reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 142 - LOCAL GOVERNMENT LIBRARY BONDS (§§ 14-142-201 — 14-142-222) › Subchapter 2 - LOCAL GOVERNMENT LIBRARY BOND ACT (§§ 14-142-201 — 14-142-222) › Section 14-142-216 - Bonds generally - Pledge of taxes generally

The bonds shall be secured by, and contain a pledge of, any tax or combination of taxes authorized to pay the bonded indebtedness and shall be payable solely from the taxes authorized by Arkansas Constitution, Amendment 30 or Amendment 38, as amended by Arkansas Constitution, Amendment 72, and this subchapter. However, the issuer is not prohibited from using other taxes, revenues, or receipts to retire the bonds.
Acts 1993, No. 920, § 16.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 142 - LOCAL GOVERNMENT LIBRARY BONDS (§§ 14-142-201 — 14-142-222) › Subchapter 2 - LOCAL GOVERNMENT LIBRARY BOND ACT (§§ 14-142-201 — 14-142-222) › Section 14-142-217 - Bonds generally - Liability

No officer, employee, or member of the issuer shall be personally liable on any bonds issued under the provisions of this subchapter or for any damages sustained by any person in connection with any contracts entered into to carry out the purposes and intent of this subchapter, unless that person has acted with a corrupt intent.
Acts 1993, No. 920, § 20.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 142 - LOCAL GOVERNMENT LIBRARY BONDS (§§ 14-142-201 — 14-142-222) › Subchapter 2 - LOCAL GOVERNMENT LIBRARY BOND ACT (§§ 14-142-201 — 14-142-222) › Section 14-142-218 - Bonds generally - Pledge and collection of ad valorem taxes

(a)
The ad valorem tax pledged for payment of bonds shall constitute a special fund pledged as security for the payment of such indebtedness.
(b)
(1)
The ad valorem tax shall never be extended for any other purpose nor collected for any greater length of time than necessary to retire such bonded indebtedness.
(2)
However, tax collections in excess of the amount required to retire the debt according to its terms may, subject to covenants entered into with the owners of the bonds, be pledged as security for the issuance of additional bonds if authorized by the electors.
(3)
The tax for the additional bonds shall terminate within the time provided for the tax originally imposed.
(c)
Upon retirement on the bonded indebtedness, any surplus tax collections which may have accumulated shall be transferred to the general fund of the issuer, and shall be used for maintenance and operation of the public library.
(d)
The collection of ad valorem taxes, or a portion thereof, may be suspended by the issuer when not required for the payment of the bonds, subject to any covenants with the owners of the bonds.
(e)
Notwithstanding any other provision of this subchapter, a tax approved by the voters for the purpose of paying bonded indebtedness shall not be reduced or diminished, nor shall it be used for any other purpose than to pay principal of or premium or interest on the bonded indebtedness, and the reasonable fees of a trustee or paying agent so long as the bonded indebtedness shall remain outstanding and unpaid.
(f)
Notwithstanding any other provision of this subchapter, a tax approved by the voters and levied for the purpose of paying bonded indebtedness authorized pursuant to this subchapter by a county shall not be levied against any real or personal property which is taxed by a municipality for the maintenance of a public library pursuant to Arkansas Constitution, Amendment 30, as amended by Arkansas Constitution, Amendment 72; provided, however, that no tax levied by a county for the purpose of paying bonded indebtedness authorized pursuant to this subchapter shall ever be diminished or reduced while such bonds are outstanding if a municipality within the county approves such a maintenance tax after the date on which the voters of a county approve a tax for the purpose of paying bonded indebtedness authorized pursuant to this subchapter.
Acts 1993, No. 920, § 17.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 142 - LOCAL GOVERNMENT LIBRARY BONDS (§§ 14-142-201 — 14-142-222) › Subchapter 2 - LOCAL GOVERNMENT LIBRARY BOND ACT (§§ 14-142-201 — 14-142-222) › Section 14-142-219 - Bonds generally - Interim borrowing

(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 the tax or taxes approved by the voters to be pledged to the bonds, and to otherwise secure the notes as bonds issued under this subchapter may be secured.
(c)
The notes may:
(1)
Bear such date or dates;
(2)
Mature at such time or times, not exceeding three (3) years from their respective dates;
(3)
Bear interest at such rate or rates;
(4)
Be in such form;
(5)
Be executed in such manner;
(6)
Be payable at such place or places;
(7)
Contain such provisions for prepayment prior to maturity; and
(8)
Contain such other terms, covenants, and conditions as the ordinance or order may provide which are not inconsistent with the provisions of this subchapter.
Acts 1993, No. 920, § 22.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 142 - LOCAL GOVERNMENT LIBRARY BONDS (§§ 14-142-201 — 14-142-222) › Subchapter 2 - LOCAL GOVERNMENT LIBRARY BOND ACT (§§ 14-142-201 — 14-142-222) › Section 14-142-220 - Refunding bonds

(a)
Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued hereunder.
(b)
(1)
The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(2)
If sold for cash, the proceeds may be either applied to the payment of the obligations refunded or deposited in an irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.
(c)
Refunding bonds shall in all respects be authorized, issued, and secured in the manner provided for the bonds being refunded, and shall have all the attributes of the refunded bonds. However, if the refunding bonds are not in a greater principal amount than the bonds being refunded, the question of issuing such refunding bonds need not be submitted at an election.
(d)
The ordinance or order under which the refunding bonds are issued may provide that any refunding bonds shall have the same priority of lien on all sources of taxation or other income as originally pledged for payment of the obligation refunded thereby.
(e)
(1)
Bonds may also be issued under the provisions of this subchapter for the purpose of refunding any outstanding bonds issued pursuant to Arkansas Constitution, Amendment 62, whether or not issued prior to or subsequent to April 7, 1993, to finance capital improvements if the question of the issuance of the refunding bonds is submitted to the electors in the manner provided in §
14-142-208
.
(2)
(A)
The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(B)
If sold for cash, the proceeds may either be applied to the payment of the bonds being refunded or deposited in an irrevocable trust for the retirement thereof at maturity or on an authorized redemption date.
Acts 1993, No. 920, § 23.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 142 - LOCAL GOVERNMENT LIBRARY BONDS (§§ 14-142-201 — 14-142-222) › Subchapter 2 - LOCAL GOVERNMENT LIBRARY BOND ACT (§§ 14-142-201 — 14-142-222) › Section 14-142-221 - Bonds generally - Tax exemption

Bonds and notes issued under the provisions of this subchapter and the income thereon shall be exempt from all state, county, and municipal taxes, including, without limitation, all income, property, and inheritance taxes.
Acts 1993, No. 920, § 21.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 142 - LOCAL GOVERNMENT LIBRARY BONDS (§§ 14-142-201 — 14-142-222) › Subchapter 2 - LOCAL GOVERNMENT LIBRARY BOND ACT (§§ 14-142-201 — 14-142-222) › Section 14-142-222 - Bonds generally - Mortgage lien

(a)
The ordinance, order, or trust indenture authorized in §§
14-142-207
and
14-142-209
may, but need not, impose a foreclosable mortgage lien upon the capital improvements financed with the proceeds of bonds issued under this subchapter.
(b)
The nature and extent of such mortgage lien may be controlled by the ordinance, order, or trust indenture, including, without limitation, provisions:
(1)
Pertaining to the release of all or part of the capital improvements from the mortgage lien;
(2)
Pertaining to the priority of the mortgage lien in the event of successive bond issues; and
(3)
Authorizing any owner of bonds, or a trustee on behalf of all 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 issuer set forth in this subchapter or in the ordinance, order, or trust indenture authorizing and securing the bonds.
(c)
References in this section to "mortgage lien" shall include a security interest in any personal property constituting the capital improvements, or part thereof, financed with the proceeds of bonds issued under this subchapter.
Acts 1993, No. 920, § 19.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-101 - Title

This chapter may be cited as the "Regional Intermodal Facilities Act."
Acts 1997, No. 690, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-103 - Establishment of authorities

(a)
(1)
Any two (2) or more municipalities, any two (2) or more contiguous counties, or any one (1) or more municipalities together with any one (1) or more contiguous counties, are authorized to create and establish an authority as prescribed in this chapter for the purpose of acquiring, equipping, constructing, maintaining, and operating regional intermodal facilities.
(2)
No county or municipality shall participate in such authority unless and until its governing body so provides by ordinance, and enters into an agreement with the other participating governmental units establishing the terms and conditions for the operation of the authority within the limitations provided in this chapter and such other laws of the State of Arkansas as may be applicable.
(b)
To the extent that it is consistent with this chapter, the agreement shall specify the information provided for in §
25-20-104(c)
.
(c)
The agreement shall be filed with the Secretary of State.
Acts 1997, No. 690, § 3.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-104 - Authority as public corporation

(a)
Each authority when created, and the members thereof, shall constitute a public corporation and, as such, shall have perpetual succession, may contract and be contracted with, sue and be sued, and have and use a common seal.
(b)
The exercise of the powers and performance of duties provided for in this chapter by each authority and its officers, agents, and employees are declared to be public and governmental functions, exercised for a public purpose and matters of public necessity, conferring upon each authority governmental immunity from suit in tort.
Acts 1997, No. 690, § 4.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-105 - Appointment of board

(a)
Subject to such limitations as may be contained in the agreement provided for in §
14-143-103
, the management and control of each authority and its property, operations, business, and affairs shall be lodged in a board of not less than six (6) nor more than twenty-four (24) persons who shall be appointed for terms of six (6) years each as hereinafter provided.
(b)
The number of members that each of the participating governmental units is entitled to appoint to the board shall be set forth in the agreement provided for in §
14-143-103
. However, each of the participating governmental units shall be entitled to appoint at least one (1) member to the board. Appointments shall be made by the mayor of each participating municipality and the county judge of each participating county.
(c)
The members of the authority shall have staggered terms, as provided in the agreement establishing the authority, as follows: One-third (1/3) of the members for six-year terms; one-third (1/3) of the members for four-year terms; and one-third (1/3) of the members for two-year terms. Thereafter, all appointments shall be for six-year terms.
(d)
All members of the board appointed by the participating municipalities and counties shall be bona fide residents and qualified electors of the county or municipality which the members represent.
Acts 1997, No. 690, § 5.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-106 - Vacancy on board

(a)
If any member of an authority dies, resigns, is removed, or for any other reason ceases to be a member of the authority, the mayor or the county judge, as appropriate to the governmental unit which the member represented, shall appoint another person to fill the unexpired portion of the term of the member.
(b)
A member of the authority once qualified shall not be removed during his appointment except for cause by the mayor or the county judge, as appropriate to the governmental unit which the member represents, or upon such other conditions as shall be set forth in the agreement establishing the authority.
Acts 1997, No. 690, § 6.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-107 - Compensation prohibited - Reimbursement of expenses

(a)
No member of the board of an authority shall receive any compensation, whether in form of salary, per diem allowance, or otherwise, for or in connection with his services as a member.
(b)
Each member shall, however, be entitled to reimbursement by the authority for any necessary expenditures in connection with the performance of his general duties as a member.
Acts 1997, No. 690, § 7.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-108 - Facilities authorized

Each authority is authorized and empowered to acquire, equip, construct, maintain, and operate an intermodal facility and appurtenant facilities or properties so located to best serve the region in which they are located. Each authority is further authorized and empowered to acquire, equip, construct, maintain, and operate industrial, warehouse, distribution and related types of facilities, including education, training, office and support facilities, located at or near an intermodal facility for the purpose of securing and developing industry.
Acts 1997, No. 690, § 8.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-110 - Issuance of revenue bonds - Authorization

(a)
Authorities are authorized to use any available revenues for the accomplishment of the purposes and the implementation of the powers authorized by this chapter, including the proceeds of revenue bonds issued from time to time pursuant to the provisions of this chapter, either alone or together with other available funds and revenues.
(b)
The amount of each issue of bonds issued may be sufficient to pay:
(1)
The costs of accomplishing the purposes for which it is being issued;
(2)
The cost of issuing the bonds;
(3)
The amount necessary for a reserve, if it is determined to be desirable in favorably marketing the bonds;
(4)
The amount, if any, necessary to provide for debt service on the bonds until revenues for the payment thereof are available; and
(5)
Any other costs and expenditures of whatever nature incidental to the accomplishment of the specified purposes.
Acts 1997, No. 690, § 10.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-111 - Issuance of revenue bonds - Resolution of authority - Nature of bonds

(a)
The issuance of revenue bonds shall be by resolution of the authority.
(b)
The bonds of each issue may:
(1)
Be coupon bonds payable to bearer or may be registrable as to principal only or as to both principal and interest;
(2)
Be in such form and denominations;
(3)
Be made payable at such places within or without the state;
(4)
Be issued in one (1) or more series;
(5)
Bear such date or dates;
(6)
Mature at such time or times, not exceeding forty (40) years from their respective dates;
(7)
Bear interest at such rate or rates;
(8)
Be payable in such medium of payment;
(9)
Be subject to such terms of redemption; and
(10)
Contain such terms, covenants, and conditions as the resolution authorizing their issuance may provide including, without limitation, those pertaining to:
(A)
The custody and application of the proceeds of the bonds;
(B)
The collection and disposition of revenues;
(C)
The maintenance and investment of various funds and reserves;
(D)
The imposition and maintenance of taxes, fees, rates and charges for the use of the terminal and other facilities;
(E)
The nature and extent of the security;
(F)
The rights, duties, and obligations of the authority and the trustee for the holders and registered owners of the bonds; and
(G)
The rights of the holders and registered owners of the bonds.
(c)
(1)
There may be successive bond issues for the purpose of financing the same project. There may also be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping projects already in existence, whether or not originally financed by bonds issued under this chapter, with each successive issue to be authorized as provided by this chapter.
(2)
Priority between and among issues and successive issues as to security, the pledge of revenues and lien on and security interest in the land, buildings, and facilities involved, may be controlled by the resolutions authorizing the issuance of bonds under this chapter.
(d)
Subject to the provisions of this section and §
14-143-110
and §§
14-143-112
-
14-143-118
of this chapter pertaining to registration, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.
Acts 1997, No. 690, § 11.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-112 - Issuance of revenue bonds - Indenture

(a)
The resolution authorizing the bonds may provide for the execution by the authority 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.
(b)
Indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable, including, without limitation, those pertaining to:
(1)
The custody and application of the proceeds of the bonds;
(2)
The collection and disposition of revenues;
(3)
The maintenance of various funds and reserves;
(4)
The imposition and maintenance of taxes, fees, rates and charges for the use of regional intermodal facilities and other facilities of the authority;
(5)
The nature and extent of the security;
(6)
The rights, duties, and obligations of the authority and the trustee; and
(7)
The rights of the holders and registered owners of the bonds.
Acts 1997, No. 690, § 12.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-113 - Issuance of revenue bonds - Price and manner sold

The bonds may be sold for such price, including sale at a discount, and in such manner as the authority may determine by resolution.
Acts 1997, No. 690, § 13.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-114 - Issuance of revenue bonds - Execution

(a)
(1)
The bonds shall be executed by the manual or facsimile signatures of the chairman and secretary of the authority.
(2)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of the bonds or coupons, their signatures shall nevertheless be valid and sufficient for all purposes.
(b)
The coupons attached to the bonds may be executed by the facsimile signature of the chairman of the authority.
Acts 1997, No. 690, § 14.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-115 - Issuance of revenue bonds - Obligation of authority

(a)
The revenue bonds issued under this chapter shall be obligations only of the authority and shall not be general obligations of any county or municipality, or the state.
(b)
(1)
In no event shall the revenue bonds constitute an indebtedness of any county or municipality, or the state within the meaning of any constitutional or statutory limitation.
(2)
It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter and that it does not constitute an indebtedness of any county or municipality, or the state within any constitutional or statutory limitation.
(c)
The principal of and interest on the bonds may be secured, to the extent set forth in the resolution or indenture securing the bonds, by a pledge of and payable from all or any part of revenues derived from the use of facilities of the authority, including, without limitation:
(1)
Revenues derived from rates and charges imposed and maintained for the use of facilities of the authority;
(2)
Revenues derived from taxes or fees levied under subdivision (a)(15) and (16) of §
14-143-109
of this chapter; and
(3)
Lease rentals under leases or payments under security agreements or other instruments entered into under this chapter.
Acts 1997, No. 690, § 15.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-116 - Issuance of revenue bonds - Refunding bonds

(a)
(1)
Revenue bonds may be issued under this chapter for the purpose of refunding any obligations issued under this chapter.
(2)
The refunding bonds may be combined with bonds issued into a single issue.
(b)
(1)
When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.
(2)
If 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 chapter shall, in all respects, be authorized, issued, and secured in the manner provided for other bonds issued under this chapter and shall have all the attributes of these bonds.
(2)
The resolution under which these 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 1997, No. 690, § 16.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-117 - Issuance of revenue bonds - Mortgage lien

(a)
The resolution or indenture securing the bonds may impose a forecloseable mortgage lien upon or security interest in the facilities of the authority, or any portion thereof, and the extent of the mortgage lien or security interest may be controlled by the resolution or indenture including, without limitation, provisions pertaining to the release of all or part of the facilities subject to the mortgage lien or security interest in the event of successive issues of bonds.
(b)
Subject to the terms, conditions, and restrictions contained in the resolution or indenture, any holder of any of the bonds, or of any coupon attached thereto, or a trustee on behalf of the holders may, either at law or in equity, enforce the mortgage lien or security interest and may, by proper suit, compel the performance of the duties of the officials of the authority set forth in this chapter and set forth in the resolution or indenture.
Acts 1997, No. 690, § 17.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-118 - Issuance of revenue bonds - Default

(a)
(1)
In the event of a default in the payment of the principal of or interest on any bonds issued under this chapter, any court having jurisdiction may appoint a receiver to take charge of any facilities upon or in which there is a mortgage lien or security interest securing the bonds in default.
(2)
The receiver shall have the power to operate and maintain the facilities in receivership and to charge and collect taxes, fees, rates and rents sufficient to provide for the payment of any costs of receivership and operating expenses of the facilities in receivership and to apply the revenues derived from the facilities in receivership in conformity with this chapter and the resolution or indenture securing the bonds in default.
(3)
When the default has been cured, the receivership shall be ended and the facilities returned to the authority.
(b)
The relief provided for in this section shall be construed to be in addition and as supplemental to the remedies that may be provided for in the resolution or indenture securing the bonds and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from, mortgage lien on, and security interest in facilities as specified in and fixed by the resolution or indenture securing successive issues of bonds.
Acts 1997, No. 690, § 18.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-119 - Agreements to obtain funds

Each authority may, in connection with obtaining funds for its purposes, enter into any agreement with any person, firm, or corporation including the federal government, or any agency or subdivision thereof, containing such provisions, covenants, terms, and conditions as the authority may deem advisable.
Acts 1997, No. 690, § 19.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-120 - Acquisition of property

(a)
Whenever it shall be deemed necessary by an authority, in connection with the exercise of its powers conferred in this chapter, to take or acquire any lands, structures, buildings, or other rights, either in fee or as easements, for the purposes set forth in this chapter, the authority may purchase them directly or through its agents from the owners thereof, or failing to agree with the owners, the authority may exercise the power of eminent domain, and these purposes are declared to be public uses for which private property may be taken or damaged.
(b)
Should an authority elect to exercise the right of eminent domain, condemnation proceedings shall be maintained by and in the name of the authority, and it may proceed in the manner provided by the general laws of the State of Arkansas for the procedure by any county, municipality, or authority organized under the laws of this state, or by railroad corporations, as the authority may, in its discretion, elect.
Acts 1997, No. 690, § 20.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-121 - Exemption from taxation

(a)
Each authority shall be exempt from the payment of any taxes or fees to the state, or any subdivision thereof, or to any office or employee of the state, or of any subdivision thereof; however, each authority shall withhold and remit state income taxes as prescribed by the Arkansas Income Tax Withholding Act of 1965, §
26-51-901
et seq.
(b)
(1)
The property of each authority shall be exempt from all local and municipal taxes.
(2)
Bonds, notes, debentures, and other evidences of indebtedness of the authority are declared to be issued for a public purpose and to be public instrumentalities and, together with interest thereon, shall be exempt from all state, county, and municipal taxes, including, but without limitation, income, inheritance and estate taxes.
(c)
A lessee of an authority under §
14-143-126
is exempt from state, county, and municipal sales and use taxes on purchases of tangible personal property and services if:
(1)
The lessee's facility is constructed after July 22, 2015, and has not been occupied by any other authority lessee;
(2)
At an establishment within fifty (50) miles of the intermodal facility, the lessee has not ceased or substantially reduced operations of a nature similar to those being performed at the lessee's facility within the intermodal facility;
(3)
The tangible personal property or service is consumed, used, or performed at the lessee's facility within the intermodal facility; and
(4)
The lessee's facility is used to carry out the essential governmental functions of the authority under §
14-143-104(b)
.
Amended by Act 2015, No. 691,§ 1, eff. 7/22/2015.
Acts 1997, No. 690, § 21.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-122 - Use of surplus funds

(a)
If an authority should realize a surplus, whether from operating the intermodal facilities and other facilities or leasing it or them for operation, over and above the amount required for the maintenance, improvement, and operation of the intermodal facility and other facilities and for meeting all required payments on its obligations, it shall set aside the reserve for future operations, improvements, and contingencies as it shall deem proper and shall then apply the residue of the surplus, if any, to the payment of any recognized and established obligations not then due.
(b)
After all the recognized and established obligations have been paid off and discharged in full, the authority shall, at the end of each fiscal year, set aside the reserve for future operations, improvements, and contingencies as prescribed in subsection (a) and then pay the residue of the surplus, if any, to the counties and municipalities in direct proportion to their financial contribution, provided that no such distribution of said residue of the surplus shall violate United States law or the terms of any deed, grant agreement or other agreement with the United States.
Acts 1997, No. 690, § 22.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-123 - Public and private contributions

(a)
Contributions may be made to authorities from time to time by the counties, municipalities, and the state and persons, firms, or corporations that shall desire to do so.
(b)
In order to afford maximum opportunities for contributions, the agreement provided for under §
14-143-103
of this chapter may be treated as a cooperative agreement under the provisions of the Interlocal Cooperation Act, §
25-20-101
et seq., and may contain language enabling the agreement to be treated as a formal compact under §§
14-165-201
-
14-165-204
in which case the authority shall hold title to property in its powers and capacity as a public corporation rather than as a commission-trustee as provided in §§
14-165-201
-
14-165-204
, or may be treated as a less formal arrangement for the cooperative use of industrial development bond funds, all to the end that the counties and municipalities may contribute to the authority funds derived from general obligation bonds under Arkansas Constitution Amendments 13 and 49, from revenue bonds under §§
14-164-201
-
14-164-206
from other available sources, and may contribute funds derived from a combination of these sources.
Acts 1997, No. 690, § 23.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-124 - Accounts and reports

(a)
(1)
All funds received by an authority shall be deposited in such banks as the authority may direct and shall be withdrawn therefrom in such manner as the authority may direct.
(2)
(A)
Each authority shall keep strict account of all of its receipts and expenditures and shall each quarter make a report to those participating entities which have made contributions.
(B)
(i)
The report shall contain an itemized account of its receipts and disbursements during the preceding quarter.
(ii)
The report shall be made within sixty (60) days after the termination of the quarter.
(b)
(1)
Within sixty (60) days after the end of each fiscal year, each authority shall cause an annual audit to be made by an independent certified public accountant and shall file a copy of the resulting audit report with each of the governing bodies participating in the authority. This audit shall contain an itemized statement of its receipts and disbursements for the preceding year.
(2)
The books, records, and accounts of each authority shall be subject to audit and examination by any proper public official or body in the manner provided by law.
(c)
The agreement provided for in §
14-143-103
of this chapter may also provide for each authority to furnish the participating governing bodies copies of its annual budget for examination and approval.
Acts 1997, No. 690, § 24.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-125 - County, municipal, and state authority

(a)
Counties and municipalities are authorized and empowered to appoint members of the authorities and counties, municipalities, and the state are authorized and empowered to contribute to the cost of acquiring, constructing, equipping, maintaining, and operating the regional intermodal facilities and appurtenant facilities.
(b)
Counties, municipalities, and the state are authorized and empowered to transfer and convey to the authorities property of any kind acquired by the counties, municipalities, and the state for transportation purposes.
Acts 1997, No. 690, § 25.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-126 - Lease of facilities

(a)
Each authority may lease its intermodal facilities and all or any part of its appurtenances and facilities to any available lessee at such rental and upon such terms and conditions as the authority shall deem proper.
(b)
Leases shall be for some purpose associated with intermodal transportation activities.
Acts 1997, No. 690, § 26.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-127 - Sale of assets

In the event the board shall so determine, any authority may make sale of all or any part of its properties and assets and distribute the proceeds among the participating municipalities and the counties in the proportion each such unit contributed to the authority's funds or otherwise in the manner set forth in the agreement establishing the authority, provided, no sale of properties or assets and no distribution of proceeds of such sale shall be done in a manner which violates United States law or the terms of any deed, grant agreement, or other agreement with the United States.
Acts 1997, No. 690, § 27.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-128 - Authorized investors

Any municipality, or any board, commission, or other authority duly established by ordinance of any municipality, or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such municipality, or the board of trustees of any retirement system created by the General Assembly of the State of Arkansas, may, in its discretion, invest any of its funds not immediately needed for its purposes, in bonds issued under the provisions of this chapter, and bonds issued under the provisions of this chapter shall be eligible to secure the deposit of public funds.
Acts 1997, No. 690, § 28.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-129 - Construction

This chapter shall be liberally construed to accomplish its intent and purposes and shall be the sole authority required for the accomplishment of its purpose. To this end:
(1)
It shall not be necessary to comply with the general provisions of other laws dealing with public facilities, their acquisition, construction, leasing, encumbering, or disposition, except to the extent provided for in §
14-206-101
, et. seq., §
14-207-101
, et seq., and §
18-15-501
, et seq.; and
(2)
Section
15-5-303
shall not apply.
Acts 1997, No. 690, § 29.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 143 - REGIONAL INTERMODAL FACILITIES ACT (§§ 14-143-101 — 14-143-130) › Section 14-143-130 - Funding for regional intermodal facilities

(a)
The Arkansas Department of Transportation shall distribute the first five hundred twenty-five thousand dollars ($525,000) of interest income received under §
27-70-204
each year from the State Highway and Transportation Department Fund. The moneys shall be:
(1)
Equally distributed to each authority;
(2)
Deposited into a bank as the authority may direct under §
14-143-124(a)(1)
; and
(3)
Used for the purposes and the implementation of the powers authorized under this chapter.
(b)
Moneys remaining in the bank designated by the authority under subdivision (a)(2) of this section shall carry forward and be made available for the purposes stated in subdivision (a)(3) of this section in the next fiscal year.
Added by Act 2017, No. 705,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 1 - INTENT AND DEFINITIONS (§§ 14-144-101 — 14-144-104) › Section 14-144-101 - Title

This chapter may be cited as the "Research Park Authority Act".
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 1 - INTENT AND DEFINITIONS (§§ 14-144-101 — 14-144-104) › Section 14-144-102 - Legislative intent

(a)
(1)
It is the intent of the General Assembly to maximize the benefits to be derived from Arkansas's institutions of higher education. Therefore it is necessary to provide an environment conducive to the creation and retention of businesses that develop through Arkansas's colleges and universities.
(2)
In many instances, these businesses are founded by entrepreneurs engaged in research, and it is imperative that research facilities be made available in the State of Arkansas to encourage, house, and support these developing entrepreneurs and businesses.
(3)
This chapter is intended to provide a mechanism by which appropriate research facilities may be developed, funded, and operated for the purpose of supporting and retaining Arkansas entrepreneurs and businesses dependent upon research for their further development.
(b)
It is further intended that the research parks created under this chapter shall serve as a catalyst for community growth and transformation and as centers for community planning and improvement.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 1 - INTENT AND DEFINITIONS (§§ 14-144-101 — 14-144-104) › Section 14-144-104 - Construction

(a)
This chapter shall be liberally construed to accomplish its intent and purposes and shall be the sole authority required for the accomplishment of its purpose.
(b)
To this end:
(1)
It shall not be necessary to comply with the general provisions of other laws dealing with public facilities and their acquisition, construction, leasing, encumbering, or disposition, except to the extent provided for in §
14-206-101
et seq., §
14-207-101
et seq., and §
18-15-501
et seq.; and
(2)
Section
15-5-303
shall not apply.
Acts 2007, No. 1045, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 8 - PUBLIC FACILITIES GENERALLY (§§ 14-137-101 — 14-144-318) › Chapter 144 - RESEARCH PARK AUTHORITY ACT (§§ 14-144-101 — 14-144-318) › Subchapter 2 - POWERS OF RESEARCH PARK AUTHORITY (§§ 14-144-201 — 14-144-209) › Section 14-144-201 - Research park authority - Creation

(a)
(1)
A research park authority:
(A)
Shall have as sponsor at least one (1) accredited institution of higher education; and
(B)
May have one (1) or more:
(i)
Municipality;
(ii)
County;
(iii)
State agency; or
(iv)
Research institute or center.
(2)
One (1) or more sponsors who meet the requirements of subdivision (a)(1) of this section may create a research park authority under this chapter for the purpose of acquiring, constructing, maintaining, and operating a research park.
(b)
A county or municipality shall not participate in a research park authority unless the governing body of the county or municipality:
(1)
Provides by ordinance to participate in the research park authority; and
(2)
Enters into an agreement with at least one (1) accredited institution of higher education to create and maintain the research park authority.
(c)
An accredited institution of higher education shall not participate in a research park authority unless the governing body of the accredited institution of higher education adopts a resolution to participate in the research park authority.
(d)
A research park shall be located either within:
(1)
The geographical boundaries of a county or municipality that is a sponsor of the research park authority; or
(2)
The main campus or in the proximity of the main campus of the sponsoring accredited institution of higher education that is a sponsor of the research park authority.
(e)
(1)
A sponsor of a research park authority shall enter into an agreement establishing the terms and conditions for the operation of the authority under this chapter and any other laws of the State of Arkansas that may be applicable.
(2)
To the extent that it is consistent with this chapter, the agreement shall specify the information provided for in the Interlocal Cooperation Act, §
25-20-101
et seq.
(3)
The agreement may also provide for each authority to furnish the participating sponsor or sponsors copies of its annual budget for examination and approval.
(4)
The agreement shall be filed with the Secretary of State.
(f)
By action of the research park authority board, a research park authority established under this chapter may add one (1) or more sponsors to the creating sponsors under subdivision (a)(1)(B) of this section.
Acts 2007, No. 1045, § 1; 2011, No. 628, § 2.