reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 175 - PUBLIC CORPORATIONS FOR ECONOMIC DEVELOPMENT ACT (§§ 14-175-101 — 14-175-116) › Section 14-175-112 - Economic development taxes

(a)
All tax proceeds received by a corporation under §
14-174-101
et seq. shall be used for any one (1) or more of the following purposes:
(1)
To pay administrative costs incurred by the corporation;
(2)
To pay costs incurred in connection with a project;
(3)
To pay costs incurred for promotional purposes; or
(4)
To pay expenses incurred by the corporation under §
14-175-113
relating to job training.
(b)
Tax proceeds received by a corporation under §
14-174-101
et seq. shall not be used for a project for the direct benefit of a specific individual or individuals or nongovernmental enterprise or enterprises unless the primary purpose of the project is to finance an economic development project or provide an economic development service within or near the local government that levies the tax, as provided under §
14-174-105
.
Amended by Act 2017, No. 686,§ 5, eff. 3/27/2017.
Acts 2005, No. 1372, § 3.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 175 - PUBLIC CORPORATIONS FOR ECONOMIC DEVELOPMENT ACT (§§ 14-175-101 — 14-175-116) › Section 14-175-113 - Average weekly wage - Job training expenditures

A corporation may spend tax revenue received under this chapter for job training offered through an enterprise only if the enterprise has committed in writing to:
(1)
Create new jobs that pay wages that are at least equal to the prevailing wage for the applicable occupation in the local labor market area; or
(2)
Retain jobs that pay wages that are at least equal to the prevailing wage for the applicable occupation in the local labor market area.
Acts 2005, No. 1372, § 3; 2009, No. 1271, § 3.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 175 - PUBLIC CORPORATIONS FOR ECONOMIC DEVELOPMENT ACT (§§ 14-175-101 — 14-175-116) › Section 14-175-114 - Limitation on liability

The corporation, the corporation's board of directors, officers, employees and agents, the local government approving the organization of a corporation, members of the governing body of the local government, and employees of the local government are not liable for damages arising from the performance of a governmental function of the corporation or local government.
Acts 2005, No. 1372, § 3.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 175 - PUBLIC CORPORATIONS FOR ECONOMIC DEVELOPMENT ACT (§§ 14-175-101 — 14-175-116) › Section 14-175-115 - Annual reports

(a)
Each corporation shall make a written report to the governing body that created the corporation concerning its activities for the preceding calendar year.
(b)
Each report shall include audited financial statements covering the corporation's operations during the preceding calendar year.
Acts 2005, No. 1372, § 3.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 175 - PUBLIC CORPORATIONS FOR ECONOMIC DEVELOPMENT ACT (§§ 14-175-101 — 14-175-116) › Section 14-175-116 - Application of Arkansas Nonprofit Corporation Act of 1993

(a)
Each corporation is subject to the provisions of the Arkansas Nonprofit Corporation Act of 1993, §
4-33-101
et seq., to the extent that those provisions are not in conflict with the provisions of this chapter.
(b)
If a provision of the Arkansas Nonprofit Corporation Act of 1993, §
4-33-101
et seq., is in conflict with any provision of this chapter, the provisions of this chapter shall control.
Acts 2005, No. 1372, § 3.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 176 - LOCAL JOB CREATION, JOB EXPANSION, AND ECONOMIC DEVELOPMENT ACT OF 2017 (§§ 14-176-101 — 14-176-113) › Section 14-176-101 - Title

This chapter shall be known and may be cited as the "Local Job Creation, Job Expansion, and Economic Development Act of 2017".
Added by Act 2017, No. 685,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 176 - LOCAL JOB CREATION, JOB EXPANSION, AND ECONOMIC DEVELOPMENT ACT OF 2017 (§§ 14-176-101 — 14-176-113) › Section 14-176-103 - Authorization for obtaining and appropriating money

(a)
A municipality or county may obtain or appropriate money for a corporation, association, institution, political subdivision of the state, the United States Government, or an individual to:
(1)
Finance economic development projects; or
(2)
Provide economic development services.
(b)
Funds appropriated by a municipality or county under the authority of this section shall be deemed to further the public purpose of economic development.
Added by Act 2017, No. 685,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 176 - LOCAL JOB CREATION, JOB EXPANSION, AND ECONOMIC DEVELOPMENT ACT OF 2017 (§§ 14-176-101 — 14-176-113) › Section 14-176-105 - Economic development services - Controls, restrictions, and prohibitions

(a)
Economic development service contracts shall:
(1)
Be approved by the governing body in ordinance or resolution form after following applicable bidding, procurement, and professional services procedures in accordance with state law or local ordinance;
(2)
Be recorded in writing;
(3)
Not exceed one (1) year in length unless there is a public finding by the governing body that multiple years are necessary for the success of the economic development service and that multiple years are both lawful and a matter of public benefit;
(4)
Not be renewed automatically without a vote of the governing body;
(5)
State a proper public purpose, such as the creation of new jobs, job retention, or the expansion of the tax base by construction or improvements to real property; and
(6)
Articulate specific criteria to measure the progress toward, or achievement of, the proper public purpose.
(b)
(1)
The following are exempt from the Freedom of Information Act of 1967, §
25-19-101
et seq., as related to economic development services:
(A)
Files and materials that if disclosed would give advantage to the competitors or bidders; and
(B)
Records maintained by an economic development service provider for a municipality or county related to any economic development project.
(2)
(A)
However, quarterly reports shall be provided to the governing body by parties to the economic development service contract and shall be available to the public.
(B)
The reports shall include a statement of the specific items contained in the economic development service contract and articulation of compliance as to each of those items.
Added by Act 2017, No. 685,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 176 - LOCAL JOB CREATION, JOB EXPANSION, AND ECONOMIC DEVELOPMENT ACT OF 2017 (§§ 14-176-101 — 14-176-113) › Section 14-176-106 - Tax exemption

Contracts, agreements, and actions taken under this chapter do not affect the tax-exempt status of the state or any municipality or county engaged in work under this chapter.
Added by Act 2017, No. 685,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 176 - LOCAL JOB CREATION, JOB EXPANSION, AND ECONOMIC DEVELOPMENT ACT OF 2017 (§§ 14-176-101 — 14-176-113) › Section 14-176-107 - Immunity and liability

(a)
Section
21-9-301
et seq. applies to this chapter.
(b)
A municipality or county is not liable for any action related to the providing of, or contractual agreement to enter into, an economic development project or economic development service, except as provided by law.
Added by Act 2017, No. 685,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 176 - LOCAL JOB CREATION, JOB EXPANSION, AND ECONOMIC DEVELOPMENT ACT OF 2017 (§§ 14-176-101 — 14-176-113) › Section 14-176-108 - Limitation on budget - Due diligence

(a)
Except as provided in this section, appropriations for economic development projects by a governing body under this chapter shall not exceed in a fiscal year five percent (5%) of the total of the municipality's or county's unobligated general revenue and reserves of the previous fiscal year, without regard to the number of economic development projects.
(b)
(1)
If a governing body chooses to participate in an economic development project that exceeds the five percent (5%) level under subsection (a) of this section in a fiscal year, the governing body shall secure a financial forecast and then determine whether the municipality or county will participate in the economic development project or projects.
(2)
A financial forecast under subdivision (b)(1) of this section shall be undertaken each time the five percent (5%) level under subsection (a) of this section is exceeded.
(c)
The use of the whole or partial amount of revenue specifically dedicated by law, ordinance, or resolution and public vote for economic development for the purposes in this chapter are excluded from the restrictions and limitations of this section.
Added by Act 2017, No. 685,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 176 - LOCAL JOB CREATION, JOB EXPANSION, AND ECONOMIC DEVELOPMENT ACT OF 2017 (§§ 14-176-101 — 14-176-113) › Section 14-176-109 - Singular contract methodology

A municipality or county may engage the services of a singular entity to administer economic development projects and economic development services under this chapter.
Added by Act 2017, No. 685,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 176 - LOCAL JOB CREATION, JOB EXPANSION, AND ECONOMIC DEVELOPMENT ACT OF 2017 (§§ 14-176-101 — 14-176-113) › Section 14-176-110 - Bonds

This chapter does not prohibit or restrict the use of funding economic development projects through the proceeds of:
(1)
Revenue bonds issued in accordance with Arkansas Constitution, Amendment 65; or
(2)
Capital improvement or economic development bonds issued in accordance with Arkansas Constitution, Amendment 62.
Added by Act 2017, No. 685,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 176 - LOCAL JOB CREATION, JOB EXPANSION, AND ECONOMIC DEVELOPMENT ACT OF 2017 (§§ 14-176-101 — 14-176-113) › Section 14-176-111 - Federal and state grants

The use of federal and state grants is excluded from the restrictions and limitations of this chapter.
Added by Act 2017, No. 685,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 176 - LOCAL JOB CREATION, JOB EXPANSION, AND ECONOMIC DEVELOPMENT ACT OF 2017 (§§ 14-176-101 — 14-176-113) › Section 14-176-112 - Interlocal agreements

The use of interlocal agreements under the Interlocal Cooperation Act, §
25-20-101
et seq., is excluded from the restrictions and limitations of this chapter.
Added by Act 2017, No. 685,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 176 - LOCAL JOB CREATION, JOB EXPANSION, AND ECONOMIC DEVELOPMENT ACT OF 2017 (§§ 14-176-101 — 14-176-113) › Section 14-176-113 - Current economic development projects

Economic development projects that are under way on January 1, 2017, are exempt from the restrictions and limitations of this chapter.
Added by Act 2017, No. 685,§ 1, eff. 8/1/2017.
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 14-184-101 - Title

This subchapter may be referred to and cited as the "Central Business Improvement District Act."
Acts 1973, No. 162, § 1; A.S.A. 1947, § 20-1601.
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 14-184-102 - Purpose

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 provide additional authority to municipalities for creation of improvement districts and to authorize and enumerate additional powers for these districts.
Acts 1973, No. 162, § 24; A.S.A. 1947, § 20-1623.
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 14-184-103 - Legislative determinations

(a)
It is determined and declared by the General Assembly that:
(1)
The deterioration of the central business districts of urban centers of the state by reason of obsolescence, overcrowding, faulty arrangement or design, deleterious land use, or a combination of these or other factors is a threat to the property tax and other revenue sources of municipalities;
(2)
Increases in population and automobile usage have created conditions of traffic congestion in central business districts, and such conditions constitute a hazard to the safety of pedestrians and impede the use of public rights-of-way;
(3)
The elimination of urban blight and decay and the modernization and general improvement of central business districts by governmental action are considered necessary to promote the public health, safety, and welfare of the communities; and
(4)
The restoration of central business districts is the appropriate subject for remedial legislation.
(b)
It is further determined and declared by the General Assembly that:
(1)
Municipalities should be encouraged to create self-financing improvement districts and designated district management corporations to execute self-help programs to enhance local business climates; and
(2)
Municipalities should be given the broadest possible discretion in establishing self-help programs consistent with local needs, goals, and objectives.
Acts 1973, No. 162, § 2; A.S.A. 1947, § 20-1601n; Acts 2007, No. 517, § 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 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-184-101 — 14-184-130) › Section 14-184-104 - Definitions

As used in this subchapter, unless the context otherwise requires:
(1)
"Acquire" means obtain property rights by gift, purchase, devise, bequest, eminent domain, lease, sublease, assignment of lease, or any combination or variant of these means;
(2)
"Assessed value" means value as assessed for ad valorem property tax purposes;
(3)
"Board" means the board of commissioners appointed;
(4)
"District" means the central business improvement district created by ordinance of the municipality;
(5)
"Governing body" means the city council, board of directors, commission, or other municipal body exercising general legislative power in the municipality;
(6)
"Municipality" means any city having the population required by §
14-184-107
;
(7)
"Owner" means record owner in fee simple;
(8)
"Plan or plan of improvement" means the general design plan, including any amendments to it that may be made from time to time of the proposed improvements in the district.
Acts 1973, No. 162, § 3; 1975, No. 402, § 1; A.S.A. 1947, § 20-1602.
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 14-184-105 - 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 1973, No. 162, § 25; A.S.A. 1947, § 20-1624.
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 14-184-106 - Other laws applicable

Except as otherwise provided in this subchapter, the provisions of Acts 1881, No. 84; Acts 1899, No. 183; and all other laws of the State of Arkansas pertaining to municipal improvement districts, in general, as they may be amended from time to time, shall be applicable to a central business improvement district and shall govern the procedures for the operation of a district's affairs including, without limitation:
(1)
Giving of any notice;
(2)
Appointment of assessors;
(3)
Making and filing of assessments of benefits or reassessments of benefits;
(4)
Annexation of additional territory to a district;
(5)
Collection of assessments;
(6)
Enforcement of delinquent assessments; and
(7)
All other matters relating to the internal operation of a district.
Acts 1973, No. 162, § 5; A.S.A. 1947, § 20-1604.
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 14-184-107 - Authority to create districts

The governing body of any first-class or second-class municipality of the state is authorized to create, by ordinance, one (1) or more central business improvement districts in the manner and for the purposes provided in this subchapter.
Acts 1973, No. 162, § 4; 1975, No. 402, § 2; 1975, No. 1009, § 1; 1977, No. 530, § 1; 1981, No. 3, § 1; A.S.A. 1947, § 20-1603.
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 14-184-109 - Rules governing petitions

(a)
After the filing of a petition for the creation of a central business improvement district, no petitioner shall be permitted to withdraw his name from it.
(b)
No petition with the requisite signatures shall be declared void on account of formal or insubstantial defects.
(c)
The governing body, at any time, may permit the petition to be amended to conform to the facts by correcting any errors in the description of the territory or in any other particular.
(d)
Similar petitions for the organization of the same district may be filed and together shall be regarded as one petition with the original.
(e)
All petitions filed prior to the hearing on the first petition filed shall be considered by the governing body in the same manner as if filed with the first petition placed on file.
Acts 1973, No. 162, § 7; A.S.A. 1947, § 20-1606.
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 14-184-110 - Organizational expenses

A central business improvement district organized under this subchapter is authorized to pay reasonable compensation to those persons who have done necessary or desirable preliminary work in the organization of it, including the fees of abstractors and title companies, engineers, architects, and attorneys.
Acts 1973, No. 162, § 10; A.S.A. 1947, § 20-1609.
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 14-184-111 - Board of commissioners

(a)
(1)
(A)
In the ordinance creating a central business improvement district, the governing body shall appoint a minimum of five (5) persons who shall be owners of real property in the district or officers or stockholders of a corporation owning real property within the district as commissioners who shall compose a board of commissioners for the district.
(B)
In cities operating under a commission form of government, the mayor and city commissioners, by virtue of their offices, may be commissioners of each district and may compose the board of each district.
(2)
(A)
At the initial meeting of commissioners, the governing body of the municipality shall divide randomly the commissioners into three (3) groups roughly equal in number.
(B)
(i)
The first group of commissioners shall serve a term of two (2) years.
(ii)
The second group of commissioners shall serve a term of four (4) years.
(iii)
The third group of commissioners shall serve a term of six (6) years.
(C)
Following the initial group of commissioners, all commissioners shall serve a term of six (6) years.
(3)
The board of commissioners shall elect a chair and a secretary.
(b)
(1)
(A)
(i)
All vacancies that may occur after the board shall have been organized shall be filled by the governing body.
(ii)
The vacating member shall serve, if possible, until a successor is appointed by the governing body of the municipality.
(B)
If all places on the board shall become vacant or those appointed shall refuse or neglect to act or shall cease to have the qualifications required for their original appointment, new members shall be appointed by the governing body as in the first instance.
(2)
(A)
(i)
The governing body shall have the power to remove the board or any member of it by a two-thirds (2/3) vote of the whole number of the members of the governing body.
(ii)
Removal shall be for cause only and after a hearing upon sworn charges preferred in writing by a property owner in the district. Ten (10) days' notice of the hearing on the charges shall be given.
(B)
The governing body shall have the power to remove the board or any member of it by a vote of the majority of the whole number of the members elected to the governing body upon the written petition of the owners of a majority in assessed value of the property located within the district after a hearing upon ten (10) days' notice to each member of the board affected.
(c)
The members of the board shall receive no compensation for their services but may be reimbursed for their actual expenses incurred in the performance of their duties.
Acts 1973, No. 162, §§ 8, 11; A.S.A. 1947, §§ 20-1607, 20-1610; Acts 2007, No. 517, § 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 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-184-101 — 14-184-130) › Section 14-184-112 - Plans and estimated cost of improvement

(a)
(1)
As soon as is practicable after the qualification of its members, the board of commissioners for a central business improvement district shall form plans for the improvement as described in the petition and shall obtain estimates of the cost of it.
(2)
Prior to the filing of any assessment of benefits to accomplish the plan of improvement, a copy of the plans and the estimated cost for the accomplishment of the plans shall be filed in the office of the city clerk.
(b)
The plan may provide for the construction of improvements, and other implementation of the plan, in such sequence and in such parts as the board shall determine from time to time to be most advantageous to the district.
(c)
(1)
The plan of improvement may be amended at any time by the board in order to include or delete such features as the board shall determine to be in the best interests of the district.
(2)
(A)
A copy of the plan, as amended, shall be filed in the office of the city clerk, and, if the original assessment of benefits shall not have yet been filed, no further notice shall be necessary.
(B)
(i)
If the assessment of benefits for the district shall have been filed and a levy of it enacted by ordinance, the board shall examine the amended plan and determine whether or not a reassessment of benefits shall be desirable.
(ii)
If the board shall determine that a reassessment is desirable, the board shall direct that a reassessment be prepared and filed as in the case of any other reassessment. However, if the amended plan shall provide for the construction of additional improvements the costs of which are to be financed primarily from the issuance of bonds to be retired from the revenues from the additional improvements or from other sources, it shall not be necessary to reassess benefits.
Acts 1973, No. 162, § 12; 1975, No. 402, § 4; A.S.A. 1947, § 20-1611.
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 14-184-113 - Expenditures for services

(a)
(1)
In the preparation of the plan of improvement, a central business improvement district is authorized to employ architects and engineers to prepare plans, specifications, and estimates of cost for the construction of the improvements and to supervise and inspect the construction.
(2)
In addition, the district is authorized to engage and pay attorneys, accountants, and consultants and to obtain and pay for such other professional and technical services as it shall determine to be necessary or desirable in assisting it to effectively carry out the functions, powers, and duties conferred and imposed upon it to accomplish and maintain the proposed improvement.
(3)
The district is further authorized to employ, on a full-time basis, such persons as shall be necessary to maintain, operate, supervise, repair, administer, or otherwise render assistance in the effecting of the plan and its continued benefit.
(b)
All expenditures under this section shall be taken as a cost of the improvement.
Acts 1973, No. 162, § 13; A.S.A. 1947, § 20-1612.
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 14-184-114 - Abandonment of improvement

(a)
(1)
If for any cause the improvement shall not be made, the cost shall be a charge upon the real property in the central business improvement district and shall be raised and paid by an assessment upon the real property in the district as assessed for state and county purposes.
(2)
The assessment shall be levied by the governing body on the application of any person interested and shall be paid to the district to be distributed among the creditors of the district.
(b)
When any improvement is abandoned, it is made the duty of the board of commissioners to report to the governing body the total amount of the debts which it has incurred, to the end that the governing body may make adequate provision for their payment.
Acts 1973, No. 162, § 13; A.S.A. 1947, § 20-1612.
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 14-184-116 - Power of eminent domain

(a)
The right and power of eminent domain is conferred upon a central business improvement district to enter upon, take, and condemn private property for the construction of improvements described in the plan of improvement.
(b)
The right and power of eminent domain conferred by this section shall be exercised by the district in accordance with the procedures in §§
18-15-301
-
18-15-307
.
(c)
The right and power conferred by this section shall include, without limitation, the right and power to enter upon lands and proceed with the work of construction prior to the assessment and the payment of damages and compensation upon the posting of a deposit by the district in accordance with the procedure described in §§
18-15-301
-
18-15-303
.
Acts 1973, No. 162, § 15; A.S.A. 1947, § 20-1614.
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 14-184-117 - Powers of municipal governing bodies

The governing body of any municipality shall have all powers necessary or desirable to undertake and carry out, or to assist a central business improvement district to undertake and carry out, all improvements described in the ordinance setting up the district including, but not limited to, the following:
(1)
(A)
To close existing streets or alleys, or to open new streets and alleys, or to widen or narrow existing streets and alleys, in whole or in part.
(B)
These closings shall be subject to franchise, permit, or other occupancy right of utilities for existing facilities, except as provided in subdivision (8) of this section;
(2)
(A)
To condemn and take easements necessarily incident to the plan of improvement adopted for the district.
(B)
Except as otherwise provided in this subchapter, the rules and procedures set forth in §§
18-15-301
-
18-15-307
shall govern all condemnation proceedings;
(3)
(A)
To permit the district, on public property or rights-of-way, to install and operate, or to lease, public parking facilities, public music facilities, news facilities, and sidewalk cafe tables and chairs;
(B)
To construct lakes, dams, and waterways of whatever size;
(C)
To landscape and plant trees, bushes, shrubbery, flowers, and each and every other kind of decorative planting;
(D)
To acquire air rights for the construction of pedestrian overpasses, vehicular overpasses, and public restaurants or facilities to be located in these spaces; and
(E)
To permit the purchase and operation of buses, minibuses, mobile benches, and other modes of transportation;
(4)
To provide special police facilities and the personnel for the protection and enjoyment of the property owners and the general public using the facilities of the district;
(5)
To maintain, as provided in this subchapter, all government-owned streets, alleys, malls, bridges, ramps, tunnels, lawns, and decorative plantings of each and every nature, and every structure or object of any nature whatsoever constructed and operated by the municipality;
(6)
To prohibit or restrict vehicular traffic on the streets within the district as may be deemed necessary and to provide the means for access by emergency vehicles to or in these areas;
(7)
To remove any existing structures or signs of any description in the district not conforming to the plan of improvements; and
(8)
Upon payment of reasonable compensation for it by the district, to require any or all utilities servicing the district to lay such pipe, extend such wires, provide such facilities, or conform, modify, or remove existing facilities to effectuate the plan of improvement for the district.
Acts 1973, No. 162, § 9; 1975, No. 402, § 3; A.S.A. 1947, § 20-1608.
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 14-184-118 - Supplemental annual assessments

(a)
(1)
In order to effectuate the plan of improvement and to maintain the improvements constructed under it, it may be desirable to provide additional funds for operation, maintenance, repairs, and replacements, and to levy a supplemental annual assessment upon the property owners within a central business improvement district in order to provide funds for these purposes.
(2)
Supplemental annual assessment for operation, maintenance, repairs, and replacements shall be in addition to that levied and collected upon the assessment of benefits which has been, or may be, pledged and mortgaged to retire bonded indebtedness of the district as authorized in this subchapter.
(b)
(1)
The petition requesting the creation of the district and the ordinances creating the district and levying the tax on the assessment of benefits to provide for the retirement of bonded indebtedness may also provide for a continuing supplemental annual levy of an assessment which shall be designated for the purposes of operation, maintenance, repairs, and replacements of the improvements.
(2)
(A)
If the petition requesting the creation of the district does not contain a provision requesting the levy of a supplemental annual assessment for operation, maintenance, repairs, and replacements, a majority in value of the owners of real property within the district at any time may petition the governing body for the adoption of an ordinance levying such supplemental assessment.
(B)
If the petition is later filed, it shall be the duty of the governing body to adopt the requested ordinance upon inquiry only as to the sufficiency of the petition.
(c)
(1)
The levy and collection of the supplemental annual assessment for operation, maintenance, repairs, and replacements shall not operate to reduce the total of the assessed benefits which may be, or may have been, mortgaged and pledged to secure bonded indebtedness of the district.
(2)
Upon request of the board of commissioners, the annual supplemental assessment may be adjusted no more frequently than annually by the governing body.
(3)
(A)
Collection of the supplemental assessment for operation, maintenance, repairs, and replacements shall be in the same manner as for the collection of assessment of benefits pledged to retire indebtedness of the district.
(B)
The failure to pay the supplemental assessments shall be enforced by proceedings in the same manner as other delinquent assessments.
Acts 1973, No. 162, § 17; A.S.A. 1947, § 20-1616.
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 14-184-119 - Revenue-producing facilities

(a)
(1)
Nothing in this subchapter shall be deemed to limit or prohibit the operation of any facility which is a part of the plan of improvement as a revenue-producing facility.
(2)
Without limiting the generality of this provision, a central business improvement district may construct, operate, and maintain public restaurants, parking garages, and automobile serving facilities, places of amusement and entertainment, including facilities for the sale of food and refreshments and other similar public facilities, under circumstances which may provide revenues exceeding the cost of the operations of them.
(b)
The revenues may be:
(1)
Used to defray the costs of general operation and maintenance of the district;
(2)
Used to retire indebtedness of the district; or
(3)
Set aside and pledged in separate funds to secure other indebtedness of the district.
(c)
The board of commissioners may authorize the lease of any of the facilities, or a portion of them constructed under the plan, including the parking garages, to other persons for such rental, upon such terms, and for such time as the board shall deem desirable.
Acts 1973, No. 162, § 16; A.S.A. 1947, § 20-1615.
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 14-184-120 - Authority to borrow, issue bonds, etc. - Security - Amount

(a)
For the purpose of providing funds to pay preliminary expenses, to construct improvements according to the plan, or to pay for an improvement already completed, a central business improvement district may borrow money in an amount not exceeding the estimated costs of it, including interest on the money borrowed to a date six (6) months subsequent to the estimated date of completion of the work and a reserve not to exceed one (1) year's principal and interest requirements and, to that extent, 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 and mortgage all uncollected assessment of benefits for the payment of the bonds.
(c)
In addition to bonds for which uncollected assessments may be mortgaged and pledged, or in conjunction with them, the district is authorized to issue revenue bonds from time to time in sufficient principal amounts and to use the proceeds of them, together with any other available funds, for the purposes set forth in this subchapter.
Acts 1973, No. 162, § 18; 1975, No. 402, § 6; 1981, No. 474, § 3; A.S.A. 1947, § 20-1617.
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 14-184-121 - Bonds - Authorizing resolution

(a)
The bonds of the district, whether payable from assessments, from revenues, or from both 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 1973, No. 162, § 18; 1975, No. 402, § 6; 1981, No. 474, § 3; A.S.A. 1947, § 20-1617.
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 14-184-122 - Bonds - Terms and conditions

(a)
As the board of commissioners 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 made 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. However, 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 made 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 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 1973, No. 162, § 18; 1975, No. 402, § 6; 1981, No. 474, § 3; A.S.A. 1947, § 20-1617.
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 14-184-123 - 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 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 board and the holders and registered owners of the bonds.
Acts 1973, No. 162, § 18; 1975, No. 402, § 6; 1981, No. 474, § 3; A.S.A. 1947, § 20-1617.
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 14-184-124 - 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)
[Repealed].
(c)
[Repealed].
(d)
[Repealed].
(e)
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 may bid upon and purchase these bonds, notwithstanding the fact that a director, officer, employee, or shareholder of that financial institution is a member of the board of the district, and the provisions of §§
14-88-309
,
14-88-310
, and
14-88-402
shall not apply to any such transaction.
Acts 1973, No. 162, § 18; 1975, No. 402, § 6; 1981, No. 474, § 3; A.S.A. 1947, § 20-1617; Acts 1997, No. 933, § 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 184 - CENTRAL BUSINESS IMPROVEMENT DISTRICTS (§§ 14-184-101 — 14-184-217) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-184-101 — 14-184-130) › Section 14-184-125 - Bonds - Execution and 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, and each bond shall be sealed with the seal of the district.
Acts 1973, No. 162, § 18; 1975, No. 402, § 6; 1981, No. 474, § 3; A.S.A. 1947, § 20-1617.
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 14-184-126 - 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 assessments or 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.
(c)
Refunding bonds secured primarily by the mortgage and pledge of assessed benefits may also be issued in accordance with the laws governing refunding bonds of municipal improvement districts generally.
Acts 1973, No. 162, § 20; A.S.A. 1947, § 20-1619.