reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 2 - POWERS OF RESEARCH PARK AUTHORITY (§§ 14-144-201 — 14-144-209) › Section 14-144-202 - Public corporation

(a)
Upon creation of a research park authority:
(1)
The authority and its members shall:
(A)
Constitute a public corporation; and
(B)
Have perpetual succession; and
(2)
The authority and its members may:
(A)
Contract and be contracted with;
(B)
Sue and be sued; and
(C)
Have and use a common seal.
(b)
The exercise of the powers and performance of the duties under this chapter by each authority are declared to be public and governmental functions that are exercised for a public purpose and for matters of public necessity and that confer upon each authority governmental immunity from suit in tort.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 2 - POWERS OF RESEARCH PARK AUTHORITY (§§ 14-144-201 — 14-144-209) › Section 14-144-205 - Eminent domain

(a)
A research park authority shall have the right to acquire any property necessary to carry out the purposes of this chapter by exercising the power of eminent domain.
(b)
The research park authority, its agents, and its employees may seek a court order to enter upon real property and make surveys, examinations, photographs, tests, and samplings or to engage in other activities for the purpose of appraising the property or determining whether the real property is suitable for the authority's purpose.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 2 - POWERS OF RESEARCH PARK AUTHORITY (§§ 14-144-201 — 14-144-209) › Section 14-144-206 - Condemnation petition - Notice

(a)
A research park authority may exercise its power of eminent domain by filing an appropriate petition in condemnation in the circuit court of the county in which the property sought to be taken is situated to have the compensation determined, giving the owner of the property to be taken at least ten (10) days' notice in writing of the time and place where the petition will be heard.
(b)
(1)
If the property sought to be condemned is located in more than one (1) county, the petition may be filed in any circuit court having jurisdiction in any county in which any part of the property may be located.
(2)
The proceedings had in the circuit court shall apply to all of the property described in the petition.
(c)
(1)
(A)
If the owner of the property sought to be taken is a nonresident of the state, notice shall be by registered or certified mail, return receipt requested, addressed to the last known address of the owner, and by publication in any newspaper in the county that is authorized by law to publish legal notices.
(B)
This notice shall be published for the same length of time as may be required in other civil causes.
(2)
If there is no such newspaper published in the county, then publication shall be made in a newspaper designated by the circuit clerk, and one (1) written or printed notice of the petition shall be posted on the door of the county courthouse.
(d)
(1)
The condemnation petition shall describe the lands and property sought.
(2)
When the immediate possession of lands and property is sought to be obtained, the research park authority may file a declaration of taking under this chapter at any time before judgment or together with the condemnation petition.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 2 - POWERS OF RESEARCH PARK AUTHORITY (§§ 14-144-201 — 14-144-209) › Section 14-144-207 - Declaration of taking

(a)
(1)
The petitioner may file a declaration of taking at any time before a judgment is signed by the chair of the research park authority board or with the condemnation petition in any proceeding instituted by and in the name of the research park authority that involves the acquisition of real property, an interest in the real property, or the easement.
(2)
The declaration shall declare that the authority is taking the real property, an interest in the real property, or the easement for the use of the authority.
(b)
The declaration of taking shall contain or have annexed to it the following:
(1)
A statement that the authority is taking the real property, an interest in real property, or an easement;
(2)
A statement of the purpose for which the authority is taking the real property, an interest in the real property, or the easement;
(3)
A description of the real property, an interest in the real property, or the easement that the authority is taking sufficient for the identification of the real property, an interest in the real property, or the easement;
(4)
A plat showing the real property, the interest in the real property, or the easement that the authority is taking; and
(5)
A statement of the amount of money estimated by the acquiring authority to be just compensation for the taking of the real property, an interest in the real property, or the easement.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 2 - POWERS OF RESEARCH PARK AUTHORITY (§§ 14-144-201 — 14-144-209) › Section 14-144-208 - Condemnation proceedings and judgment

(a)
The circuit court shall impanel a jury of twelve (12) persons, as in other civil cases, to ascertain the amount of compensation that the research park authority shall pay for the real property, an interest in the real property, or an easement that the authority is taking.
(b)
The matter shall proceed and be determined as in other civil cases.
(c)
In all cases of infants or incompetent persons, when no legal representative or guardian appears in the infant's or incompetent person's behalf at the hearing, the court shall appoint a guardian ad litem who shall represent interests of the infant or incompetent person for all purposes.
(d)
Compensation shall be ascertained and awarded in the proceeding and established by judgment in the proceeding.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 2 - POWERS OF RESEARCH PARK AUTHORITY (§§ 14-144-201 — 14-144-209) › Section 14-144-209 - Acquisition of property

(a)
Whenever it is deemed necessary by a research park authority in connection with the exercise of its powers conferred in this chapter to take or acquire any lands, structures, buildings, or other rights, either in fee or as easements, for the purposes set forth in this chapter, the authority may purchase them directly or through its agents from the owners thereof, or failing to agree with the owners, the authority may exercise the power of eminent domain in accordance with the procedures set forth in this chapter, and these purposes are declared to be public uses for which private property may be taken with just compensation.
(b)
Should an authority elect to exercise the right of eminent domain, condemnation proceedings shall be maintained by and in the name of the authority, and it may proceed in the manner provided in this chapter and the general laws of the State of Arkansas not in conflict with this chapter that are applicable to the procedure by any county, municipality, accredited institution of higher education, or other authority organized under the laws of the State of Arkansas.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-301 - Issuance of revenue bonds - Authorization

(a)
A research park authority may use any available revenues for the accomplishment of the purposes and the implementation of the powers authorized by this chapter, including the proceeds of revenue bonds issued from time to time under this chapter, either alone or together with other available funds and revenues.
(b)
The amount of each issue of bonds may be sufficient to pay:
(1)
The costs of accomplishing the purposes for which the bonds are being issued;
(2)
The cost of issuing the bonds;
(3)
The amount necessary for a reserve, if it is determined to be desirable in favorably marketing the bonds;
(4)
The amount, if any, necessary to provide for debt service on the bonds until revenues for the payment of the bonds are available; and
(5)
Any other costs and expenditures of whatever nature incidental to the accomplishment of the specified purposes.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-302 - Issuance of revenue bonds - Resolution of research park authority - Nature of bonds

(a)
The issuance of revenue bonds shall be by resolution of the research park authority.
(b)
The bonds of each issue may:
(1)
Be coupon bonds payable to bearer or may be registrable as to principal only or as to both principal and interest;
(2)
Be in such form and denominations as may be appropriate and necessary;
(3)
Be made payable at such places within or without the state as may be appropriate and necessary;
(4)
Be issued in one (1) or more series;
(5)
Have such date or dates as may be appropriate and necessary;
(6)
Mature at such time or times as may be appropriate and necessary, not exceeding forty (40) years from their respective dates;
(7)
Bear interest at such rate or rates;
(8)
Be payable in such medium of payment as may be appropriate and necessary;
(9)
Be subject to such terms of redemption as may be appropriate and necessary; and
(10)
Contain such terms, covenants, and conditions as the resolution authorizing their issuance may provide, including without limitation those pertaining to:
(A)
The custody and application of the proceeds of the bonds;
(B)
The collection and disposition of revenues;
(C)
The maintenance and investment of various funds and reserves;
(D)
The imposition and maintenance of taxes, fees, rates, and charges for the use of the research park and other facilities of the authority;
(E)
The nature and extent of the security;
(F)
The rights, duties, and obligations of the authority and the trustee for the holders and registered owners of the bonds; and
(G)
The rights of the holders and registered owners of the bonds.
(c)
(1)
(A)
There may be successive bond issues for the purpose of financing the same project.
(B)
There may also be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping projects already in existence, whether or not originally financed by bonds issued under this chapter, with each successive issue to be authorized as provided in this chapter.
(2)
The priority between and among issues and successive issues as to security and the pledge of revenues and lien on and security interest in the land, buildings, and facilities involved may be controlled by the resolutions authorizing the issuance of bonds under this chapter.
(d)
Subject to this section, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-303 - Issuance of revenue bonds - Indenture

(a)
The resolution authorizing the bonds may provide for the execution by the research park authority of an indenture that defines the rights of the holders and registered owners of the bonds and provides for the appointment of a trustee for the holders and registered owners of the bonds.
(b)
The indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation those pertaining to:
(1)
The custody and application of the proceeds of the bonds;
(2)
The collection and disposition of revenues;
(3)
The maintenance of various funds and reserves;
(4)
The imposition and maintenance of taxes, fees, rates, and charges for the use of the research park and other facilities of the authority;
(5)
The nature and extent of the security;
(6)
The rights, duties, and obligations of the authority and the trustee; and
(7)
The rights of the holders and registered owners of the bonds.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-304 - Issuance of revenue bonds - Price and manner sold

The bonds may be sold for a price, including sale at a discount, and in a manner the research park authority may determine by resolution.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-305 - Issuance of revenue bonds - Execution

(a)
(1)
The bonds shall be executed by the manual or facsimile signatures of the chair and secretary of the board of the research park authority.
(2)
In case any of the officers whose signatures appear on the bonds or coupons cease to be officers before the delivery of the bonds or coupons, their signatures shall nevertheless be valid and sufficient for all purposes.
(b)
The coupons attached to the bonds may be executed by the facsimile signature of the chair of the authority.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-306 - Issuance of revenue bonds - Obligation of research park authority

(a)
The revenue bonds issued under this chapter shall be obligations only of the research park authority and shall not be general obligations of any county or municipality, accredited institution of higher education, or the State of Arkansas.
(b)
(1)
The revenue bonds shall not constitute an indebtedness of any county or municipality, accredited institution of higher education, or the State of Arkansas within the meaning of any constitutional or statutory limitation.
(2)
It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of this chapter and that the bond does not constitute an indebtedness of any county or municipality, accredited institution of higher education, or the State of Arkansas within any constitutional or statutory limitation.
(c)
The principal of and interest on the bonds may be secured to the extent set forth in the resolution or indenture securing the bonds by a pledge of and payable from all or any part of revenues derived from the use of facilities of the authority, including without limitation:
(1)
Revenues derived from rates and charges imposed and maintained for the use of facilities of the authority;
(2)
Revenues derived from taxes or fees levied under this chapter; and
(3)
Lease rentals under leases or payments under security agreements or other instruments entered into under this chapter.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-307 - Issuance of revenue bonds - Refunding bonds

(a)
(1)
Revenue bonds may be issued under this chapter to refund any obligations issued under this chapter.
(2)
The refunding bonds may be combined with bonds issued into a single issue.
(b)
(1)
When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.
(2)
If the bonds are sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement of the bonds.
(c)
(1)
All refunding bonds issued under this chapter shall in all respects be authorized, issued, and secured in the manner provided for other bonds issued under this chapter and shall have all the attributes of those bonds.
(2)
The resolution under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded by the bonds.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-308 - Issuance of revenue bonds - Mortgage lien

(a)
The resolution or indenture securing the bonds may impose a foreclosable mortgage lien upon or security interest in the facilities of the research park authority or any portion of the facilities, and the extent of the mortgage lien or security interest may be controlled by the resolution or indenture, including without limitation provisions pertaining to the release of all or part of the facilities subject to the mortgage lien or security interest in the event of successive issues of bonds.
(b)
Subject to the terms, conditions, and restrictions contained in the resolution or indenture, any holder of any of the bonds or of any coupon attached to a bond or a trustee on behalf of the holders either at law or in equity may enforce the mortgage lien or security interest and by proper suit may compel the performance of the duties of the officials of the authority set forth in this chapter and set forth in the resolution or indenture.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-309 - Issuance of revenue bonds - Default

(a)
(1)
In the event of a default in the payment of the principal of or interest on any bonds issued under this chapter, a court having jurisdiction may appoint a receiver to take charge of any facilities upon or in which there is a mortgage lien or security interest securing the bonds in default.
(2)
The receiver may operate and maintain the facilities in receivership and charge and collect taxes, fees, rates, and rents sufficient to provide for the payment of any costs of receivership and operating expenses of the facilities in receivership and to apply the revenues derived from the facilities in receivership in conformity with this chapter and the resolution or indenture securing the bonds in default.
(3)
When the default has been cured, the receivership shall be ended and the facilities returned to the research park authority.
(b)
The relief provided for in this section is in addition and supplemental to the remedies that may be provided for in the resolution or indenture securing the bonds and shall be so granted and administered as to accord full recognition to the priority rights of bondholders as to the pledge of revenues from, mortgage lien on, and security interest in facilities as specified in and fixed by the resolution or indenture securing successive issues of bonds.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-310 - Agreements to obtain funds

In connection with obtaining funds for its purposes, a research park authority may enter into an agreement with any person, including the United States Government or any agency or subdivision of the United States Government, containing such provisions, covenants, terms, and conditions as the authority deems advisable.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-311 - Exemption from taxation

(a)
The property of each research park authority is exempt from all local and municipal taxes.
(b)
Bonds, notes, debentures, and other evidences of indebtedness of the authority are declared to be issued for a public purpose and to be public instrumentalities and, together with interest thereon, are exempt from all state, county, and municipal taxes, including without limitation income tax, inheritance tax, and estate taxes.
(c)
The establishment, development, and growth of research parks in the State of Arkansas serves a public purpose and use through:
(1)
The creation of high-paying jobs;
(2)
The ability to retain some of our most highly educated Arkansans;
(3)
The growth of Arkansas-based businesses whose focus on the research and development of products and services will serve to diversify Arkansas's economy; and
(4)
A strategic alliance between business and higher education that has the potential to substantially improve Arkansas's economy.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-312 - Use of surplus funds

(a)
If a research park authority realizes a surplus, whether from operating the research park facilities and other facilities or leasing it or them for operation, over and above the amount required for the maintenance, improvement, and operation of the research park facility and other facilities and for meeting all required payments on its obligations, the authority shall set aside the reserve for future operations, improvements, and contingencies as the authority deems proper and shall then apply the residue of the surplus, if any, to the payment of any recognized and established obligations not then due.
(b)
After all the recognized and established obligations have been paid off and discharged in full, the authority shall set aside at the end of each fiscal year the reserve for future operations, improvements, and contingencies as prescribed in subsection (a) of this section and then pay the residue of the surplus, if any, to the sponsoring county, municipality, accredited institution of higher education and, if applicable, state agency in direct proportion to each sponsor's financial contributions to the authority, if the distribution of the residue of the surplus does not violate United States law or the terms of any deed, grant agreement, or other agreement with the United States.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-313 - Public and private contributions

(a)
Contributions may be made to a research park authority from time to time by any county, municipality, or accredited institution of higher education by the State of Arkansas or any agency of the state or by any person.
(b)
(1)
In order to afford maximum opportunities for contributions, the agreement provided for under §
14-144-201
may be treated as a cooperative agreement under the provisions of the Interlocal Cooperation Act, §
25-20-101
et seq., and at the election of the sponsors of the authority may contain language enabling the agreement to be treated as a formal compact under §
14-165-201
et seq.
(2)
If the conditions set forth in subdivision (b)(1) of this section are met, the authority shall hold title to property in its powers and capacity as a public corporation rather than as a commission-trustee as provided in §
14-165-201
et seq. or may be treated as a less formal arrangement for the cooperative use of industrial development bond funds, all to the end that the counties and municipalities may contribute to the authority funds derived from general obligation bonds under the Arkansas Constitution, from revenue bonds under the Municipalities and Counties Industrial Development Revenue Bond Law, §
14-164-201
et seq., and from other available sources, and may contribute funds derived from a combination of these sources.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-314 - Accounts and reports

(a)
(1)
All funds received by a research park authority shall be deposited into such banks as the research park authority may direct and shall be withdrawn from those banks in a manner the authority may direct.
(2)
(A)
Each authority shall keep strict account of all of its receipts and expenditures and shall each quarter make a report to those participating entities that have made contributions.
(B)
(i)
The report shall contain an itemized account of the authority's receipts and disbursements during the preceding quarter.
(ii)
The report shall be made within sixty (60) days after the end of the quarter.
(b)
(1)
(A)
Within sixty (60) days after the end of each fiscal year, each research park authority shall cause an annual audit to be made by an independent certified public accountant and shall file a copy of the resulting audit report with each of the governing bodies participating in the authority.
(B)
The audit shall contain an itemized statement of the authority's receipts and disbursements for the preceding year.
(2)
The books, records, and accounts of each authority shall be subject to audit and examination by any proper public official or body in the manner provided by law.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-315 - County, municipal, and state participation

A county, municipality, accredited institution of higher education, and state agency that is a sponsor of a research park authority may:
(1)
Appoint members of a research park authority;
(2)
Contribute to the cost of acquiring, constructing, equipping, maintaining, and operating the research park facilities and appurtenant facilities; and
(3)
Transfer and convey to the authority property of any kind acquired by the county, municipality, accredited institution of higher education, and state agency or the State of Arkansas for research and economic development.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-316 - Lease of facilities

(a)
Each research park authority may lease its research park facilities and all or any part of its appurtenances and facilities to any available lessee at a rental and upon such terms and conditions as the authority deems proper.
(b)
Leases shall be for some purpose associated with research or economic development activities that serve to build the local, regional, and state economies.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-317 - Sale of assets

If the board of a research park authority so determines, the authority may sell all or any part of its properties and assets and distribute the proceeds among the sponsoring counties, municipalities, accredited institutions of higher education, and state agencies in the proportion each sponsor contributed to the authority's funds or otherwise in the manner set forth in the agreement or resolution establishing the authority if no sale of properties or assets and no distribution of proceeds of a sale are done in a manner that violates United States law or the terms of any deed, grant agreement, or other agreement with the United States.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 3 - FINANCE (§§ 14-144-301 — 14-144-318) › Section 14-144-318 - Authorized investors

Any county or municipality or any board, commission, or other authority established by ordinance of any county or municipality or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such municipality, or the board of trustees of any retirement system created by the General Assembly may invest any of its funds not immediately needed for its purposes in bonds issued under this chapter, and bonds issued under this chapter shall be eligible to secure the deposit of public funds.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-201 - Title

This subchapter shall be referred to and may be cited as the "Amendment No. 18 Implementing Act of 1963."
Acts 1963, No. 206, § 1; A.S.A. 1947, § 19-3101.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-202 - Legislative intent

(a)
This subchapter is intended to supplement all constitutional provisions and other legislation designed to accomplish the securing and developing of factories, industries, and river transportation.
(b)
When applicable, in accordance with the provisions of this subchapter, it may be utilized as an alternative notwithstanding any constitutional provision or any other legislation authorizing the issuance of bonds for the same or similar purposes.
Acts 1963, No. 206, § 10; A.S.A. 1947, § 19-3108.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-203 - Definitions

As used in this subchapter, unless the context otherwise requires:
(1)
"City" means any city of the first class located in a county having not less than one hundred five thousand (105,000) population;
(2)
"Purposes and powers" means those purposes and powers specified in this subchapter, including particularly those purposes and powers enumerated in §
14-163-206
.
Acts 1963, No. 206, §§ 2, 4; A.S.A. 1947, §§ 19-3102, 19-3104.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-204 - Construction

This subchapter shall be liberally construed to accomplish its purposes.
Acts 1963, No. 206, § 10; A.S.A. 1947, § 19-3108.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-205 - Appointment of commissioners

(a)
(1)
The respective commissioners authorized by Arkansas Constitution, Amendment 18, shall be appointed by the appointing boards specified in it.
(2)
The term of each commissioner shall be for six (6) years from the date of his appointment, and he shall serve for such a term and thereafter until his successor shall be appointed and qualified.
(b)
Before entering upon his duties, each commissioner shall take and subscribe and file in the office of the circuit clerk of the county an oath to:
(1)
Support the Constitution of the United States and the Constitution of the State of Arkansas; and
(2)
Faithfully perform the duties of the office upon which he is about to enter.
(c)
(1)
At the expiration of the term of each commissioner, the applicable appointing board shall appoint a successor or may reappoint the same member to another term.
(2)
Any vacancy arising for any reason other than the expiration of the term of a particular commissioner shall be filled by the applicable appointing board, and the person appointed to fill the vacancy shall serve for the unexpired portion of the term of the resigning or vacating member.
(d)
(1)
The commissioners shall not be charged with the responsibility to execute or perform the purposes and powers specified in this subchapter.
(2)
The duties and responsibilities of the commissioners shall be those specified in Arkansas Constitution, Amendment 18.
Acts 1963, No. 206, §§ 4, 5; A.S.A. 1947, §§ 19-3104, 19-3105.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-208 - Bonds - Issuance generally

(a)
If approved by the electors at a special election, the governing body of the city is authorized and empowered to issue bonds and to use the proceeds thereof for accomplishing the purposes and powers, either alone or together with other available funds and revenues, including the proceeds of any special tax theretofore levied and being collected under the provisions of Arkansas Constitution, Amendment 18 and the provisions of this subchapter.
(b)
Each issuance of bonds shall be authorized by ordinance of the governing body of the city.
Acts 1963, No. 206, § 7; 1970 (Ex. Sess.), No. 60, §§ 1, 2; 1975, No. 225, § 4; 1981, No. 425, § 4; A.S.A. 1947, § 19-3107.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-209 - Bonds - Amount - Pledge and application of revenues

(a)
Bonds may be issued from time to time, and each issue shall be in the principal amount sufficient, together with other funds then available, for the accomplishment of the particular purpose for which the bonds are voted, including, without limitation:
(1)
All costs and expenditures incurred in connection with the accomplishment of the particular purpose or purposes;
(2)
All costs and expenditures incurred in connection with the issuance of the bonds;
(3)
The amount necessary for a reserve, if deemed desirable by the governing body;
(4)
The amount necessary to provide for debt service on the bonds until tax proceeds or other revenues are received in sufficient amounts for their payment as they become due and payable; and
(5)
Any other costs necessarily incidental thereto.
(b)
In this regard, if the particular purpose or purposes to be accomplished, in whole or in part, out of the proceeds of the bonds will be revenue producing, any available revenues may be pledged and applied to the payment of the principal of and interest on the bonds, and provision may be made for the suspension of the collection of all or part of the special continuing annual tax voted for the payment of the principal of and interest on the bonds, upon such terms and conditions as shall be specified by the governing body in the ordinance authorizing and directing the issuance of the bonds.
Acts 1963, No. 206, § 7; 1970 (Ex. Sess.), No. 60, §§ 1, 2; 1975, No. 225, § 4; 1981, No. 425, § 4; A.S.A. 1947, § 19-3107.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-210 - Bonds - Terms and conditions

(a)
The bonds shall be coupon bonds payable to bearer, but may be made subject to registration as to principal only.
(b)
As the authorizing ordinance may provide, the bonds may:
(1)
Be in one (1) or more series;
(2)
Bear such date or dates;
(3)
Mature at such time or times, not exceeding thirty-five (35) years from their respective dates;
(4)
Bear interest at such rate or rates;
(5)
Be in such form;
(6)
Be executed in such manner;
(7)
Be payable in such medium of payment, at such place or places;
(8)
Be subject to such terms of redemption; and
(9)
Contain such terms, covenants, and conditions, including without limitation, those pertaining to:
(A)
The custody and application of the proceeds of the bonds;
(B)
The collection and disposition of revenues and tax collections;
(C)
The maintenance and investment of various funds and reserves;
(D)
The nature and extent of the security;
(E)
The rights, duties, and obligations of the city and of the trustee, if a trustee is designated, for the holders and registered owners of the bonds; and
(F)
The rights of the holders or registered owners of the bonds.
(c)
Bonds issued under this subchapter shall have all the qualities of negotiable instruments under the negotiable instruments laws of the State of Arkansas.
Acts 1963, No. 206, § 7; 1970 (Ex. Sess.), No. 60, §§ 1, 2; 1975, No. 225, § 4; 1981, No. 425, § 4; A.S.A. 1947, § 19-3107.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-211 - Bonds - Trust indenture

Each ordinance authorizing the issuance of bonds may provide for the execution of an indenture defining the rights of the holders and registered owners of the bonds and providing for the appointment of a trustee for the holders and registered owners of the bonds and containing such other terms, covenants, and conditions as authorized in this section to be included in the ordinance.
Acts 1963, No. 206, § 7; 1970 (Ex. Sess.), No. 60, §§ 1, 2; 1975, No. 225, § 4; 1981, No. 425, § 4; A.S.A. 1947, § 19-3107.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-212 - Bonds - Sale

Bonds issued under this subchapter shall be sold at public sale after twenty-days' advertisement in a newspaper having a bona fide circulation in the city. They may be sold for such price, including, without limitation, sale at a discount, as the governing body of the city shall determine.
Acts 1963, No. 206, § 7; 1970 (Ex. Sess.), No. 60, §§ 1, 2; 1975, No. 225, § 4; 1981, No. 425, § 4; A.S.A. 1947, § 19-3107.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-213 - Bonds, coupons - Execution - Seal

(a)
(1)
Bonds issued under this subchapter may be executed by the manual or fascimile signature of the mayor of the city but must contain the manual signature of the city clerk of the city.
(2)
Coupons attached to the bonds shall be executed by the facsimile signature of the mayor of the city.
(b)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before delivery of the bonds or coupons, their signatures shall nevertheless be valid and sufficient for all purposes.
(c)
The bonds shall be sealed with the seal of the city.
Acts 1963, No. 206, § 7; 1970 (Ex. Sess.), No. 60, §§ 1, 2; 1975, No. 225, § 4; 1981, No. 425, § 4; A.S.A. 1947, § 19-3107.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-214 - Bonds - Conversion

Bonds issued under this subchapter may be sold with the privilege of conversion to an issue bearing a lower rate or rates of interest, upon such terms and subject to such conditions as the governing body of the city shall determine. However, under no circumstances shall the city receive less or pay more than it would receive and pay if the bonds were not converted, and any conversion shall be subject to the approval of the governing body of the city.
Acts 1963, No. 206, § 7; 1970 (Ex. Sess.), No. 60, §§ 1, 2; 1975, No. 225, § 4; 1981, No. 425, § 4; A.S.A. 1947, § 19-3107.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-215 - Bonds - Tax exemption

Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes, and this exemption shall include income, inheritance, and estate taxes.
Acts 1963, No. 206, § 7; 1970 (Ex. Sess.), No. 60, §§ 1, 2; 1975, No. 225, § 4; 1981, No. 425, § 4; A.S.A. 1947, § 19-3107.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-216 - Refunding bonds

(a)
Bonds may be issued under this subchapter for the purpose of refunding any bonds theretofore issued under this subchapter.
(b)
Refunding bonds may be issued alone or combined with bonds issued under this subchapter into a single issue for the purpose of refunding outstanding bonds and for the purpose of accomplishing any authorized purpose or power.
(c)
(1)
When refunding bonds are issued, the bonds may be either sold or delivered in exchange for the outstanding bonds being refunded.
(2)
If sold, the proceeds may either be applied to the payment of the bonds being refunded, or the proceeds may be deposited in escrow for the retirement of them.
(d)
All refunding bonds shall be, in all respects, authorized, issued, and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of these bonds.
(e)
If refunding bonds alone are being issued which have the same maturity years as the bonds being refunded and to which the same special continuing annual tax theretofore voted for the bonds being refunded is to be pledged, no petition need be filed and no election need be held prior to the governing body authorizing the issuance of the refunding bonds by ordinance as prescribed in this subchapter.
Acts 1963, No. 206, § 7; 1970 (Ex. Sess.), No. 60, §§ 1, 2; 1975, No. 225, § 4; 1981, No. 425, § 4; A.S.A. 1947, § 19-3107.
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 163 - INDUSTRIAL COMMISSIONS (§§ 14-163-201 — 14-163-217) › Subchapter 2 - CITIES OF THE FIRST CLASS IN COUNTIES OF 105,000 OR MORE (§§ 14-163-201 — 14-163-217) › Section 14-163-217 - Investment in bonds authorized

Bonds issued under this subchapter shall be eligible to secure deposits of all public funds and shall be legal for the investment of bank, insurance company, and retirement funds.
Acts 1963, No. 206, § 7; 1970 (Ex. Sess.), No. 60, §§ 1, 2; 1975, No. 225, § 4; 1981, No. 425, § 4; A.S.A. 1947, § 19-3107.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-201 - Title

This subchapter shall be referred to and may be cited as the "Municipalities and Counties Industrial Development Revenue Bond Law."
Acts 1960 (Ex. Sess.), No. 9, § 1; A.S.A. 1947, § 13-1601.