reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-507 - Bonds - Authorization to issue - Amount

Municipalities and counties are authorized to use any available revenues for the accomplishment of the purposes set forth in §
14-164-506
, and are authorized to issue revenue bonds and to use the proceeds thereof for the accomplishment of the purposes set forth in §
14-164-506
, either alone or together with other available funds and revenues. The bonds may be issued in an amount sufficient to pay all costs of accomplishing the specified purposes; all costs of issuing the bonds; the amount necessary for a reserve, if desirable; the amount necessary to provide for debt service on the bonds until revenues for the payment thereof are available; and any other costs of whatever nature necessarily incidental to the accomplishment of the specified purposes. In addition, revenue bonds are authorized for the purpose of refunding bonds as provided in §
14-164-525
.
Acts 1985, No. 1017, § 3; A.S.A. 1947, § 13-1275.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-508 - Bonds - Authorizing ordinance or order generally

In the ordinance of the municipality or the order of the county court authorizing the issuance of revenue bonds, the municipality or the county may provide for the initial issuance of one (1) or more bonds aggregating the principal amount of the entire issue and may, in the ordinance or order, make such provisions for installment payments of the principal amount of such bonds as it may consider desirable and may provide for such bonds to be payable to bearer with interest coupons, or to be registrable as to principal only with interest coupons, or to be registrable as to principal and interest, and where interest accruing thereon is not represented by interest coupons, for the indorsement of payment of interest on such bonds.
Acts 1985, No. 1017, § 5; A.S.A. 1947, § 13-1277.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-509 - Bonds - Authorizing ordinance or order - Adoption

(a)
(1)
(A)
Revenue bonds authorized in this subchapter may be issued by a municipality upon the adoption of an ordinance therefor by the governing body of the municipality.
(B)
Revenue bonds authorized in this subchapter may be issued by a county upon the entry of an order of the county court of the county.
(2)
The ordinance or order shall state the purpose for which the revenue bonds are to be issued, and the total amount of the issue.
(b)
(1)
No such ordinance or order shall be adopted or entered until after a public hearing is held before the governing body of the municipality or the county court of the county.
(2)
The hearing may be adjourned from time to time.
(c)
(1)
At least ten (10) days prior to the date of the hearing, notice thereof shall be filed with the Director of the Arkansas Economic Development Commission and the State Securities Commissioner and shall be published one (1) time in a newspaper of general circulation in the municipality or county.
(2)
The notice provided for in this subsection shall be published and filed by the clerk or recorder of the municipality or by the county clerk of the county.
(3)
It shall not be necessary that the action be taken by the governing body or county court directing publication and filing of the notice, and the clerk or recorder, or county clerk, as the case may be, shall publish and file notice when requested to do so by the mayor or any member of the governing body in the case of a municipality or by the county judge in the case of a county.
(d)
After the hearing, the ordinance or order, as introduced or as modified or amended, may be adopted or entered.
Acts 1985, No. 1017, § 4; A.S.A. 1947, § 13-1276; Acts 1997, No. 540, § 17.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-510 - Bonds - Terms and conditions

(a)
As the ordinance may provide, the bonds issued under the authority of this subchapter may:
(1)
Be in bearer or registered form, with or without coupons, and may be subject to exchange or modification in that regard;
(2)
Be issued in one (1) or more series;
(3)
Bear such date or dates;
(4)
Mature at such time or times;
(5)
Bear interest at such rate or rates;
(6)
Be in such form;
(7)
Be executed in such manner;
(8)
Be payable in such medium of payment and at such place or places;
(9)
Be subject to such terms of redemption; and
(10)
Contain such terms, covenants, and conditions as the ordinance may provide, including, without limitation, those pertaining to:
(A)
The custody and application of proceeds of the bonds;
(B)
The collection and disposition of revenues;
(C)
The maintenance of various funds and reserves;
(D)
The nature and extent of the security;
(E)
The rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds; and
(F)
The rights of the holders or registered owners of the bonds.
(b)
The bonds shall have all the qualities of negotiable instruments under the negotiable instruments laws of this state.
Acts 1985, No. 1017, § 5; A.S.A. 1947, § 13-1277.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-511 - Bonds - Trust indenture

(a)
The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the rights of the bondholders and provides for the appointment of a trustee for the bondholders.
(b)
The indenture may control the priority between successive issues and may contain any other items, 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 nature and extent of the security;
(5)
The rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds; and
(6)
The rights of the holders or registered owners of the bonds.
(c)
It shall not be necessary for the municipality or county to publish any indenture, lease, or any other agreement if:
(1)
The ordinance authorizing an indenture, the ordinance authorizing a lease, or the ordinance authorizing any other agreement:
(A)
Is published as required by the law governing the publication of ordinances of a municipality; and
(B)
Advises that a copy of the indenture, lease, or other agreement, as the case may be, is on file in the office of the clerk or recorder of the municipality for inspection by an interested person; and
(2)
The copy of the indenture, lease, or other agreement, as the case may be, is filed with the clerk or recorder of the municipality or county clerk.
Acts 1985, No. 1017, § 5; A.S.A. 1947, § 13-1277.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-512 - Bonds - Contents

It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of this subchapter, and that it does not constitute an indebtedness of the municipality or county within any constitutional or statutory limitation.
Acts 1985, No. 1017, § 6; A.S.A. 1947, § 13-1278.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-513 - Bonds - Sale

The bonds may be sold for such price, including, without limitation, sale at a discount, and in such manner as the municipality or county may determine by ordinance or order.
Acts 1985, No. 1017, § 5; A.S.A. 1947, § 13-1277.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-514 - Bonds, coupons - Execution

(a)
(1)
The bonds shall be executed by the mayor and the city clerk or recorder of the municipality, or by the county judge and the county clerk of the county, as the case may be.
(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 such bonds or coupons, such signatures shall nevertheless be valid and sufficient for all purposes.
(b)
The bonds shall be executed in the manner provided by the Registered Public Obligations Act of Arkansas, §
19-9-401
et seq., as that act may be amended.
(c)
The coupons attached to the bonds may be executed by the facsimile signature of the mayor or county judge.
Acts 1985, No. 1017, § 5; A.S.A. 1947, § 13-1277.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-515 - Bonds - Successive issues

There may be successive bond issues for the purpose of financing the same industrial facilities, involving one (1) or more industries, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping industrial facilities already in existence, whether or not originally financed by bonds issued under this subchapter, with each successive issue to be authorized as provided by this subchapter.
Acts 1985, No. 1017, § 5; A.S.A. 1947, § 13-1277.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-516 - Bonds - Priority among issues

Priority between and among issues and successive issues as to security of the pledge of revenues and mortgage liens on the land, buildings, and facilities involved may be controlled by the ordinance or order authorizing the issuance of bonds under this subchapter.
Acts 1985, No. 1017, § 5; A.S.A. 1947, § 13-1277.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-517 - Bonds - Conversion

The municipality or the county may make provision in the ordinance or order for the manner and circumstances in which and under which bonds issued under §
14-164-508
may, in the future at the request of the holders or registered owners thereof, be converted into bonds of smaller denomination, which bonds of smaller denomination may in turn be either coupon bonds payable to bearer or bonds registrable as to principal only, or bonds registrable as to both principal and interest.
Acts 1985, No. 1017, § 5; A.S.A. 1947, § 13-1277.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-518 - Bonds - Payment

The principal of and interest on the revenue bonds, and paying agent's fees, shall be payable in the first instance from gross revenues derived from the lands, buildings, or facilities acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.
Acts 1985, No. 1017, § 6; A.S.A. 1947, § 13-1278.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-519 - Bonds - Surplus revenues

The municipality or county is authorized to pledge to and use for the payment of the principal of and interest on the bonds, and paying agent's fees, surplus revenues derived from other lands, buildings, or facilities used and useful for securing and developing industry.
Acts 1985, No. 1017, § 6; A.S.A. 1947, § 13-1278.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-520 - Bonds - Mortgage lien

(a)
The ordinance, order, or indenture referred to in §§
14-164-508
,
14-164-509
, and
14-164-511
may, but need not, impose a foreclosable mortgage lien upon the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
(b)
The nature and extent of the mortgage lien may be controlled by the ordinance, order, or indenture including, without limitation, provisions pertaining to the release of all or part of the land, buildings, or other facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by §
14-164-515
.
(c)
The ordinance, order, or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this subchapter, or a trustee on behalf of all holders and registered owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuing municipality or county set forth in this subchapter and set forth in the ordinance, order, or indenture authorizing or securing the bonds.
Acts 1985, No. 1017, § 8; A.S.A. 1947, § 13-1280.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-521 - Bonds - Default - Receiver

(a)
In the event of a default in the payment of the principal of or interest on any revenue bonds issued under this subchapter, any court having jurisdiction may appoint a receiver to take charge of the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of revenue bonds issued under this subchapter, upon which land, buildings, or facilities, or any part thereof, there is a mortgage lien securing the revenue bonds with reference to which there is such a default in the payment of principal or interest.
(b)
The receiver shall have the power to operate and maintain the land, buildings, or facilities and to charge and collect rates or rents sufficient to provide for the payment of the principal of and interest on the bonds, after providing for the payment of any cost of receivership and operating expenses of the land, buildings, or facilities, and to apply the income and revenues derived from the land, buildings, or facilities in conformity with this subchapter and the ordinance, order, or indenture authorizing or securing the bonds.
(c)
When the default has been cured, the receivership shall be ended and the properties returned to the municipality or county.
(d)
The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded the trustee for the bondholders and the bondholders in the ordinance, order, or indenture authorizing or securing the bonds, and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from, and mortgage lien on, the land, buildings, or facilities as specified in and fixed by the ordinances, orders, or indentures authorizing or securing successive bond issues.
Acts 1985, No. 1017, § 9; A.S.A. 1947, § 13-1281.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-522 - Bonds - Special obligations

The bonds issued under the authority of this subchapter shall not be general obligations of the municipality or county, but shall be special obligations, and in no event shall the revenue bonds constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation.
Acts 1985, No. 1017, § 6; A.S.A. 1947, § 13-1278.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-523 - Bonds - Tax exemption

Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes, including, without limitation, income and inheritance taxes.
Acts 1985, No. 1017, § 10; A.S.A. 1947, § 13-1282.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-524 - Interim financing

(a)
If the issuance of bonds is authorized in accordance with the provisions of this subchapter, a municipality or county is authorized to obtain interim financing pending the delivery of all or any part of the bonds from such sources and upon such terms as the municipality or the county shall determine.
(b)
As evidence of any indebtedness so incurred, the municipality or the county may execute and deliver its promissory note or notes and pledge to the payment thereof any revenues authorized by this subchapter to be pledged to revenue bonds and may secure the notes as revenue bonds issued under this subchapter may be secured.
(c)
The notes shall not be general obligations of the municipality or county but shall be special obligations, and in no event shall such notes constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation.
(d)
The municipality or county may use, as distinguished from pledge, any available revenues to pay or to apply to the payment of the principal of and interest on the notes and may use the proceeds of revenue bonds, either alone or with other available revenues, to pay the principal and interest on the notes.
(e)
The notes may bear such date or dates, may mature at such time or times, not exceeding thirty-six (36) months from their respective dates, may bear interest at such rate or rates, may be in such form, may be executed in such manner, may be payable at such place or places, may contain such provisions for prepayment prior to maturity and may contain such other terms, or covenants, and conditions as the ordinance or order may provide, not inconsistent with the provisions of this subchapter pertaining to revenue bonds and pertaining to the security, rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds and the rights of the holders or registered owners of the bonds.
Acts 1985, No. 1017, § 5; A.S.A. 1947, § 13-1277.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-525 - Refunding bonds

(a)
Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter or similar acts.
(b)
The refunding bonds may be combined with bonds issued under the provisions of §
14-164-507
into a single issue.
(c)
When bonds are issued under this section for refunding purposes, such bonds may either be sold or delivered in exchange for the outstanding obligations.
(d)
If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof.
(e)
The ordinance or order 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 thereby.
(f)
The refunding bonds shall be issued and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of such bonds.
Acts 1985, No. 1017, § 7; A.S.A. 1947, § 13-1279.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-526 - Investment in bonds authorized

Any municipality or county, or any board, commission, or other authority thereof, 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 any county, or the board of trustees of any retirement system created by the General Assembly may, in its discretion, invest any of its funds in the revenue bonds issued under the provisions of this subchapter, and revenue bonds issued under this subchapter shall be eligible to secure the deposit of public funds.
Acts 1985, No. 1017, § 11; A.S.A. 1947, § 13-1283.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-527 - Bonds authorized under other laws

The provisions of this subchapter shall not restrict the issuance, pursuant to the authority of other laws, of any bonds with regard to which a resolution, ordinance, order, or similar action authorizing or committing to the issuance of bonds has been adopted or taken by a municipality or county prior to or after April 17, 1985.
Acts 1985, No. 1017, § 15; A.S.A. 1947, § 13-1286.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 5 - ECONOMIC AND INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-501 — 14-164-528) › Section 14-164-528 - Municipality not authorized to acquire utility

Nothing in this subchapter shall be construed to authorize any municipality to issue or sell revenue bonds or use the proceeds thereof to purchase, condemn, or otherwise acquire a utility plant or distribution system owned or operated by a regulated public utility.
Acts 1985, No. 1017, § 13; A.S.A. 1947, § 13-1284.
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 6 - COMPACTS BY COUNTIES FOR RAILROAD OPERATIONS (§§ 14-164-601 — 14-164-606) › Section 14-164-601 - Legislative intent

(a)
The General Assembly recognizes that:
(1)
The continued industrial growth and development of some counties in the state is seriously threatened by the discontinuation of the operation of a railroad in these counties;
(2)
These counties should be given the specific authority to issue general obligation bonds or revenue bonds to acquire the railroad and to repair and operate the railroad in order to avoid the loss of existing industry and to attract new industrial development in the area; and
(3)
An adequate transportation system is essential to the industrial development of any area.
(b)
The General Assembly therefore determines that:
(1)
A railroad is an industrial facility, or a facility useful in securing and developing industry, as contemplated by Arkansas Constitution, Amendment 49 [repealed] and §§
14-164-201
-
14-164-206
and
14-164-208
-
14-164-224
;
(2)
The acquisition of an existing railroad and the acquisition and operation or leasing out of it for operation is a proper industrial development project to be financed by the issuance of industrial development bonds under Arkansas Constitution, Amendment 49 and §§
14-164-201
-
14-164-206
and
14-164-208
-
14-164-224
; and
(3)
This subchapter is designed to give contiguous counties specific authority to jointly issue bonds to be used to lease or otherwise acquire, repair, maintain, and operate, or lease out for operation, an existing railroad in these counties.
Acts 1983, No. 322, § 6; A.S.A. 1947, § 13-1624.
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 6 - COMPACTS BY COUNTIES FOR RAILROAD OPERATIONS (§§ 14-164-601 — 14-164-606) › Section 14-164-602 - Definition

As used in this subchapter, unless the context otherwise requires, "facilities" includes railroads and railroad locomotives, railroad cars, and other railroad equipment and facilities.
Acts 1983, No. 322, § 4; A.S.A. 1947, § 13-1622.
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 6 - COMPACTS BY COUNTIES FOR RAILROAD OPERATIONS (§§ 14-164-601 — 14-164-606) › Section 14-164-603 - Authority generally

(a)
Any two (2) or three (3) contiguous counties in the state are authorized to enter into a compact where the participating counties agree to issue bonds, jointly or individually, under the provisions of Arkansas Constitution, Amendment 49 [repealed] or under the provisions of §§
14-164-201
-
14-164-206
and
14-164-208
-
14-164-224
and to use the proceeds of the bonds for the purpose of leasing or otherwise acquiring and repairing, maintaining, and operating, or leasing out for operation, an existing railroad within the participating counties.
(b)
(1)
Any such compact shall be evidenced by an ordinance of the quorum court of each of the participating counties.
(2)
The ordinance shall identify and contain the terms of the compact, including the obligations of the particular county under the terms of the compact.
(c)
Any one (1) county in the State of Arkansas is authorized to provide rail service pursuant to this subchapter, and any such county ordinance shall be treated as a compact for purposes of this subchapter.
Acts 1983, No. 322, § 1; A.S.A. 1947, § 13-1619.
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 6 - COMPACTS BY COUNTIES FOR RAILROAD OPERATIONS (§§ 14-164-601 — 14-164-606) › Section 14-164-604 - Board of directors

(a)
A compact entered into pursuant to the authority granted in this subchapter may provide for the establishment of a compact board of directors, to be composed of such members as may be prescribed in the compact.
(b)
The board shall have such authority with respect to the issuance of bonds and the payment of principal and interest on the bonds, together with any other expenses of issuing and selling the bonds, and, with respect to the supervision and administration of the lease or acquisition and the repair, maintenance, and operation or leasing out for operation of the railroad, as may be agreed upon by the participating counties.
Acts 1983, No. 322, § 2; A.S.A. 1947, § 13-1620.
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 6 - COMPACTS BY COUNTIES FOR RAILROAD OPERATIONS (§§ 14-164-601 — 14-164-606) › Section 14-164-605 - Issuance of bonds

All bonds issued pursuant to a compact entered into under the provisions of this subchapter, whether issued under the authority of Arkansas Constitution, Amendment 49 [repealed] or the authority granted in §§
14-164-201
-
14-164-206
and
14-164-208
-
14-164-224
, shall be subject to all the conditions, restrictions, limitations, and other provisions relating to bonds issued for other purposes under the provisions of Arkansas Constitution, Amendment 49, and §§
14-164-201
-
14-164-206
and
14-164-208
-
14-164-224
.
Acts 1983, No. 322, § 3; A.S.A. 1947, § 13-1621.
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 6 - COMPACTS BY COUNTIES FOR RAILROAD OPERATIONS (§§ 14-164-601 — 14-164-606) › Section 14-164-606 - Limitations on rail service

(a)
Any rail service provided pursuant to this subchapter shall be limited to short line intrastate rail service only, and any such rail service is expressly prohibited from connecting with the rail service provided by any other compact formed under this subchapter.
(b)
The rail service provided for in this subchapter may connect only with an existing railroad line presently operating in the State of Arkansas.
(c)
This subchapter shall not be construed to prevent the extension of rail service to future industrial sites located within the geographical boundaries of counties which have a compact pursuant to this subchapter.
Acts 1983, No. 322, § 5; A.S.A. 1947, § 13-1623.
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 7 - EXEMPTIONS FROM AD VALOREM TAXATION (§§ 14-164-701 — 14-164-704) › Section 14-164-701 - Legislative intent

(a)
It is declared and confirmed that the securing and developing of industry is vital to the economic welfare of the state and its people. To this end, it is necessary that maximum flexibility be given to the Arkansas Development Finance Authority and to the counties and municipalities in the state in their efforts to retain and expand existing industrial facilities and locate new industrial facilities. This task involves the opportunity for the full utilization of the benefits of financing industrial facilities under Arkansas Constitution, Amendment 49 [repealed], and §§
14-164-201
-
14-164-206
,
14-164-208
-
14-164-224
, §
14-267-101
et seq., §§
15-5-101
-
15-5-105
,
15-5-207
, §
15-5-301
et seq., and the Arkansas Development Finance Authority Bond Guaranty Act of 1985, §
15-5-401
et seq., including the exemption from ad valorem taxation of all industrial facilities that were exempt under Arkansas Constitution, Article 16, § 5, as interpreted by the Supreme Court in Wayland v. Snapp, 232 Ark. 57, 334 S.W.2d 633 (1960).
(b)
While concerns using industrial bond financing should be encouraged to make payments in lieu of ad valorem taxes, and that is declared to be the general policy of the General Assembly, the final determination of whether these payments are to be made and, if made, in what amounts should be negotiated and contracted by the counties or municipalities in the state and by the industrial concerns involved under §
14-164-704
.
Acts 1981, No. 497, § 1; A.S.A. 1947, § 13-1616; Acts 2011, No. 813, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 7 - EXEMPTIONS FROM AD VALOREM TAXATION (§§ 14-164-701 — 14-164-704) › Section 14-164-702 - Applicability

(a)
Pursuant to the findings and declarations of the state in §
14-164-701
, it is found and declared that not only are the industrial facilities owned by a municipality, county, or the Arkansas Development Finance Authority financed with bonds issued under §§
14-164-201
-
14-164-206
,
14-164-208
-
14-164-224
, §
14-267-101
et seq., §§
15-5-101
-
15-5-105
,
15-5-207
, §
15-5-301
et seq., and the Arkansas Development Finance Authority Bond Guaranty Act of 1985, §
15-5-401
et seq., to be exempt from ad valorem taxation, but the interest of a lessee or of a purchaser under a contract for sale of industrial facilities that are so exempt are also exempt from ad valorem taxation. To this end, the interest of a lessee or of a purchaser is intangible personal property for purposes of ad valorem taxation. This finding and declaration is made under the authority granted to the General Assembly by and in implementation of the provisions and purposes of Arkansas Constitution, Amendment 57.
(b)
The findings and declarations made in §
14-164-701
and the policy declared in this section apply to all existing industrial facilities and to all future industrial facilities involved in Arkansas Constitution, Amendment 49 [repealed], §§
14-164-201
-
14-164-206
,
14-164-208
-
14-164-224
, §
14-267-101
et seq., §§
15-5-101
-
15-5-105
,
15-5-207
, §
15-5-301
et seq., and the Arkansas Development Finance Authority Bond Guaranty Act of 1985, §
15-5-401
et seq., financings, and to all existing and future interests in leases or purchase contracts pertaining to these industrial facilities.
Acts 1981, No. 497, § 2; A.S.A. 1947, § 13-1617; Acts 2011, No. 813, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 7 - EXEMPTIONS FROM AD VALOREM TAXATION (§§ 14-164-701 — 14-164-704) › Section 14-164-703 - Payments in lieu of taxes

(a)
If the Arkansas Development Finance Authority or a county or municipality in the state and a lessee under a lease or a purchaser under a contract for sale enter into an agreement for payments in lieu of ad valorem taxes, each agreement shall provide, or under this subchapter shall be interpreted as providing, that all in-lieu-of-taxes payments shall be distributed to the local political subdivisions that would have received ad valorem tax payments on the industrial facilities if the interest involved had not been exempt from ad valorem taxes in the proportions that the millage levied by each affected local political subdivision bears to the millage levied by all affected political subdivisions, unless all such local political subdivisions, including without limitation the affected school district or districts, shall otherwise agree.
(b)
This section does not affect the rights or obligations of any of the parties to an agreement under this subchapter that exists on the date of enactment of this subchapter providing for payments in lieu of ad valorem taxes.
Acts 1981, No. 497, § 3; A.S.A. 1947, § 13-1618; Acts 1991, No. 713, § 1; 2001, No. 1629, § 1; 2003, No. 1289, § 1; 2011, No. 813, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-801 - Title

This subchapter shall be known and may be cited as the "Local Government Energy Efficiency Project Bond Act".
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
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 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-802 - Purpose - Legislative findings

(a)
The purpose of this subchapter is to provide financing for energy efficiency projects for municipalities and counties under Arkansas Constitution, Amendment 89.
(b)
The General Assembly finds that:
(1)
This subchapter is in furtherance of a public purpose; and
(2)
The duties imposed upon and authority granted to municipalities and counties in this subchapter are in furtherance of the conservation of the environment, efficient government spending, and the protection of the public health, welfare, and safety.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
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 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-803 - Definitions

As used in this subchapter:
(1)
"Bonds" means bonds, notes, certificates, financing leases, or other interest-bearing instruments or evidences of indebtedness that are issued under this subchapter;
(2)
"Chief executive officer" means the chief executive officer of a municipality or the county judge of a county;
(3)
"County" means a county in the State of Arkansas;
(4)
"Energy efficiency project" means:
(A)
A new facility that is designed to reduce the consumption of energy or natural resources or result in operating cost savings as a result of changes that:
(i)
Do not degrade the level of service or working conditions;
(ii)
Are measurable and verifiable under the International Performance Measurement and Verification Protocol, promulgated by the Arkansas Pollution Control and Ecology Commission in the rules required under §
19-11-1207
; and
(iii)
Are measured and verified by an audit performed by an independent engineer or by a qualified provider, including the vendor providing the energy efficiency project; or
(B)
An existing facility alteration that is designed to reduce the consumption of energy or natural resources or result in operating cost savings as a result of changes that conform with subdivisions (4)(A)(i) and (ii) of this section;
(5)
"Guaranteed energy cost savings contract" means a contract for the implementation of one (1) or more energy efficiency projects and services provided by a qualified provider in which the energy and cost savings achieved by the installed energy efficiency project cover all energy efficiency project costs, including financing, over a specified contract term;
(6)
"Issuer" means a municipality or a county;
(7)
"Legislative body" means the quorum court of a county or the council, board of directors, board of commissioners, or similar elected governing body of a city or town;
(8)
"Municipality" means a city or incorporated town in the State of Arkansas;
(9)
"Operating cost savings" means expenses eliminated and future replacement expenditures avoided as a result of new equipment installed or services performed;
(10)
"Ordinance" means an ordinance, resolution, or other appropriate legislative enactment of a legislative body; and
(11)
"Qualified provider" means the same as defined in §
19-11-1202
.
Amended by Act 2019, No. 315,§ 1008, eff. 7/24/2019.
Amended by Act 2017, No. 271,§ 3, eff. 8/1/2017.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
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 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-804 - Energy efficiency projects authorized

(a)
(1)
A municipality or county may enter into a guaranteed energy cost savings contract in order to reduce energy consumption or operating costs of government facilities under this subchapter.
(2)
A municipality or county may enter into an installment payment contract or lease purchase agreement with a qualified provider for the purchase and installation of an energy efficiency project in accordance with this subchapter.
(b)
An energy efficiency project shall comply with current local, state, and federal construction and environmental codes, rules, and regulations.
Amended by Act 2019, No. 315,§ 1009, eff. 7/24/2019.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
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 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-805 - Method of solicitation

A solicitation of a guaranteed energy cost savings contract by a county or municipality shall be consistent with applicable procurement laws.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
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 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-806 - Evaluation of responses to solicitations

(a)
In a municipality's or county's evaluation of each qualified provider's response to a solicitation under §
14-164-805
, the municipality or county shall include an analysis of:
(1)
Whether the qualified provider meets the objectives of the solicitation, including without limitation a reduction in the municipality's or county's energy consumption or operating costs resulting from a guaranteed energy cost savings contract with the qualified provider;
(2)
The qualifications and experience of the qualified provider;
(3)
The technical approach to the energy efficiency project;
(4)
The financial aspects of the energy efficiency project;
(5)
The overall benefit to the municipality or county; and
(6)
Any other relevant factors.
(b)
After evaluating a response to a solicitation as required under subsection (a) of this section, a municipality or county may:
(1)
Reject the response; or
(2)
Award a contract to a qualified provider to conduct an energy audit to be used in developing the guaranteed energy cost savings contract.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
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 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-807 - Guaranteed energy cost savings contract requirements

(a)
The following provisions are required in a guaranteed energy cost savings contract:
(1)
A statement that the municipality or county shall maintain and operate the energy efficiency project as defined in the guaranteed energy cost savings contract; and
(2)
A guarantee by the qualified provider that:
(A)
The energy cost savings and operating cost savings to be realized over the term of the guaranteed energy cost savings contract meet or exceed the costs of the energy efficiency project; and
(B)
If the annual energy or operating cost savings fail to meet or exceed the annual costs of the energy efficiency project as required by the guaranteed energy cost savings contract, the qualified provider shall reimburse the municipality or county for any shortfall of guaranteed energy cost savings over the term of the guaranteed energy cost savings contract.
(b)
The maximum term for a guaranteed energy cost savings contract is twenty (20) years after the implementation of the energy efficiency project.
(c)
Before entering into a guaranteed energy cost savings contract, the municipality or county shall require the qualified provider to file with the municipality or county a payment and performance bond or similar assurance.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.