reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-184-101 — 14-184-130) › Section 14-184-127 - Obligation on bonds

(a)
(1)
It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that the bonds shall be obligations only of the central business improvement district, and that in no event shall they constitute any indebtedness for which the faith and credit of the municipality or any of its revenues are pledged.
(2)
No member of the board of commissioners shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this subchapter unless he shall have acted with corrupt intent.
(b)
(1)
The principal of, interest on, and paying agent's fees in connection with the bonds shall be secured by a lien on and pledge of, and shall be payable from, the assessments levied against the real property within the district or the revenues derived from the operation of revenue-producing facilities of the district including, without limitation, lease rentals as provided for in this subchapter, constructed or acquired under the provisions of this subchapter.
(2)
In this regard, the district is authorized to issue bonds for the purposes of constructing and equipping one (1) or more separate and distinct facilities as it may determine and, in the event more than one (1) facility is involved, to operate and pledge revenues from all such facilities as though a single project were involved.
(c)
(1)
In the case of a separate facility financed by a separate bond issue, the district may pledge and use for debt service and reserves maintained in connection with the single project revenues derived from another project, either on a parity or subordinate lien basis as may be determined by the district, subject to the provisions of any resolutions or trust indentures which authorized and secured bonds previously issued.
(2)
The right to issue subsequent issues of bonds can, if the district so determines, be reserved in any authorizing resolution or trust indenture on either a parity or subordinate lien basis and upon such terms and conditions as the district may determine and specify in the particular authorizing resolution or trust indenture.
Acts 1973, No. 162, § 19; A.S.A. 1947, § 20-1618.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-184-101 — 14-184-130) › Section 14-184-128 - Bonds - Tax exemption

(a)
Bonds issued under the provisions of this subchapter and the interest on them shall be exempt from all state, county, and municipal taxes.
(b)
This exemption shall include income, inheritance, and estate taxes.
Acts 1973, No. 162, § 21; A.S.A. 1947, § 20-1620.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-184-101 — 14-184-130) › Section 14-184-129 - Public investment in bonds

(a)
Any municipality; any board, commission, or other authority duly established by ordinance of any municipality; 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 of the State of Arkansas may, in its discretion, invest any of its funds not immediately needed for its purposes in bonds issued under the provisions of this subchapter.
(b)
Bonds issued under the provisions of this subchapter shall be eligible to secure the deposit of public funds.
Acts 1973, No. 162, § 22; A.S.A. 1947, § 20-1621.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-184-101 — 14-184-130) › Section 14-184-130 - Dissolution of district

(a)
A central business improvement district created under this subchapter shall continue in existence in perpetuity unless dissolved by ordinance of the governing body to be enacted solely in the manner provided in this section:
(1)
A majority of the board of commissioners and a majority in value of the owners of real property in the district may petition the governing body for the dissolution of the district; or
(2)
The owners of real property in the district comprising two-thirds (2/3) in value of the real property may petition the governing body for the dissolution of the district;
(3)
Upon the filing with the clerk or recorder of the municipality in which the district is located of a petition in accordance with subdivision (1) or (2) of this subsection, it shall then be the duty of the governing body to adopt an appropriate ordinance dissolving the district and providing for the distribution of its assets.
(b)
(1)
If practicable, all funds of the district remaining after the payment of any outstanding indebtedness shall be distributed pro rata to the owners of real property within the district in proportion to the assessment of benefits as it appears according to the most recent reassessment of them; otherwise, funds which cannot be practicably refunded shall be paid to the municipality in which the district is located for its general account.
(2)
Title to all personal property owned by the district and title to all real property, improvements, easements, and other rights constructed or acquired by the district shall, unless otherwise provided in any conveyance, easement, or grant of right, pass to the municipality in which the district is located.
(c)
No district shall be dissolved at any time during which there shall be outstanding bonded indebtedness of the district unless funds sufficient to retire the indebtedness including all interest, redemption premium, if any, trustee's and paying agent's fees, and cost of publication of notices of redemption have been deposited in trust according to the terms of the resolution or trust indenture authorizing the bonded indebtedness.
Acts 1973, No. 162, § 23; A.S.A. 1947, § 20-1622.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-201 - Legislative determinations

It is determined and declared by the General Assembly that:
(1)
The deterioration of the central business districts of urban centers of the state is a threat to the property tax and other revenue sources of such municipalities;
(2)
Funds for the improvement and modernization of property and for the acquisition of property for the purpose of improvement and modernization of the property in such areas are in many instances unavailable from established lending institutions at reasonable rates of interest;
(3)
The public interest requires a convenient and reasonable source of permanent financing to enable the acquisition of property for the purpose of modernization and improvement and to enable property owners to make the needed improvements in conjunction with plans of improvement undertaken, or to be undertaken, by central business improvement districts created under the authority of §§
14-184-101
-
14-184-130
; and
(4)
Such improvements will:
(A)
Operate to eliminate and prevent urban blight and decay;
(B)
Provide for the modernization of properties within the central business districts thus improving the local tax structure, reducing crime and disease, and other hazards to persons and property; and
(C)
Be of general public benefit.
Acts 1975, No. 403, § 1; 1981, No. 474, § 6; 1985, No. 912, § 1; A.S.A. 1947, § 20-1625.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-202 - Definition

As used in this subchapter, unless the context otherwise requires, "property" means real property and tangible and intangible personal property.
Acts 1975, No. 403, § 1; 1985, No. 912, § 1; A.S.A. 1947, § 20-1625.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-203 - Construction

(a)
This subchapter shall be construed liberally.
(b)
The enumeration of any object, purpose, power, manner, method, and thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods, and things.
Acts 1975, No. 403, § 11; A.S.A. 1947, § 20-1634.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-204 - Provisions supplemental

This subchapter shall be construed as cumulative of existing laws relating to the creation, operation, and existence of municipal improvement districts and shall not repeal any existing law unless the law is in direct conflict with this subchapter. It is the intent of this subchapter to authorize and enumerate additional powers for these districts.
Acts 1975, No. 403, § 10; A.S.A. 1947, § 20-1634n.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-205 - Revenue bonds authorized

Central business improvement districts created under the authority of §
14-184-101
et seq. are authorized to issue revenue bonds for the purpose of providing funds for the acquisition, construction, reconstruction, repair, replacement, renovation, or any other restoration or improvement of real and personal property located within the boundaries of the district which, in the opinion of the board of commissioners, will further the elimination of urban blight and decay and provide for the modernization and general improvement of the properties within the district.
Acts 1975, No. 403, § 2; 1981, No. 474, § 7; A.S.A. 1947, § 20-1626.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-206 - Loans to property owners

(a)
Direct loans may be made by a central business improvement district to property owners, including lessees of the property owners, within the district on such terms and conditions, and with such security for repayment, as the commissioners shall deem necessary and desirable.
(b)
Loans may be evidenced by promissory notes, debentures, or other evidence of indebtedness, and may be secured by mortgages, security interests in personal property, guarantees, or such other security as the commissioners shall require in their sole discretion.
Acts 1975, No. 403, § 3; 1985, No. 1034, § 1; A.S.A. 1947, § 20-1627.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-207 - Providing of funds

(a)
For the purpose of providing funds to make loans including any reserve for contingencies deemed desirable, a central business improvement district may issue negotiable bonds or certificates of indebtedness bearing a rate of interest not to exceed the maximum rate allowed by law.
(b)
In order to secure the bonds, the district may pledge, assign, or otherwise encumber any notes, debentures, evidences of indebtedness, mortgages, security interests, or other instrument of security or guaranty which may have been obtained to evidence a loan from the district to property owners within the district to accomplish the purposes of this subchapter.
(c)
Assessments of benefits against the property owners in the district may not be pledged to secure the payment of the bonds authorized by this subchapter.
Acts 1975, No. 403, § 4; 1981, No. 425, § 51; 1981, No. 474, § 4; A.S.A. 1947, § 20-1628.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-208 - Bonds - Authorizing resolution

(a)
The bonds of a central business improvement district shall be authorized by a resolution of the board of commissioners.
(b)
The authorizing resolution may contain any of the terms, covenants, and conditions that are deemed desirable by the board, including, without limitation, those pertaining to:
(1)
The maintenance of various funds and reserves;
(2)
The nature and extent of the security;
(3)
The issuance of additional bonds and the nature of the lien and pledge, parity or priority, in that event;
(4)
The custody and application of the proceeds of the bonds;
(5)
The collection and disposition of revenues;
(6)
The investing and reinvesting, in securities specified by the board, of any moneys during periods not needed for authorized purposes; and
(7)
The rights, duties, and obligations of the district, the board, and of the holders and of the registered owners of the bonds.
Acts 1975, No. 403, § 5; 1981, No. 474, § 5; A.S.A. 1947, § 20-1629.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-209 - Bonds - Terms and conditions

(a)
As the board shall determine, the bonds may:
(1)
Be coupon bonds, payable to bearer, or may be registrable as to principal only or as to principal and interest and may be exchangeable for bonds of another denomination;
(2)
Be in such form and denomination;
(3)
Have such date or dates;
(4)
Be stated to mature at such times;
(5)
Bear interest payable at such times and at such rate or rates, provided that no bond may bear interest at a rate exceeding the maximum rate allowed by law;
(6)
Be payable at such places within or without the State of Arkansas;
(7)
Be subject to such terms of redemption in advance of maturity at such prices; and
(8)
Contain such terms and conditions.
(b)
The bonds shall have all of the qualities of negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration, as set forth in this section.
Acts 1975, No. 403, § 5; 1981, No. 474, § 5; A.S.A. 1947, § 20-1629.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-210 - Bonds - Trust indenture

(a)
The authorizing resolution may provide for the execution by the district with a bank or trust company, within or without the State of Arkansas, of a trust indenture.
(b)
The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the board including, without limitation, those pertaining to:
(1)
The maintenance of various funds and reserves;
(2)
The nature and extent of the security;
(3)
The issuance of additional bonds and the nature of the lien and pledge, parity or priority, in that event;
(4)
The custody and application of the proceeds of the bonds;
(5)
The collection and disposition of assessments and revenues;
(6)
The investing and reinvesting, in securities specified by the board, of any moneys during periods not needed for authorized purposes; and
(7)
The rights, duties, and obligations of the board and the holders and registered owners of the bonds.
Acts 1975, No. 403, § 5; 1981, No. 474, § 5; A.S.A. 1947, § 20-1629.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-211 - Bonds - Sale

(a)
The bonds may be sold for such price including, without limitation sale at a discount, and at such rate of interest and in such manner as the board may determine by resolution.
(b)
The bonds or certificates of indebtedness may be sold to any bank, savings and loan association, or other financial institution regulated by an agency of the state in which it is incorporated, or the federal government, notwithstanding the fact that a director, officer, employee, or shareholder of the financial institution is a member of the board of the district. The provisions of §§
14-88-309
,
14-88-310
,
14-88-402
shall not apply to any such transaction.
Acts 1975, No. 403, § 5; 1981, No. 474, § 5; A.S.A. 1947, § 20-1629.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-212 - Bonds, coupons - Execution - Seal

(a)
(1)
(A)
The bonds shall be executed by the manual or facsimile signature of the chairman of the board and by the manual signature of the secretary of the board.
(B)
The coupons attached to the bonds shall be executed by the facsimile signature of the chairman.
(2)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of the bonds or coupons, their signatures shall, nevertheless, be valid and sufficient for all purposes.
(b)
The district shall adopt and use a seal in the execution and issuance of the bonds. Each bond shall be sealed with the seal of the district.
Acts 1975, No. 403, § 5; 1981, No. 474, § 5; A.S.A. 1947, § 20-1629.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-213 - Bonds - Conversion

(a)
The bonds may be sold with the privilege of conversion into an issue bearing other rate or rates of interest, upon the terms that the board receive no less and pay no more than it would receive and pay if the bonds were not converted.
(b)
The conversion shall be subject to the approval of the board.
Acts 1975, No. 403, § 5; 1981, No. 474, § 5; A.S.A. 1947, § 20-1629.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-214 - Refunding bonds

(a)
(1)
Bonds may be issued for the purpose of refunding any bonds issued under this subchapter.
(2)
(A)
Refunding bonds may be either sold or delivered in exchange for the bonds being refunded.
(B)
If sold, the proceeds may be either applied to the payment of the bonds being refunded or deposited in trust and there maintained in cash or investments for the retirement of the bonds being refunded, as shall be specified by the central business improvement district in the resolution or trust indenture securing the bonds.
(b)
(1)
The resolution or trust indenture securing the refunding bonds may provide that the refunding bonds shall have the same priority on revenues pledged for their payment as was enjoyed by the bonds refunded.
(2)
Revenue refunding bonds shall be sold and secured in accordance with the provisions of this subchapter pertaining to the sale and security of the bonds initially issued.
Acts 1975, No. 403, § 7; A.S.A. 1947, § 20-1631.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-215 - Obligation on bonds

(a)
(1)
It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that the bonds shall be obligations only of the central business improvement district, and that in no event shall they constitute any indebtedness for which the faith and credit of the municipality or any of its revenues are pledged.
(2)
No member of the board of commissioners shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this subchapter unless he shall have acted with corrupt intent.
(b)
The principal of, interest on, and paying agent's fees in connection with the bonds shall be secured by a lien on and pledge of the instruments evidencing loans specified in §
14-184-206
.
Acts 1975, No. 403, § 6; A.S.A. 1947, § 20-1630.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-216 - Bonds - Tax exemption

(a)
Bonds issued under the provisions of this subchapter and the interest on them shall be exempt from all state, county, and municipal taxes.
(b)
This exemption shall include income, inheritance, and estate taxes.
Acts 1975, No. 403, § 8; A.S.A. 1947, § 20-1632.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 2 - FINANCING OF IMPROVEMENTS (§§ 14-184-201 — 14-184-217) › Section 14-184-217 - Public investment in bonds

(a)
Any municipality; any board, commission, or other authority duly established by ordinance of any municipality; the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any municipality; the board of trustees of any retirement system created by the General Assembly of the State of Arkansas may, in its discretion, invest any of its funds not immediately needed for its purposes in bonds issued under the provisions of this subchapter.
(b)
Bonds issued under the provisions of this subchapter shall be eligible to secure the deposit of public funds.
Acts 1975, No. 403, § 9; A.S.A. 1947, § 20-1633.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-101 - Title

This chapter shall be referred to and may be cited as the "Metropolitan Port Authority Act of 1961."
Acts 1961, No. 439, § 1; A.S.A. 1947, § 21-1501.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-103 - Construction

(a)
This chapter is intended and shall be construed to supplement all constitutional provisions and acts of the General Assembly designed to accomplish, in whole or in part, the purposes of this chapter.
(b)
When applicable, this chapter may be used as an alternative notwithstanding any constitutional provision or other legislation authorizing counties, municipalities, or port authorities, and other agencies or commissions, to accomplish, in whole or in part, the purposes specified in this chapter.
(c)
This chapter shall be liberally construed to accomplish its purposes.
Acts 1961, No. 439, § 15; A.S.A. 1947, § 21-1515.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-104 - Power to establish

(a)
Two (2) or more counties or two (2) or more municipalities, whether or not in the same county, or one (1) or more counties and one (1) or more municipalities, whether or not in the same county, within or near which there is a navigable river or waterway are authorized and empowered to organize and establish a metropolitan port authority, in the manner and for the accomplishment of the purposes specified in this chapter.
(b)
(1)
Each authority established under this chapter shall consist of and be governed by a board of directors.
(2)
The members of the board shall be selected and shall serve as set forth in this chapter.
Acts 1961, No. 439, § 2; A.S.A. 1947, § 21-1502.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-105 - Organization of authority

(a)
The governing body of each municipality and the county court of each county desiring to organize a port authority under this chapter shall declare its intention to do so by ordinance of the governing body of the municipality and by order of the county court of the county.
(b)
(1)
The ordinance shall authorize and direct the mayor of the municipality, and the order shall authorize and direct the county judge of the county to prepare, or cause to be prepared, and to sign and file with the circuit clerk of any county which is to be a party to the organization of an authority under this chapter a petition requesting the circuit court of the county where the petition is filed to establish an authority under this chapter.
(2)
The petition shall at least contain the following information:
(A)
The identity of the municipalities and counties desiring to organize the port authority;
(B)
The population of each petitioning municipality and each petitioning county, which population of a petitioning county wherever referred to in this chapter shall mean the population of the county exclusive of the population of each petitioning municipality in the county, according to the last federal census;
(C)
The official name desired by the petitioners for the authority to be established;
(D)
The total number of the members of the board of directors of the authority desired by the petitioning municipalities or counties, subject to the conditions pertaining thereto specified in this chapter;
(E)
The number of the members of the board of the authority that shall represent each petitioning municipality or county, determined in accordance with the conditions specified in this chapter; and
(F)
A request that the circuit court enter an order designating the total number of the members of the board, designating the number that shall represent each petitioning municipality or county and establishing an authority under the provisions of this chapter as a public agency of the petitioning municipalities or counties, but with the powers set forth in this chapter, which need not be enumerated in the order.
(c)
(1)
The circuit court shall enter an order establishing and naming the authority and designating the board in accordance with the petition.
(2)
The circuit court shall enter the order as a record of the court, and it shall be placed in the permanent records of the circuit clerk of the court.
(d)
After the entry of the order of the circuit court establishing the authority and after the appointments of the members of it by the governing bodies of the petitioning municipalities and the county courts of the petitioning counties, the authority shall be in existence. It shall thereafter exist as a separate entity and body corporate as set forth in this chapter.
Acts 1961, No. 439, § 3; A.S.A. 1947, § 21-1503.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-107 - Permanent records of authority

A certified copy of each ordinance and a certified copy of each county court order appointing persons to membership on the board shall be filed with the secretary of the board of the authority and shall be and remain part of the permanent records of the authority.
Acts 1961, No. 439, § 3; A.S.A. 1947, § 21-1503.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-110 - Warehouse facilities - Proposals for lease or operation

With regard to warehouse facilities used for commercial warehousing purposes mentioned §
14-185-108(a)(1)
-(4), (6), (7), and (9)-(11), §
14-185-108(b)
, and §
14-185-109(2), (3), (12), and (13)
, the authority, prior to entering into a new lease of existing warehouse facilities or into a lease of new warehouse facilities, in whole or in part, or prior to operating warehouse facilities for these purposes, in whole or in part, shall first publicly solicit proposals for the leasing or operation of the warehouse facilities for these purposes on such terms as shall be customary and usual in the commercial warehousing industry. The authority shall accept such proposal as is commercially reasonable and in the authority's best interest.
Acts 1961, No. 439, §§ 4, 5; 1983, No. 623, §§ 1, 2; A.S.A. 1947, §§ 21-1504, 21-1505.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-111 - Acquisition of rights-of-way and property

(a)
For the acquiring of rights-of-way and property necessary or desirable for the carrying out of their powers and for the accomplishment of the purposes of this chapter, port authorities shall have the right and power to acquire property by gift, by purchase, by negotiation, or by condemnation.
(b)
If an authority determines to exercise the right of eminent domain, it may be exercised in the manner provided for taking private property for railroads as provided by §§
18-15-1202
-
18-15-1207
, in the manner provided by §§
18-15-301
-
18-15-307
, or in the manner provided by any other statutes enacted for the exercise of the power of eminent domain by the State of Arkansas, or by any of its officers, departments, agencies, or political subdivisions.
(c)
Authorities may exchange any property acquired under this chapter for other property necessary or desirable in the carrying out of the powers of the authorities.
Acts 1961, No. 439, § 6; A.S.A. 1947, § 21-1506.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-112 - Condemnation of utility system prohibited

Nothing in this chapter shall be construed to authorize any port authority to acquire by condemnation, or to issue bonds and use the proceeds of them to acquire by condemnation, a utility plant or utility distribution system, or any part of them, owned or operated by a regulated public utility for the purpose of operation by the acquiring authority.
Acts 1961, No. 439, § 17; A.S.A. 1947, § 21-1516.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-113 - Operation of terminal railroads

(a)
(1)
Port authorities shall have the power and are authorized to acquire, own, lease, locate, install, construct, equip, hold, maintain, control, and operate at harbors, ports, and river-rail and barge terminals or lines of terminal railroads with necessary sidings, turnouts, spur branches, switches, yard tracks, bridges, trestles, and causeways.
(2)
In connection with these lines and appurtenant thereto, authorities shall have the further right to lease, install, construct, acquire, own, maintain, control, and use any and every kind or character of motive power and conveyances or appliances necessary or proper to carry passengers, goods, wares, and merchandise over, along, or upon the tracks of the terminal railroads or other conveyances.
(b)
(1)
Authorities shall have the right and power to make agreements as to scale of wages, seniority, working conditions, and related matters with locomotive engineers, firemen, switchmen, foremen, hostlers, and other employees engaged in the operation of the terminal railroads and the service and equipment pertinent to them.
(2)
Authorities shall have the right and power with their terminal railroads to connect with or cross any other railroad upon payment of just compensation and to receive, deliver to, and transport the freight, passengers, and cars of common carrier railroads as though they were ordinary common carriers.
Acts 1961, No. 439, § 8; A.S.A. 1947, § 21-1508.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-114 - Dealings with federal government

(a)
(1)
Port authorities are authorized to assign, transfer, lease, convey, grant, or donate to the federal government, or to the appropriate agency of it, any or all of their property, for use by the federal government, or the appropriate agency of it, for any purpose included within the purposes of this chapter.
(2)
No such assignment, transfer, lease, conveyance, grant, or donation shall be made which would constitute an impairment of the covenants and obligations of any authority in connection with bonds or other certificates of indebtedness issued and outstanding by the authority or which would constitute an event of default under any indenture or similar instrument securing any indebtedness of any authority.
(3)
Any assignment, transfer, lease, conveyance, grant, or donation, subject to the limitations specified, shall be upon such terms as the authority involved may deem advisable.
(b)
In the event the federal government or the appropriate agency or department of it should decide to undertake the acquisition, construction, equipment, maintenance, or operation of any of the properties and facilities of any port authority and should decide to acquire the lands and properties necessarily needed in connection with it by condemnation or otherwise, authorities are further authorized to transfer and pay over to the federal government or to the appropriate agency of it such of the moneys belonging to the authorities as may be reasonably required by the federal government or the appropriate agency of it to meet and pay the amount of judgments in condemnation proceedings as may be rendered from time to time against the federal government or the appropriate agency of it or as may be reasonably necessary to permit and allow the federal government or the appropriate agency of it to acquire and become possessed of such lands and properties as are reasonably required for the acquisition, construction, and use of the properties and facilities referred to in this section.
Acts 1961, No. 439, § 7; A.S.A. 1947, § 21-1507.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-115 - Assistance by municipalities and counties

(a)
(1)
It is determined that the ports, harbors, river-rail and barge terminals, and the facilities authorized to be acquired, constructed, reconstructed, extended, equipped, or improved by port authorities under this chapter are necessary for and useful in the securing and developing of industry in the State of Arkansas.
(2)
Therefore, port authorities are authorized and empowered to contract and agree with the municipalities and the counties represented on their boards of directors concerning the making available by the municipalities and counties to the authorities of the proceeds of bonds issued by the municipalities and counties under the provisions of Arkansas Constitution, Amendment 49 [repealed] for the purpose of financially assisting the authorities to carry out the powers conferred upon them by this chapter and to accomplish the purposes of this chapter upon such terms as may be agreed upon by the municipalities and counties and the authorities consistent with the provisions of Arkansas Constitution, Amendment 49 [repealed].
(b)
(1)
In addition, municipalities and counties are expressly authorized to use and make available to the authorities, by way of donation, loan, or otherwise, any available revenues of the municipalities and counties for the purpose of financially assisting the authorities to carry out the powers conferred upon them by this chapter and to accomplish the purposes of this chapter.
(2)
Any such available revenues so made available may be used by the authorities either alone or together with any other available funds and revenues for the accomplishment of the authorized purposes.
Acts 1961, No. 439, § 14; A.S.A. 1947, § 21-1514.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-116 - Authority to borrow funds, issue bonds

(a)
Port authorities are authorized and empowered to enter into the necessary contracts for the borrowing of funds, pursuant to the provisions of this chapter, which they may determine will be required to carry out the powers of port authorities and to carry out the purposes of this chapter. In this regard, port authorities are authorized to issue bonds and to use the proceeds of them for the carrying out of the powers of port authorities and the accomplishment of the purposes of this chapter, either alone or together with other available funds and revenues.
(b)
Any port authority is also authorized to issue revenue bonds under the provisions of this chapter for the purpose of applying a major portion of the proceeds of the revenue bonds, alone or with other revenues that may be pledged, to the acquisition of an investment contract or contracts at a rate or rates of interest at least sufficient to provide for principal, premium, if any, and interest on the revenue bonds, as due, in consideration of the receipt of a portion of the proceeds for application by the port authority to one (1) or more of the purposes authorized by this chapter.
Acts 1961, No. 439, § 9; 1975 (Extended Sess., 1976), No. 1232, § 1; A.S.A. 1947, § 21-1509; Acts 1987, No. 46, § 1; reen. Acts 1987, No. 1017, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-117 - Bonds - Authority to issue

This chapter shall be the sole authority required for the issuance of bonds under it and for the exercise of the powers of authorities established under this chapter. It shall not be necessary for the municipalities and counties represented on the boards of directors of authorities to take any action authorizing or approving the issuance of bonds or the exercise of any other powers by the authorities.
Acts 1961, No. 439, § 10; 1975 (Extended Sess., 1976), No. 1232, § 2; A.S.A. 1947, § 21-1510; reen. Acts 1987, No. 1017, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-118 - Bonds - Covenants and agreements - Enforcement

All covenants and agreements entered into and made by an authority shall be binding in all respects on the authority and the members of it and their successors from time to time in accordance with the terms of such covenants and agreements. All of those provisions shall be enforceable by mandamus or other appropriate proceedings at law or in equity.
Acts 1961, No. 439, § 10; 1975 (Extended Sess., 1976), No. 1232, § 2; A.S.A. 1947, § 21-1510; reen. Acts 1987, No. 1017, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-119 - Bonds - Purposes

Bonds may be issued from time to time for the acquisition, construction, and equipment of facilities and the reconstructing, extending, improving, equipping, or reequipping of facilities.
Acts 1961, No. 439, § 9; 1975 (Extended Sess., 1976), No. 1232, § 1; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-120 - Bonds - Principal amount

Each bond issue shall be in the principal amount sufficient, together with other available funds, for the acquisition, construction, and equipment of facilities or the reconstruction, extension, improvement, equipment, or reequipment of facilities, all costs of issuing bonds, the amount necessary for a reserve, if deemed desirable by the authority issuing the bonds, the amount necessary to provide for debt service on the bonds until revenues for the payment of them are available, and any cost of whatever nature necessarily incidental to them.
Acts 1961, No. 439, § 9; 1975 (Extended Sess., 1976), No. 1232, § 1; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-121 - Bonds - Resolution or trust indenture generally

The authority issuing the bonds, by the resolution or indenture, among other things, may control the subsequent issuance of additional bonds and the priority, between and among issues, of the pledge of revenues and of the mortgage lien, provide for the use of surplus pledged revenues, and provide for the creation of special trust funds to be maintained in such banks as the authority issuing the bonds may select. The moneys in these special trust funds shall be secured and disbursed as determined by the authority. The special trust funds may, without limitation, include a bond fund, a depreciation fund, an operation and maintenance fund, and such reserve funds as the authority issuing the bonds may determine to be in the best interests of the authority in accomplishing the purposes of this chapter.
Acts 1961, No. 439, § 10; 1975 (Extended Sess., 1976), No. 1232, § 2; A.S.A. 1947, § 21-1510; reen. Acts 1987, No. 1017, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 185 - METROPOLITAN PORT AUTHORITIES (§§ 14-185-101 — 14-185-137) › Section 14-185-122 - Bonds - Authorizing resolution

(a)
Each issue of bonds shall be authorized by resolution of the authority issuing the bonds.
(b)
Priority, between and among successive issues, of the pledge of revenues and mortgage lien may be controlled by the resolutions authorizing the issuance of bonds under this chapter.
Acts 1961, No. 439, § 9; 1970 (Ex. Sess.), No. 59, § 1; 1975 (Extended Sess., 1976), No. 1232, § 1; 1981, No. 425, § 34; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.