reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-309 - Refunding bonds

(a)
(1)
Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter.
(2)
Refunding bonds may be combined with bonds issued under this subchapter 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 sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement of them.
(c)
(1)
All refunding bonds issued under this subchapter shall, in all respects, be authorized, issued, and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of these bonds.
(2)
The ordinance under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded by them.
Acts 1937, No. 231, § 3; Pope's Dig., § 9709; Acts 1947, No. 189, § 3; 1967, No. 69, § 1; 1970 (Ex. Sess.), No. 54, § 1; 1973, No. 87, § 2; A.S.A. 1947, § 19-2704.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-310 - Indentures and other agreements

(a)
(1)
The ordinance authorizing revenue bonds may provide for the execution by the municipality of an indenture which 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.
(2)
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:
(A)
The custody and application of the proceeds of the bonds;
(B)
The collection and disposition of revenues;
(C)
The maintenance of various funds and reserves;
(D)
The imposition and maintenance of rates and charges for the use of port authority facilities;
(E)
The nature and extent of the security; and
(F)
The rights, duties, and obligations of the municipality and the trustee and the rights of the holders and registered owners of the bonds.
(b)
It shall not be necessary for the municipality to publish any indenture, lease, or other security agreement or instrument if:
(1)
The ordinance authorizing the indenture, lease, or other security agreement or instrument is published as required by law governing the publication of ordinances of a municipality and the ordinance advises that a copy of the indenture, lease, or other security agreement or instrument, as the case may be, is on file in the office of the clerk or recorder of the municipality for inspection by any interested person; and
(2)
The copy of the indenture, lease, or other security agreement or instrument, as the case may be, is actually filed with the clerk or recorder of the municipality.
Acts 1937, No. 231, § 3; Pope's Dig., § 9709; Acts 1947, No. 189, § 3; 1967, No. 69, § 1; 1970 (Ex. Sess.), No. 54, § 1; 1973, No. 87, § 2; A.S.A. 1947, § 19-2704.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-311 - Mortgage lien or security interest

(a)
(1)
(A)
The ordinance or indenture securing revenue bonds may impose a foreclosable mortgage lien, security interest, or both, on the port authority facilities, or any portion thereof.
(B)
The extent of the mortgage lien on or security interest may be controlled by the ordinance or indenture, including, without limitation, provisions pertaining to:
(i)
The release of all, or part, of the facilities subject to the mortgage lien or security interest; and
(ii)
The priority of the mortgage lien or security interest in the event of successive issues of bonds.
(2)
Subject to the terms, conditions, and restrictions contained in the ordinance or indenture, any holder of any of the bonds or of any coupon attached to them, or a trustee on behalf of the holders, may, either at law or in equity, enforce the mortgage lien or security interest and, by proper suit, may compel the performance of the duties of the officials of the municipality set forth in this subchapter and set forth in the ordinance or indenture.
(b)
(1)
(A)
In the event of a default in the payment of the principal of or interest on any bonds issued under this subchapter, any court having jurisdiction may appoint a receiver to take charge of any port authority facilities upon or in which there is a mortgage lien or security interest securing the bonds in default.
(B)
(i)
The receiver shall have the power to operate and maintain the facilities in receivership and to charge and collect 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 subchapter and the ordinance or indenture securing the bonds in default.
(ii)
When the default has been cured, the receivership shall be ended and the facilities returned to the municipality.
(2)
The relief provided for in this subsection shall be construed to be in addition as supplemental to the remedies that may be provided for in the ordinance or indenture 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 and security interest in port authority facilities as specified in, and fixed by, the ordinance or indenture securing successive issues of bonds.
Acts 1937, No. 231, § 7; Pope's Dig., § 9713; Acts 1973, No. 87, § 3; A.S.A. 1947, § 19-2708.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 3 - MUNICIPAL PORT AUTHORITY FACILITIES (§§ 14-186-301 — 14-186-312) › Section 14-186-312 - Bonds - Tax exemption

(a)
Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes.
(b)
This exemption includes income, estate, and inheritance taxes.
Acts 1937, No. 231, § 17; Pope's Dig., § 9721; Acts 1973, No. 87, § 5; A.S.A. 1947, § 19-2716.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-401 - Legislative intent

(a)
Without reference to any other statute, this subchapter shall be deemed full authority for the construction, acquisition, improvement, equipment, maintenance, operation, and repair of any port provided for in this subchapter and for the issuance and sale of the bonds as authorized by this subchapter, and shall be construed as an additional or alternative method for them and for the financing of them.
(b)
No petition or election or other or further proceedings in respect to the construction or acquisition of the port nor to the issuance or sale of bonds under this subchapter, no publication of any resolution, ordinance, order, notice, or proceeding relating to such construction or acquisition nor to the issuance or sale of such bonds shall be required except such as are prescribed by this subchapter, any provision of other statutes of this state to the contrary notwithstanding.
Acts 1959, No. 310, § 13; A.S.A. 1947, § 19-2744.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-402 - Definitions

As used in this subchapter:
(1)
"Legislative body" means the council of municipalities having the mayor-council form of government and the commission, or other governing body, of municipalities having a commission or other form of government;
(2)
"Mayor" means the mayor of municipalities having the mayor-council form of government and the presiding officer of municipalities having a commission or other form of government;
(3)
"Municipality" means a city of the first class, a city of the second class, or an incorporated town in the State of Arkansas; and
(4)
"Port" means ports, harbors, and river-rail barge terminals, together with wharves, docks, piers, quays, elevators, compresses, refrigeration storage plants, warehouses, landing places and basins, and other structures, and all facilities needful for the convenient use of them, including:
(A)
The dredging of approaches to them and the construction of belt line roads and highways and bridges and causeways on them;
(B)
Other bridges and causeways necessary or useful in connection with them; and
(C)
Shipyards, shipping facilities, and transportation facilities incident to them and useful or convenient for the use of them, including terminal railroads, in their entirety, or any integral part of them.
Amended by Act 2017, No. 878,§ 15, eff. 8/1/2017.
Acts 1959, No. 310, § 1; A.S.A. 1947, § 19-2732.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-403 - Construction

This subchapter, being necessary for the public health, safety, and welfare, shall be liberally construed to effectuate the purposes of it.
Acts 1959, No. 310, § 17; A.S.A. 1947, § 19-2748.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-404 - Powers generally

Any two (2) or more municipalities, any two (2) or more counties, or any one (1) municipality or more together with any one (1) county or more in the State of Arkansas, or in an adjoining state where a navigable river forms the boundary between the states and the county or municipality in the other state lies approximately opposite the county or municipality within the State of Arkansas may join to construct, purchase, establish, equip, and operate a port within or without the corporate limits of any such municipality and within or without the boundaries of any such county, as they are defined and laid out, or as they may in the future be enlarged, as provided in this subchapter.
Acts 1959, No. 310, § 2; A.S.A. 1947, § 19-2733.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-405 - Provisions in authorizing ordinance or order

(a)
The ordinances or orders authorizing the issuance of the revenue bonds may contain provisions for the acceleration of the maturities of the unmatured bonds in the event of default in the payment of any principal or interest maturing under the bond issue, or part failure to meet any sinking fund requirements, or in any other stipulated event, and these provisions will be binding.
(b)
The priorities as between successive issues of revenue bonds may also be controlled by the provisions of the ordinances or orders.
(c)
The ordinances or orders may also, if deemed desirable, provide for:
(1)
The issuance, contemporaneously with the execution of the bonds, of an indenture defining the rights of the bondholders inter sese;
(2)
Appointing a trustee for the bondholders, which trustee may be a domestic or foreign corporation;
(3)
Vesting in the trustee, to such extent as is deemed advisable, all rights of action under the bonds, providing for the priority of lien as between successive bond issues;
(4)
The acceleration of bond maturities;
(5)
Any covenants on the part of the municipalities or counties relating to:
(A)
The construction or acquisition of the port;
(B)
The application or safeguard of the proceeds of the bonds; or
(C)
Other covenants intended for the protection of the bondholders; and
(6)
Any other provisions, whether similar or dissimilar to the foregoing, which are consistent with the terms of this subchapter and which may be deemed desirable.
Acts 1959, No. 310, § 11; A.S.A. 1947, § 19-2742.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-406 - Lease of port

The municipalities or counties desiring to avail themselves of the benefit of this subchapter and to join in the issuance of bonds as provided in this subchapter shall have the power to lease the port to an operating person, company, or corporation in such manner and upon such terms as may be deemed to be in the best interest of the municipalities or counties.
Acts 1959, No. 310, § 12; A.S.A. 1947, § 19-2743.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-407 - Right of eminent domain

For the purpose of acquiring a new port under the provisions of this subchapter or for the purpose of acquiring any property necessary for it, municipalities and counties shall have the right of eminent domain as is provided in §§
18-15-301
-
18-15-303
and any acts amendatory and supplementary to it.
Acts 1959, No. 310, § 14; A.S.A. 1947, § 19-2745.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-408 - Obligations incurred by municipalities or counties

(a)
No obligation shall, nor may, be incurred by municipalities or counties in the construction or acquisition of any port contemplated in this subchapter, or in the condemnation of property in connection with it, except such as shall be payable solely from the funds to be acquired from the sale of revenue bonds of the character authorized by this subchapter.
(b)
In view of this section, the court, in condemnation proceedings instituted under this subchapter by municipalities or counties, may make such requirements of security as will serve to protect the landowner.
Acts 1959, No. 310, § 15; A.S.A. 1947, § 19-2746.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-409 - Issuance of revenue bonds generally

(a)
(1)
Whenever it shall be determined by the legislative body of any municipality or by the county court of any county to join with another municipality or other municipalities or another county or other counties, to construct, purchase, establish, equip, and operate a port under the provisions of this subchapter, it shall cause an estimate to be made of the costs of it and shall provide, by ordinance of the legislative body or by order of the county court, as the situation may require, for the issuance of revenue bonds, as provided in this subchapter.
(2)
(A)
The ordinance or order shall set forth a brief description of the contemplated improvement or improvements, the estimated costs of them, the amount, rate of interest, time and place of payment, and other details in connection with the issuance of the bonds.
(B)
The bonds shall bear interest at such rate or rates, payable semiannually, and shall be payable at such times not exceeding forty (40) years from their date and at such places as shall be prescribed in the respective ordinance or order.
(b)
The bonds shall be executed by each municipality joining in the undertaking by its mayor and clerk or recorder, and by each county joining in the undertaking by its county judge and county clerk.
(c)
(1)
Each ordinance and order shall also declare that a statutory mortgage lien shall exist upon the property so to be acquired or constructed, fix the minimum rate or rates on all freight or cargo that passes over or through the port, to be collected prior to the payment of all of the bonds, and shall pledge the revenue derived from the port for the purpose of paying the bonds, and the interest on them.
(2)
(A)
The pledge shall definitely fix and determine the amount of revenues which shall be necessary to set apart and apply to the payment of principal of, and interest on, the bonds, and the proportion of the balance of the revenues and income which are to be set aside as a proper and adequate depreciation account, and the remainder shall be set aside for the reasonable and proper operation of the port.
(B)
The rates to be charged for the services from the port shall be sufficient to provide for:
(i)
The payment of interest upon all bonds and to create a sinking fund to pay the principal of them as and when they become due;
(ii)
For the operation and maintenance of the port; and
(iii)
An adequate depreciation fund.
Acts 1959, No. 310, § 3; 1967, No. 69, § 3; 1970 (Ex. Sess.), No. 54, § 2; 1981, No. 425, § 38; A.S.A. 1947, § 19-2734.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-410 - Notice and hearing on issuance

(a)
After the passage of any ordinance pursuant to §
14-186-409
, it shall be published one (1) time in a newspaper published in the municipality. If there is no newspaper so published, then the ordinance shall be published in a newspaper which has a bona fide general circulation within the municipality, with a notice to all persons concerned stating that:
(1)
The ordinance has been passed;
(2)
The municipality contemplated the issuance of the bonds described in the ordinance; and
(3)
Any person interested may appear before the legislative body, upon a certain date, which shall be not less than ten (10) days subsequent to the publication of the ordinance and notice, and present protests.
(b)
After the granting of any order, it shall be published one (1) time in a newspaper published in the county, with a notice to all persons concerned stating that:
(1)
The order has been granted;
(2)
The county contemplated the issuance of the bonds described in the order; and
(3)
Any person interested may appear before the county court, upon a certain date, which shall be not less than ten (10) days subsequent to the publication of the order and notice, and present protests.
(c)
At the hearing, all objections and suggestions shall be heard and the legislative body or county court shall take such action as it shall deem proper in the premises.
Acts 1959, No. 310, § 4; A.S.A. 1947, § 19-2735.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-411 - Execution and sale of bonds

(a)
Bonds provided for in this subchapter shall be issued in such amounts as may be necessary to provide sufficient funds to pay all costs of construction or acquisition, including engineering, legal, and other expenses, together with interest to a date not exceeding five (5) years.
(b)
(1)
Bonds issued under the provisions of this subchapter are declared to be negotiable instruments. They shall be executed as provided in this subchapter and be sealed with the seal of each municipality or county joining in the undertaking.
(2)
In the event that any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of the bonds, their signatures shall, nevertheless, be valid and sufficient for all purposes the same as if they had remained in office until the delivery.
(c)
(1)
(A)
Bonds authorized under the provisions of this subchapter may be sold at not less than ninety cents (90¢)on the dollar and the proceeds from them shall be used exclusively for the purposes for which the bonds are issued.
(B)
The bonds may be sold at one (1) time or in parcels as funds are needed and may be sold at private sale or public sale on such notice and in such manner as may be determined in the respective ordinances or order.
(2)
(A)
A fiscal agent may be employed in the issuance and sale of the bonds, and he shall be entitled to such reasonable compensation as may be agreed upon.
(B)
No fiscal agent may purchase, directly or indirectly, any of the bonds while he serves in the capacity of fiscal agent.
Acts 1959, No. 310, § 5; 1967, No. 69, § 4; A.S.A. 1947, § 19-2736.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-412 - Payment of bonds

(a)
Bonds issued under the provisions of this subchapter shall be payable solely from the revenues derived from the port for the construction or acquisition of which the bonds were issued, and the bonds shall not in any event constitute an indebtedness of any such municipality or any such county within the meaning of the constitutional provisions or limitations.
(b)
It shall be plainly stated on the face of each bond that it 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 1959, No. 310, § 6; A.S.A. 1947, § 19-2737.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-413 - Statutory mortgage lien

(a)
(1)
There shall be a statutory mortgage lien upon the port constructed or acquired from the proceeds of bonds authorized to be issued under the provisions of this subchapter. This lien shall exist in favor of the holders of the bonds and each of them and to and in favor of the holders of the coupons attached to the bonds.
(2)
The port shall remain subject to this statutory mortgage lien until the payment in full of the principal of, and interest on, the bonds.
(b)
(1)
Subject to such restrictions as may be contained in the indenture authorized in this subchapter, any holder of bonds issued under the provisions of this subchapter, or of any coupons representing interest accrued on them, may, either at law or in equity, enforce the statutory mortgage lien conferred by this section, and may, by proper suit, compel the performance of the duties of the officials of the respective municipality or county set forth in this subchapter.
(2)
If there is default in the payment of the principal or interest upon any of the bonds, any court having jurisdiction, in any proper action, may appoint a receiver to administer the port. This receiver shall have power to charge and collect rates sufficient to provide for the payment of the bonds and the interest on them and for the payment of the operating expenses, and power to apply the income and revenues in conformity with this subchapter and the respective ordinance or order providing for the issuance of the bonds.
Acts 1959, No. 310, § 7; A.S.A. 1947, § 19-2738.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-414 - Service rates and surplus

(a)
Rates fixed precedent to the issuance of bonds shall not be reduced until all of the bonds shall have been fully paid and, whenever necessary, may be increased in amounts sufficient to provide for the payment of the bonds, both principal and interest, and to provide proper funds for the depreciation account and operation and maintenance charges.
(b)
(1)
If any surplus shall be accumulated in the operating and maintenance fund which shall be in excess of the costs of maintaining and operating the port during the remainder of the fiscal year then current, and the costs of maintaining and operating the port during the fiscal year ensuing, then any excess may be transferred to either the depreciation account, or to the bond and interest redemption account as may be provided.
(2)
If any surplus shall be accumulated in the depreciation account over and above that which may be found necessary for the proper replacements which may be needed during the present fiscal year and the ensuing fiscal year, then the excess may be transferred to the bond and interest redemption account.
(3)
If any surplus shall exist in the bond and interest redemption account, it shall be applied, insofar as possible, in the purchase or retirement of outstanding revenue bonds payable from the account, and for that purpose the bonds not yet due may be purchased in the open market at not more than the fair market value of them.
Acts 1959, No. 310, § 8; A.S.A. 1947, § 19-2739.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-415 - Depository for funds

(a)
(1)
The municipalities or counties joined together to issue revenue bonds under the provisions of this subchapter shall designate a bank, which shall be a member of the Federal Deposit Insurance Corporation, to serve as a common depository to receive and hold on deposit and for disbursement of all revenues derived from the port.
(2)
(A)
The depository shall install and maintain a proper system of accounts, showing the amount of revenues received and the application of them.
(B)
(i)
The accounts shall be subject to audit at least once a year by a competent auditor.
(ii)
The report of the auditor shall be open to inspection at all times to any municipality or county joining in the issuance of the bonds, any taxpayer in these localities, or any holder of bonds issued under the provisions of this subchapter, or anyone acting for and on behalf of the municipality, county, taxpayer, or bondholder.
(b)
(1)
All the funds received as income from the port constructed or acquired, in whole or in part, under the provisions of this subchapter and all funds received from the sale of revenue bonds issued to construct or acquire the port shall be kept separate and apart from the other funds of the municipalities or counties.
(2)
The depository shall maintain separate accounts in which shall be placed the interest and sinking fund moneys and other accounts in which shall be placed depreciation funds.
Acts 1959, No. 310, § 9; A.S.A. 1947, § 19-2740.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-416 - Allocation of bond proceeds

(a)
(1)
Any specified portion of the proceeds of an issue of bonds authorized under the provisions of this subchapter may be allocated to any particular project authorized under this subchapter, or to any construction, as distinguished from the purchase of a port constructed, or vice versa.
(2)
(A)
After an allocation, the designated portion of the proceeds of the bond issue shall be kept separate and apart from the remaining proceeds and shall be held in trust for the performance of the purposes specified and none other.
(B)
The diversion of these funds to any other purpose may be enjoined on the suit of the trustee under the indenture, if any, accompanying the bonds, or on the suit of any of the bondholders, or on the suit of any person whose property is to be served by the port.
(b)
In making an allocation, the engineer's original estimate of costs shall control.
(c)
(1)
(A)
In the event of the allocation of proceeds, the bonds themselves may be similarly or correspondingly segregated and allocated to the respective purposes of the issue.
(B)
Bonds segregated and allocated to one (1) purpose shall, from the standpoint of legality and in all other respects, be deemed to have been issued to finance such purpose and that alone.
(2)
(A)
Notwithstanding such allocation and segregation, all bonds of the entire issue will, unless the initial ordinance or order or indenture accompanying the bonds shall provide to the contrary, be secured ratably and equally by the aggregate revenues of the port financed by the bond issue.
(B)
Unless the ordinance, order, or indenture shall so specifically provide, the allocation of bond proceeds or segregation of bonds mentioned in this section will never have the effect of allocating the revenues from any particular portion of the authorized port exclusively to any particular bond or bonds.
Acts 1959, No. 310, § 10; A.S.A. 1947, § 19-2741.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 186 - HARBORS AND PORT FACILITIES GENERALLY (§§ 14-186-101 — 14-186-417) › Subchapter 4 - JOINT OPERATION OF PORTS BY MUNICIPALITIES AND COUNTIES (§§ 14-186-401 — 14-186-417) › Section 14-186-417 - Bonds - Tax exemption

Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes, including income and inheritance taxes.
Acts 1959, No. 310, § 16; A.S.A. 1947, § 19-2747.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 187 - MUNICIPAL WHARF IMPROVEMENT DISTRICTS (§§ 14-187-101 — 14-187-109) › Section 14-187-101 - Duty to operate, etc., improvements

(a)
Boards of improvement in municipal improvement districts organized in this state for the purpose of constructing wharves for the transfer and interchange of river and rail freights are charged with the duty to operate, manage, and control the improvements.
(b)
(1)
The boards shall also have the power to lease the improvements, in whole or in part, or otherwise contract for the operation of the improvement, upon such terms as may be deemed by them advisable and have power to lease from others such equipment as in the judgment of the board may be deemed advisable.
(2)
The board shall collect moneys due the district for tolls, wharfage, storage, elevation, rentals, and all moneys other than moneys received from collection of the assessment of benefits and shall keep an accurate and separate account of them.
(c)
The board shall have control of the disbursement of the moneys and may pay costs of operations, maintenance, repairs, replacements, renewals, improvements, depreciation, or bonded or other indebtedness in such manner as the board may deem to be in the best interests of the owners of real property in the district.
Acts 1927, No. 61, § 1; Pope's Dig., § 7445; A.S.A. 1947, § 20-601.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 187 - MUNICIPAL WHARF IMPROVEMENT DISTRICTS (§§ 14-187-101 — 14-187-109) › Section 14-187-102 - Construction of new improvements

(a)
In addition to the power vested by law in boards of improvement, boards described in §
14-187-101
shall have power to construct and to borrow money with which to construct new and additional improvements necessary, convenient, or required for transfer or interchange of any and all commodities.
(b)
The board may issue the notes, bonds, or other evidences of indebtedness of the district to evidence this indebtedness. These obligations shall be negotiable although payable only from a certain fund, and may pledge net revenues arising from the operation of the new and additional improvements, assign any leases or contracts of or concerning the new and additional improvements, and mortgage the new and additional improvements to secure the repayment of the borrowed money and interest on it.
Acts 1927, No. 61, § 2; Pope's Dig., § 7446; A.S.A. 1947, § 20-602.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 187 - MUNICIPAL WHARF IMPROVEMENT DISTRICTS (§§ 14-187-101 — 14-187-109) › Section 14-187-103 - Power over property

Boards of improvement of the class described in §
14-187-101
shall have power to:
(1)
Acquire, by lease or purchase, real estate needed or convenient in the public service rendered by the improvement district;
(2)
Grant rights-of-way over any and all properties owned by the district; and
(3)
Grant landing rights to persons engaged in water transportation.
Acts 1927, No. 61, § 3; Pope's Dig., § 7447; A.S.A. 1947, § 20-603.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 187 - MUNICIPAL WHARF IMPROVEMENT DISTRICTS (§§ 14-187-101 — 14-187-109) › Section 14-187-104 - No assessment or tax

No indebtedness, obligation, or liability, or the interest thereon, created or incurred under the provisions of this chapter shall at any time be secured or paid by or from any special assessment upon or taxation against the real property of any improvement district.
Acts 1927, No. 61, § 4; Pope's Dig., § 7448; A.S.A. 1947, § 20-604.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 187 - MUNICIPAL WHARF IMPROVEMENT DISTRICTS (§§ 14-187-101 — 14-187-109) › Section 14-187-105 - Contracts ratified

All contracts made by any board of improvement of the class described in §
14-187-101
, not in conflict with the terms of this chapter, are confirmed, approved, and ratified.
Acts 1927, No. 61, § 5; Pope's Dig., § 7449; A.S.A. 1947, § 20-605.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 187 - MUNICIPAL WHARF IMPROVEMENT DISTRICTS (§§ 14-187-101 — 14-187-109) › Section 14-187-106 - Procedure for sale of improvements

(a)
The board of improvement of any municipal wharf improvement district of this state owning wharves, river and rail terminals, warehouses, and tracks for the transfer and interchange of river and rail freights, including the lands, equipments, and all appliances incident to its operation, together with the right and franchise to operate them, may sell the properties and terminal facilities when the board shall determine, by resolution adopted by a majority vote of the board, that it would be to the best interest of the district that the sale be consummated.
(b)
Before any such sale shall be consummated, there shall be filed, within one (1) year after the adoption of the resolution, with the city council of the city within which the district is situated, a petition signed by a majority in value, as shown by the last county assessment, of the owners of real property within the district, proposing to make the sale, asking that the sale be made, and stating the minimum price at which the sale shall be made. This shall in no event be a sum less than the amount necessary to pay all of the outstanding indebtedness against the district.
(c)
Upon the filing of the petition or petitions, the council shall give notice by publication one (1) time a week for two (2) weeks in some newspaper published in the county in which the district is situated. This publication shall advise the owners of real property within the district that on a day therein named the council of the city will hear the petition and determine whether those signing it constitute a majority in value of the owners of real property.
(d)
At the meeting named in the notice, the owners of real property within the district shall be heard before the council, which shall determine whether the signers of the petition constitute a majority in value, and the finding of the council shall be conclusive.
(e)
It shall be the duty of the council to ratify and confirm the proposed sale unless within thirty (30) days thereafter suit is brought to review its action in the chancery court of the county in which the district is situated.
(f)
In determining whether those signing the petition constitute a majority in value of the owners of real property within the district, the council and the court shall be guided by the records of deeds in the office of the recorder of the county and shall not consider any unrecorded instrument.
Acts 1933, No. 100, § 1; Pope's Dig., § 7440; A.S.A. 1947, § 20-606.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 187 - MUNICIPAL WHARF IMPROVEMENT DISTRICTS (§§ 14-187-101 — 14-187-109) › Section 14-187-107 - Payment and securing indebtedness

(a)
Where the sale price is for an amount greater than the outstanding indebtedness of a municipal wharf improvement district, the excess shall be paid in cash.
(b)
(1)
(A)
In the event the purchaser desires to purchase the property and pay off the bonded indebtedness of the district as the bonded indebtedness matures, as a part of the purchase price, then the purchaser shall be required to assume the payment of the indebtedness, together with the accrued interest on it. To secure the payment of the indebtedness, together with the accrued interest on the bonded indebtedness, the purchaser shall be required to give a bond in favor of the city and the district in an amount equal to the unpaid purchase price including the indebtedness of the district.
(B)
The bond shall also be for the maintenance of the terminal and terminal facilities and shall remain in full force and effect until the unpaid purchase price, including the indebtedness of the district, has been paid in full. However, the city council and the board of improvement of the district shall have the right to reduce the amount of the bond from time to time in proportion to the amount of the indebtedness as discharged and retired by the purchaser of the improvements.
(2)
The bond shall be further conditioned that the purchaser will maintain insurance upon the properties so purchased and sold for an amount to be agreed upon by the board and respective purchaser, with the loss payable clause for the benefit of the district making the sale, as its interests may appear.
(3)
The bond provided for in this section shall be approved by the council and the board of the district and shall be made and executed by a corporate surety company authorized to do business in the State of Arkansas. However, the council and the board of the district shall, by their joint action, waive the execution of the bond required in this section when, in their judgment and discretion, the bond is not necessary or required for the protection of the city, the district, and the landowners.
Acts 1933, No. 100, § 2; Pope's Dig., § 7441; A.S.A. 1947, § 20-607.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 187 - MUNICIPAL WHARF IMPROVEMENT DISTRICTS (§§ 14-187-101 — 14-187-109) › Section 14-187-108 - Deed of conveyance

(a)
(1)
(A)
The transfer of property under this chapter shall be evidenced by a deed of conveyance in the usual form and with the usual covenants of warranty. A lien against the property sold shall be retained in the deed for all of the unpaid purchase price. The lien shall include the indebtedness of the district required to be assumed by the purchaser, with the right in the board of improvement of the district upon default in the payment of any part or portion of the principal or interest, as it matures, to declare all of the purchase price due and payable and to proceed to foreclose the lien on the property.
(B)
In the same action or by separate action, the board of improvement and the city shall proceed against the surety on the bond provided for in §
14-187-107
to recover any and all damages that the district may have sustained on account or by reason of the breach of the sale.
(2)
The deed of conveyance shall be executed on behalf of the city by the mayor and clerk and on behalf of the improvement district by the chairman and secretary of the board of improvement.
(b)
(1)
The sale of all property of an improvement district shall not work a forfeiture of the corporate entity of the district until all of the purchase price including the indebtedness of the district so assumed by the purchaser shall have been paid in full.
(2)
Upon the payment of all the indebtedness by the purchaser, the lien retained in the deed of conveyance shall be satisfied by a deed of release or by marginal entry upon the deed records where it is recorded, by the mayor and clerk for and in behalf of the city and by the chairman and secretary of the board of improvement for and on behalf of the district.
Acts 1933, No. 100, § 3; Pope's Dig., § 7442; A.S.A. 1947, § 20-608.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 187 - MUNICIPAL WHARF IMPROVEMENT DISTRICTS (§§ 14-187-101 — 14-187-109) › Section 14-187-109 - Payment exceeding debts

If the properties authorized to be sold under this chapter should sell for more than the secured and unsecured indebtedness of the municipal wharf improvement district, then the excess shall be apportioned and paid by the board of improvement back to the then-owners of record of the real property of the district in the same proportion that each parcel of the property has contributed in taxes for the acquisition, construction, and operation of the improvement.
Acts 1933, No. 100, § 4; Pope's Dig., § 7443; A.S.A. 1947, § 20-609.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 11 - ECONOMIC DEVELOPMENT IMPROVEMENT DISTRICTS, FACILITIES, AND AUTHORITIES (§§ 14-184-101 — 14-188-122) › Chapter 188 - RURAL DEVELOPMENT AUTHORITIES (§§ 14-188-101 — 14-188-122) › Section 14-188-101 - Title

This chapter may be referred to as the "Rural Development Authority Act."
Acts 1963, No. 172, § 1; A.S.A. 1947, § 20-1401.