued for additional projects or other additions, improvements, and betterments to its electric system, payable from the revenues, to create and maintain reserves as may be required by any ordinance or trust indenture authorizing or securing bonds, and to pay any and all amounts which the municipality may be obligated to pay from electric system revenues by law or contract.
(b)
Any pledge made by a municipality pursuant to this chapter shall be valid and binding from the date the pledge is made. The revenues so pledged and then held or thereafter received by the municipality or any fiduciary on its behalf shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act. The lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the municipality without regard to whether the parties have notice thereof. The ordinance, trust indenture, or other instrument by which a pledge is created need not be filed or recorded in any manner.
Acts 1979, No. 5, § 11; A.S.A. 1947, § 19-5611.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-119 - Enforcement of rights under ordinance or trust indenture

Any holder or registered owner of bonds or coupons appertaining thereto, except to the extent the rights given under this chapter may be restricted by the ordinance or trust indenture authorizing or securing the bonds and coupons, may, either at law or in equity, by suit, action, mandamus, or other proceeding, protect and enforce any and all rights under the laws of this state or granted as provided in this chapter, or, to the extent permitted by law, under such ordinance or trust indenture authorizing or securing the bonds or under any agreement or other contract executed by the municipality pursuant to this chapter. The holder or owner may enforce and compel the performance of all duties required by this chapter or by the ordinance or trust indenture to be performed by any municipality or by any officer thereof, including the fixing, charging, and collecting of rates, fees, and charges.
Acts 1979, No. 5, § 12; A.S.A. 1947, § 19-5612.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-120 - Bonds and projects - Tax exemption

(a)
Bonds issued under the provisions of this chapter, and the interest thereon, shall be exempt from all state, county, and municipal taxes, including property, income, inheritance, and estate taxes.
(b)
Any interest in a project of a municipality shall be exempt from all state, county, and municipal taxes, including property, income, inheritance, and estate taxes.
Acts 1979, No. 5, §§ 13, 14; A.S.A. 1947, §§ 19-5613, 19-5614.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-121 - Investment of public funds in bonds

Any municipality, or any board, commission, or other authority duly established by ordinance of any municipality, or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any municipality, or the board of trustees of any retirement system created by the General Assembly may, in its discretion, invest any of its funds in bonds issued under the provisions of this chapter, and bonds issued under the provisions of this chapter shall be eligible to secure the deposit of public funds.
Acts 1979, No. 5, § 15; A.S.A. 1947, § 19-5615.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-122 - Contracts for grants-in-aid and loans

The governing body of any municipality is authorized to make application and to enter into contracts for and to accept grants-in-aid and loans from the United States and the State of Arkansas, and their agencies, for planning, acquiring, constructing, expanding, maintaining, and operating any project or electric system or participating in any research or development program, or performing any function which the municipality may be authorized by law to provide or perform.
Acts 1979, No. 5, § 16; A.S.A. 1947, § 19-5616.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 202 - JOINT MUNICIPAL ELECTRIC POWER GENERATION (§§ 14-202-101 — 14-202-123) › Section 14-202-123 - Exemption of projects from other laws

Participation by a municipality in the acquisition, construction, reconstruction, enlargement, equipment, or operation and maintenance of projects under the provisions of this chapter need not comply with the requirements of any other law applicable to the acquisition, construction, reconstruction, enlargement, equipment, or operation and maintenance of public works or facilities, including, without limitation, laws pertaining to public bidding, paying prevailing wages, transfer or exchange of title to real or personal property, or any other aspect of the acquiring, constructing, reconstructing, enlarging, equipping, or operation or maintenance of public works or public projects, or transfer or exchange of title to real or personal property, none of which laws shall be applicable to projects under this chapter.
Acts 1979, No. 5, § 17; A.S.A. 1947, § 19-5617.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-101 - Title

This chapter may be referred to and cited as the "Municipal Electric System Financing Act."
Acts 1983, No. 441, § 1; A.S.A. 1947, § 19-6001.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-103 - Scope of chapter

(a)
Nothing in this chapter shall be construed as modifying or diminishing the present authority of municipalities respecting the ownership and operation of their electric systems including, without limitation, the authority contained in §§
14-202-101
-
14-202-123
and §§
14-204-101
-
14-204-112
.
(b)
Nothing in this chapter shall be construed to authorize any municipality to issue or sell bonds under the provisions of this chapter or to use the proceeds thereof to purchase, condemn, or otherwise acquire a utility plant or distribution system or portion thereof owned or operated by a regulated public utility without the consent of such public utility.
Acts 1983, No. 441, §§ 10, 11; A.S.A. 1947, §§ 19-6010, 19-6011.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-104 - Authorization to finance electric system

Municipalities are authorized to use any available funds and reserves to pay and provide for costs and expenses of owning and operating an electric system and, for the purpose of paying electric system costs, a municipality may issue revenue bonds as provided in this chapter.
Acts 1983, No. 441, § 3; A.S.A. 1947, § 19-6003.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-105 - Bonds - Issuance generally

The issuance of bonds shall be by an ordinance of the governing body of the municipality.
Acts 1983, No. 441, § 3; A.S.A. 1947, § 19-6003.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-106 - Bonds - Terms and conditions

(a)
As the ordinance may provide, the bonds may:
(1)
Be coupon bonds payable to bearer, subject to registration as to principal or as to principal and interest, or fully registered bonds without coupons;
(2)
Contain exchange privileges, and be issued in one (1) or more series;
(3)
Bear such date or dates;
(4)
Mature at such time or times;
(5)
Bear interest at such rate or rates;
(6)
Be in such form;
(7)
Be executed in such manner;
(8)
Be payable in such medium of payment, at such place or places;
(9)
Be subject to such terms of redemption in advance of maturity at whatever prices; and
(10)
Contain such terms, covenants, and conditions; including without limitation, those pertaining to:
(A)
The custody and application of the proceeds of the bonds;
(B)
The collection and disposition of revenues;
(C)
The maintenance of various funds and reserves;
(D)
The investing and reinvesting of any moneys during periods not needed for authorized purposes;
(E)
The nature and extent of the security;
(F)
The rights, duties, and obligations of the municipality and the trustee for the holders or registered owners of the bonds; and
(G)
the rights of the holders or registered owners of the bonds.
(b)
The bonds shall have all the qualities of negotiable instruments under the laws of this state, subject to the provisions for registration set forth herein.
Acts 1983, No. 441, § 3; A.S.A. 1947, § 19-6003.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-107 - Bonds - Trust indenture

(a)
The ordinance may provide for the execution of a trust indenture by the municipality with a bank or trust company within or without the state.
(b)
The trust indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable by the governing body including, without limitation, those pertaining to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the maintenance of various funds and reserves, the investing and reinvesting of any moneys during periods not needed for authorized purposes, the nature and extent of the security, the rights, duties, and obligations of the municipality and the trustee for the holders or registered owners of the bonds, and the rights of the holders or registered owners of the bonds.
(c)
It shall not be necessary for the municipality to publish any trust indenture, or any security agreement or other instrument, if the ordinance authorizing the trust indenture or security agreement or other instrument is published as required by the law governing the publication of ordinances of a municipality. The ordinance advises that a copy of the trust indenture or security agreement or other instrument, as the case may be, is on file in the office of the clerk of the municipality for inspection by an interested person, and the copy of the trust indenture or security agreement or other instrument, as the case may be, is filed with the clerk of the municipality.
Acts 1983, No. 441, § 3; A.S.A. 1947, § 19-6003.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-108 - Bonds - Sale

The bonds may be sold at public or private sale, for whatever price, including, without limitation, sale at a discount, and in whatever manner that the municipality may determine by ordinance.
Acts 1983, No. 441, § 3; A.S.A. 1947, § 19-6003.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-109 - Bonds, coupons - Execution - Seal

(a)
(1)
(A)
Bonds issued under this chapter shall be executed by the manual or facsimile signatures of the mayor and clerk of the municipality.
(B)
The coupons attached to the bonds may be executed by the facsimile signature of the mayor of the municipality.
(2)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be officers before the delivery of the bonds or coupons, their signatures shall, nevertheless, be valid and sufficient for all purposes.
(b)
The seal of the municipality shall be placed or printed on each bond in such manner as the governing body of the municipality shall determine.
Acts 1983, No. 441, § 3; A.S.A. 1947, § 19-6003.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-110 - Bonds - Priority among issues

Priority between successive issues may be controlled by the ordinance.
Acts 1983, No. 441, § 3; A.S.A. 1947, § 19-6003.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-111 - Bonds - Nature of indebtedness - Surplus revenues

(a)
The bonds and coupons issued under this chapter shall not be general obligations of the municipality, but shall be special obligations payable from and secured by a pledge of revenues derived from the municipality's electric system and otherwise secured as provided in this chapter. In no event shall the bonds and coupons constitute an indebtedness of the municipality within the meaning of any constitutional or statutory limitation.
(b)
It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of this chapter and that it does not constitute an indebtedness of the municipality within any constitutional or statutory limitation.
(c)
(1)
In addition, the municipality is authorized to pledge to and use for the payment of the principal of and interest on the bonds, together with other expenses in connection with the bonds, surplus revenues derived from water, sewer, and gas utilities owned by the municipality.
(2)
"Surplus revenues", as used in this subsection, is defined to mean revenues remaining after adequate provision shall have been made for expenses of operation, maintenance, and depreciation and all requirements of ordinances, orders, and indentures securing bonds theretofore or thereafter issued to finance the cost of acquiring, constructing, reconstructing, extending, or improving the utilities have been fully met and complied with.
Acts 1983, No. 441, § 4; A.S.A. 1947, § 19-6004; Acts 1987, No. 479, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-112 - Refunding bonds

(a)
(1)
Bonds may be issued for the purpose of refunding any bonds issued under this chapter. Any bonds issued under other applicable legislation payable from and secured by, in whole or in part, a pledge of revenues derived from the municipality's electric system.
(2)
The refunding bonds may be combined with bonds issued under the provisions of §§
14-203-104
,
14-203-110
,
14-203-113
, and
14-203-114
into a single issue.
(b)
When refunding bonds are issued, such bonds may either be sold or delivered in exchange for the bonds being refunded. If sold, the proceeds may be either applied to the payment of the bonds being refunded or deposited in escrow for the retirement thereof.
(c)
All refunding bonds shall in all respects be issued and secured in the manner provided for other bonds issued under this chapter and shall have all the attributes of such bonds.
(d)
The ordinance or trust indenture under which such refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on and security interest in electric system revenues and the electric system as was enjoyed by the bonds refunded thereby.
Acts 1983, No. 441, § 5; A.S.A. 1947, § 19-6005; Acts 1987, No. 479, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 12 - PUBLIC UTILITIES GENERALLY (§§ 14-199-101 — 14-208-104) › Chapter 203 - MUNICIPAL ELECTRIC SYSTEM FINANCING (§§ 14-203-101 — 14-203-119) › Section 14-203-113 - Bonds - Mortgage lien

(a)
The ordinance or trust indenture authorizing or securing any bonds issued under this chapter may impose a foreclosable mortgage lien upon all or any part of the electric system of the municipality.
(b)
The nature and extent of the mortgage lien may be controlled by the ordinance or trust indenture including, without limitation, provisions pertaining to the release of all or part of the electric system from the mortgage lien and the priority of the mortgage lien in the event of the issuance of additional bonds.
(c)
Subject to such terms, conditions, and restrictions as may be contained in the ordinance or trust indenture, any holder or registered owner of bonds issued under this chapter, or of any coupon attached thereto, may, either at law or in equity, enforce the mortgage lien and may, by proper suit, compel the performance of the duties of the officials of the municipality set forth in the ordinance or trust indenture authorizing or securing the bonds.
Acts 1983, No. 441, § 3; A.S.A. 1947, § 19-6003.