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 4 - LOCAL GOVERNMENT CAPITAL IMPROVEMENT REVENUE BOND ACT (§§ 14-164-401 — 14-164-419) › Section 14-164-402 - Definitions

As used in this subchapter:
(1)
"Bonds" means revenue bonds issued pursuant to this subchapter;
(2)
"Capital improvements" means any of the following:
(A)
City or town halls, courthouses, and administrative, executive, or other public offices;
(B)
Court facilities;
(C)
Jails;
(D)
Police and sheriff stations, apparatus, and facilities;
(E)
Firefighting facilities and apparatus;
(F)
Public health facilities and apparatus;
(G)
Hospitals, homes, and facilities;
(H)
Facilities for nonprofit organizations engaged primarily in:
(i)
Any of the following:
(a)
Public health;
(b)
Health systems support;
(c)
Safety; or
(d)
Disaster relief; and
(ii)
Related activities;
(I)
Residential housing for low and moderate income, elderly, or individuals with disabilities and families;
(J)
Parking facilities and garages;
(K)
Educational and training facilities for public employees;
(L)
Auditoriums;
(M)
Stadiums and arenas;
(N)
Convention, meeting, or entertainment facilities;
(O)
Ambulance and other emergency medical service facilities;
(P)
Civil defense or early warning facilities and apparatus;
(Q)
Air and water pollution control facilities;
(R)
Drainage and flood control facilities;
(S)
Storm sewers;
(T)
Arts and crafts centers;
(U)
Museums;
(V)
Libraries;
(W)
Public parks, playgrounds, or other public open space;
(X)
Marinas;
(Y)
Swimming pools, tennis courts, golf courses, camping facilities, gymnasiums, and other recreational facilities;
(Z)
Tourist information and assistance centers;
(AA)
Historical, cultural, natural, or folklore sites;
(BB)
Fair and exhibition facilities;
(CC)
Streets and street lighting, alleys, sidewalks, roads, bridges, and viaducts;
(DD)
Airports, passenger or freight terminals, hangars, and related facilities;
(EE)
Barge terminals, ports, harbors, ferries, wharves, docks, and similar marine services;
(FF)
Slack water harbors, water resource facilities, waterfront development facilities, and navigational facilities;
(GG)
Public transportation facilities;
(HH)
Public water systems and related transmission and distribution facilities, storage facilities, wells, impounding reservoirs, treatment plants, lakes, dams, watercourses, and water rights;
(II)
Sewage collection systems and treatment plants;
(JJ)
Maintenance and storage buildings and facilities;
(KK)
Incinerators;
(LL)
Garbage and solid waste collection disposal, compacting, and recycling facilities of every kind;
(MM)
Gas and electric generation, transmission, and distribution systems, including, without limiting the generality of the foregoing, hydroelectric generating facilities, dams, powerhouses, and related facilities;
(NN)
Social and rehabilitative service facilities;
(OO)
Animal control facilities and apparatus;
(PP)
Communication facilities and apparatus; and
(QQ)
Facilities and apparatus for voice, data, broadband, video, or wireless telecommunications services;
(3)
"Chief executive" means the mayor of a municipality or the county judge of a county;
(4)
"Clerk" means the clerk or recorder of a municipality or county clerk of a county;
(5)
"County" means any county in the State of Arkansas;
(6)
"Efficiency savings" means the savings in operational cost realized by the issuer as a result of a performance-based efficiency project, which are capable of being verified by comparing the applicable project's annual operational cost after the implementation, construction, and installation of the performance-based efficiency project with:
(A)
The applicable project's actual annual operational cost before the implementation, construction, and installation of the performance-based efficiency project; or
(B)
In the case of a new performance-based efficiency project, the applicable project's projected annual operational cost without the implementation, construction, and installation of the performance-based efficiency project as determined by a professional engineer defined in §
17-30-101
who is not affiliated or associated with the qualified efficiency engineering company;
(7)
"Issuer" means a municipality or a county;
(8)
"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;
(9)
"Municipality" means any city or incorporated town in the State of Arkansas;
(10)
"Operational cost" means any expenditure by an issuer for the operation of a project, including, but not limited to, utility costs, maintenance costs, payments required for third-party services, service contracts, including, but not limited to, commodities purchase contracts, labor costs, equipment costs, and material costs;
(11)
"Ordinance" means an ordinance, resolution, or other appropriate legislative enactment of a legislative body;
(12)
"Performance-based efficiency project" means:
(A)
A new facility that is designed to reduce the consumption of energy or natural resources or results 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 efficiency engineering company, including the vendor providing the performance-based 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 (12)(A)(i) and (ii) of this section;
(13)
"Project" means all, any combination, or any part of the capital improvements defined in subdivision (2) of this section;
(14)
"Project revenues" means revenues derived from the capital improvements financed, in whole or in part, with the proceeds of bonds issued under this subchapter;
(15)
"Qualified efficiency contract" means a contract for the implementation of one (1) or more performance-based efficiency projects and services provided by a qualified efficiency engineering company in which the energy and cost savings achieved by the installed performance-based efficiency project cover all performance-based efficiency project costs, including financing, over a specified contract term;
(16)
"Qualified efficiency engineering company" means a person or business, including all subcontractors and employees of that person or business and third-party financing companies, that:
(A)
Is properly licensed in the State of Arkansas;
(B)
Has been reviewed and certified as a qualified efficiency engineering company under this subchapter;
(C)
Is experienced in the design, implementation, measurement, verification, and installation of energy cost savings measures;
(D)
Has at least five (5) years of experience in the analysis, design, implementation, installation, measurement, and verification of energy efficiency and facility improvements;
(E)
Has the ability to arrange or provide the necessary financing to support a qualified efficiency contract; and
(F)
Has the ability to perform under a contract that requires the person or business to guarantee the work performed by one (1) or more subcontractors;
(17)
"Revenue bonds" means all bonds, notes, certificates or other instruments or evidences of indebtedness the repayment of which is secured by user fees, charges or other revenues other than assessments for local improvements and taxes:
(A)
Derived from the project, or improvements financed in whole or in part by such bonds, notes, certificates or other instruments or evidences of indebtedness;
(B)
From the operations of any government unit; or
(C)
From any other special fund or source other than assessments for local improvements and taxes; and
(18)
"Revenues" means project revenues or any other special fund or source other than taxes or assessments for local improvements including, without limitation, any acquired with bond proceeds and the revenues to be derived from them, and any other user fees, charges or revenues derived from the operations of any municipality or county and any agency, board, commission, or instrumentality.
Amended by Act 2019, No. 1090,§ 3, eff. 7/24/2019.
Amended by Act 2019, No. 1090,§ 2, eff. 7/24/2019.
Amended by Act 2019, No. 1090,§ 1, eff. 7/24/2019.
Amended by Act 2019, No. 703,§ 3, eff. 7/24/2019.
Amended by Act 2019, No. 383,§ 19, eff. 7/24/2019.
Amended by Act 2019, No. 383,§ 18, eff. 7/24/2019.
Acts 1985, No. 974, § 2; A.S.A. 1947, § 13-1262; Acts 1987, No. 58, § 1; 1987, No. 369, § 1; 1997, No. 208, § 12; 1997, No. 1130, § 1; 2005, No. 1551, § 7; 2005, No. 1980, § 1; 2011, No. 897, § 11.