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 137 - PUBLIC FACILITIES BOARDS (§§ 14-137-101 — 14-137-123) › Section 14-137-121 - Mortgage liens - Enforcement

(a)
The resolution or indenture referred to in §
14-137-116
may, or may not, impose a foreclosable mortgage lien upon or security interest in all or any portion of the lands, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter, and the nature and 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 lands, buildings, or facilities from the mortgage lien or security interest and the priority of the mortgage lien or security interest in the event of successive bond issues as authorized by §
14-137-116
.
(b)
Subject to such terms, conditions, and restrictions as may be contained in the resolution or indenture authorizing or securing the bonds, any holder or registered owner of bonds issued under the provisions of this chapter, or a trustee, on behalf of all holders and registered owners, 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 members and employees of the issuing board as set forth in this chapter, the ordinance creating the board, and the resolution or indenture authorizing or securing the bonds.
Acts 1975, No. 142, § 12; A.S.A. 1947, § 20-1712.
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 137 - PUBLIC FACILITIES BOARDS (§§ 14-137-101 — 14-137-123) › Section 14-137-122 - Receivership upon default on bonds

(a)
(1)
In the event of a default in the payment of the principal of or interest on any bonds issued under the provisions of this chapter, any court having jurisdiction may appoint a receiver to take charge of the public facilities project upon or in which there is a mortgage lien or security interest securing the bonds in default.
(2)
The receiver shall have the power and authority to operate and maintain the public facilities project in receivership and to charge and collect payments, fees, rents, and charges sufficient to provide for the payment of any costs of receivership and operating expenses of the project in receivership and to apply the revenues derived from the project in receivership in conformity with this chapter and the resolution or trust indenture securing the bonds in default.
(3)
When the default has been cured, the receivership shall be ended and the project returned to the public facilities board.
(b)
The relief provided for in this section shall be construed to be in addition and supplemental to the other remedies provided for in this chapter and the remedies that may be provided for in the resolution or trust indenture authorizing or securing the bonds, and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from and mortgage lien on or security interest in projects as specified in and fixed by the resolution or trust indenture authorizing or securing successive issues of bonds.
Acts 1975, No. 142, § 13; A.S.A. 1947, § 20-1713.
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 137 - PUBLIC FACILITIES BOARDS (§§ 14-137-101 — 14-137-123) › Section 14-137-123 - Annual reports

(a)
Within the first ninety (90) days of each calendar year, each public facilities board shall make a written report to the governing body of the municipality or county which created the board concerning its activities for the preceding calendar year.
(b)
Each report shall set forth a complete operating and financial statement covering its operation during the year.
Acts 1975, No. 142, § 18; A.S.A. 1947, § 20-1718.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-101 - Legislative intent

It is the intent of the General Assembly by the passage of this chapter to authorize in each municipality in this state the incorporation of a public corporation as a political subdivision of the state for the purpose of providing buildings and facilities for the respective purposes of projects enumerated in subdivision (9) of §
14-138-102
, and to invest the corporation with all powers that may be necessary to enable it to accomplish such purposes, including the power to lease its properties and to issue interest bearing revenue bonds.
Acts 1967, No. 409, § 2; 1968 (1st Ex. Sess.), No. 28, § 2; 1970 (Ex. Sess.), No. 41, § 3; A.S.A. 1947, § 19-5102.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-103 - Construction

(a)
This chapter shall be liberally construed in conformity with its intent.
(b)
All acts and activities of the corporation performed pursuant to the authority of this chapter are legislatively determined and declared to be essential governmental functions. In this regard, it is determined and declared that this chapter is the sole authority necessary for the performance of the acts authorized by this chapter including, without limitation, the issuance of bonds.
Acts 1967, No. 409, §§ 2, 22; 1968 (1st Ex. Sess.), No. 28, § 2; 1970 (Ex. Sess.), No. 41, § 3; A.S.A. 1947, §§ 19-5102, 19-5122.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-104 - Authority generally

There is conferred upon the corporation the authority to take such action and to do, or cause to be done, such things as shall be necessary or desirable to accomplish and implement the purposes and intent of this chapter according to the import of this chapter.
Acts 1967, No. 409, § 22; A.S.A. 1947, § 19-5122.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-105 - Authority and procedure to incorporate

(a)
(1)
(A)
If three (3) or more qualified electors file with the governing body an application in writing for authority to incorporate a public corporation under this chapter, the governing body may adopt a resolution declaring that it is wise, expedient, and necessary that a public corporation be formed and the persons filing the application may proceed to form the public corporation.
(B)
After the adoption of the resolution under subdivision (a)(1)(A) of this section, the persons authorized to become the incorporators of the public corporation may incorporate the public corporation in the manner provided in this chapter.
(2)
(A)
If approved by an ordinance of the governing body of the municipality, the board of directors of a planning and development district created under §
14-166-201
et seq. may file with the governing body of the municipality an application in writing to be designated and to act as a public corporation for one (1) or more projects.
(B)
(i)
If the application under subdivision (a)(2)(A) of this section is approved by an ordinance of the governing body of the municipality, the district authorized to act as a public corporation under subdivision (a)(2)(A) of this section shall maintain detailed records of its activities, including without limitation financial records.
(ii)
A district that is authorized to act as a public corporation under subdivision (a)(2)(B)(i) of this section may also be designated as a public corporation by another municipality for a separate project or a joint project if the designation is approved by an ordinance of the governing body of each municipality.
(iii)
Sections
14-38-105
-
14-38-109
and
14-138-123
do not apply to a district that is authorized to act as a public corporation under subdivisions (a)(2)(B)(i) and (ii) of this section.
(b)
(1)
A corporation shall not be designated or formed under this chapter unless the:
(A)
Application provided for in this section has been made; and
(B)
Resolution provided for in this section has been adopted.
(2)
Regardless of whether or not the project or facility being financed qualifies as a project under §
14-138-102(8)(A)
, a municipality may designate a district or a newly formed public corporation to act for it as a municipality under the Municipalities and Counties Industrial Development Revenue Bond Law, §
14-164-201
et seq., or with respect to Arkansas Constitution, Amendment 62, or Arkansas Constitution, Amendment 65.
Acts 1967, No. 409, § 3; A.S.A. 1947, § 19-5103; Acts 2007, No. 827, § 130; 2009, No. 529, § 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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-106 - Certificate of incorporation

(a)
The certificate of incorporation of the corporation shall state:
(1)
The names of the persons forming the corporation, together with the residence of each thereof, and a statement that each of them is a duly qualified elector of the municipality;
(2)
The name of the corporation, which shall be "The Public Building Authority of the City or Town of ..............."; or some other name of similar import;
(3)
The location of its principal office, which shall be in the municipality; the number of directors, which number shall be three (3) or a multiple of three (3); and
(4)
Any other matters relating to the corporation that the incorporators may choose to insert and that is not inconsistent with this chapter or with the laws of the state.
(b)
The form and contents of the certificate of incorporation must be submitted to the governing body for its approval, which shall be evidenced by a resolution duly entered upon the minutes of the governing body.
Acts 1967, No. 409, § 4; A.S.A. 1947, § 19-5104.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-107 - Execution and recording of certificate

(a)
The certificate of incorporation shall be signed and acknowledged by the incorporators and shall have attached thereto a certified copy of the resolution provided for in §
14-138-106
and a certificate by the Secretary of State that the name proposed for the corporation is not identical with that of any other corporation in the state, or so nearly similar thereto as to lead to confusion and uncertainty.
(b)
(1)
The certificate of incorporation, together with the documents required by §
14-138-106
to be attached thereto, shall be filed in the office of the county clerk of the county in which the municipality is located, who shall forthwith receive and record it. A copy of the certificate shall be filed in the office of the Secretary of State.
(2)
When the certificate of incorporation and attached documents have been so filed, the corporation referred to therein shall come into existence and shall constitute a body corporate and politic and a political subdivision of the state under the name set forth in the certificate of incorporation, whereupon the corporation shall be vested with the rights and powers granted in this chapter.
Acts 1967, No. 409, § 5; A.S.A. 1947, § 19-5105.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-108 - Board of directors

(a)
The corporation shall have a board of directors composed of the number of directors provided in the certificate of incorporation. All powers of the corporation shall be exercised by the board or pursuant to its authorization.
(b)
(1)
The directors shall be qualified electors of the municipality and shall be elected by the governing body for staggered terms of office as follows:
(A)
The first term of one-third (1/3) of the directors shall be two (2) years;
(B)
Another one-third (1/3) shall be elected for four (4) years; and
(C)
The remaining one-third (1/3) shall be elected for six (6) years.
(2)
Thereafter, the term of office of each director shall be six (6) years.
(c)
If any director resigns, dies, becomes incapable of acting as a director, or ceases to be a qualified elector of the municipality, the board shall nominate one (1) or more qualified electors, and the governing body shall elect from those nominated a successor to serve for the unexpired period of his term.
(d)
Directors shall be eligible for reelection to succeed themselves in office.
(e)
In the case of a vacancy by virtue of the expiration of a term, the board shall nominate one (1) or more qualified electors. The governing body shall then elect from those nominated the person to serve for a regular term in the position involved.
(f)
(1)
A majority of the members of the board shall constitute a quorum for the transaction of business.
(2)
No vacancy in the membership of the board shall impair the right of a quorum to exercise all the powers and duties of the corporation.
(g)
The members of the board and the officers of the corporation shall serve without compensation, except that they may be reimbursed for actual expenses incurred in and about the performance of their duties.
(h)
(1)
All proceedings of the board shall be reduced to writing by the secretary of the corporation and recorded in a well bound book.
(2)
Copies of such proceedings, when certified by the secretary of the corporation under its seal, shall be received in all courts as evidence of the matters and things certified.
Acts 1967, No. 409, § 6; A.S.A. 1947, § 19-5106.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-109 - Officers

(a)
(1)
The officers of the corporation shall consist of a chairman, vice chairman, a secretary, a treasurer, and such other officers as the board shall deem necessary to accomplish the purposes for which the corporation was organized.
(2)
The offices of secretary and treasurer may, but need not, be held by the same person.
(b)
(1)
The chairman and vice chairman of the corporation shall be elected by the board from its membership.
(2)
The secretary, the treasurer, and any other officers of the corporation, who may, but need not, be members of the board, shall also be elected by the board.
Acts 1967, No. 409, § 7; A.S.A. 1947, § 19-5107.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-110 - Powers generally

The corporation shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof:
(1)
To have succession by its corporate name until dissolved as provided in this chapter;
(2)
To sue and be sued and to prosecute and defend suits in any court having jurisdiction of the subject matter and of the parties;
(3)
To make use of a corporate seal and to alter it at pleasure;
(4)
To adopt and alter bylaws for the regulation and conduct of its affairs and business;
(5)
To acquire, whether by purchase, gift, lease, devise, or otherwise, property of every description which the board may deem necessary to the acquisition, construction, equipment, improvement, enlargement, operation, or maintenance of a project, and to hold title thereto;
(6)
To construct, enlarge, equip, improve, maintain, and operate one (1) or more projects;
(7)
To borrow money for any of its corporate purposes;
(8)
To sell and issue its interest-bearing revenue bonds;
(9)
To sell and issue refunding revenue bonds;
(10)
To secure any of its bonds by pledge and indenture as provided in this chapter;
(11)
To appoint, employ, and compensate such agents, architects, engineers, attorneys, and other persons and employees as the business of the corporation may require;
(12)
To provide for such insurance as the board may deem advisable;
(13)
To invest in obligations that are direct or guaranteed obligations of the United States of America, or other securities in which public funds may be invested under the laws of this state, any of its funds that the board may determine are not presently needed for its corporate purposes;
(14)
To contract, lease, and make lease agreements respecting its properties, or any part thereof; and
(15)
To sell, convey, or otherwise dispose of any of its properties that may have become obsolete or worn out, or that may no longer be needed or useful in connection with, or in the operation of, any project.
Acts 1967, No. 409, § 8; A.S.A. 1947, § 19-5108.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-112 - Conveyance of property by lessee

Any lessee is authorized to convey to the corporation, with or without the payment of monetary consideration therefor, any property that may be owned by the lessee, whether or not the property is necessary for the conduct of the governmental or other public functions of the lessee, if the conveyance has been authorized by a resolution duly adopted by the governing body prior to the conveyance.
Acts 1967, No. 409, § 20; A.S.A. 1947, § 19-5120.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-113 - Tax exemption of projects

Each project, and the income from all leases made with respect thereto, are determined and declared by the General Assembly to be public property used exclusively for a public purpose and shall be exempt from ad valorem taxation by all taxing authorities.
Acts 1967, No. 409, § 15; A.S.A. 1947, § 19-5115.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-114 - Issuance of bonds

(a)
(1)
The corporation is authorized at any time and from time to time to issue its interest-bearing revenue bonds for the purpose of acquiring, constructing, improving, enlarging, completing, and equipping one (1) or more projects.
(2)
The principal of and the interest on any bonds shall be payable solely out of the revenues derived from the projects with respect to which the bonds are issued.
(3)
None of the bonds of the corporation shall ever constitute an obligation or debt of the state or the lessee, or a charge against the credit or taxing powers of the state or the lessee.
(b)
As the corporation shall determine, bonds of the corporation may:
(1)
Be issued at any time and from time to time;
(2)
Be coupon bonds, payable to bearer, or may be registrable as to principal and interest without coupons, and may be made exchangeable for bonds of another denomination, which bonds of another denomination may in turn be either coupon bonds, bonds payable to bearer or bonds registrable as to principal only with coupons, or bonds registrable as to both principal and interest without coupons;
(3)
Be in such form and denominations;
(4)
Have such date or dates;
(5)
Mature at such time or times and in such amount or amounts, provided that no bonds may mature more than forty (40) years from date;
(6)
Bear interest payable at such times and at such rate or rates;
(7)
Be payable at such place or places within or without the State of Arkansas;
(8)
Be subject to such terms of redemption in advance of maturity at such prices, including such premiums; and
(9)
Contain such other terms and provisions.
(c)
(1)
Bonds of the corporation may be sold at either public or private sale in such manner and from time to time as may be determined by the board to be most advantageous.
(2)
The corporation may pay all expenses, premiums, and commissions that the board may deem necessary or advantageous in connection with the authorization, sale, and issuance of its bonds.
(d)
All bonds shall contain a recital that they are issued pursuant to the provisions of this chapter which recital shall be conclusive that they have been duly authorized pursuant to the provisions of this chapter.
(e)
All bonds issued under the provisions of this chapter shall be and are declared to be negotiable instruments within the meaning of the negotiable instruments law of the state.
Acts 1967, No. 409, § 10; 1970 (Ex. Sess.), No. 32, § 1; 1981, No. 425, § 35; A.S.A. 1947, § 19-5110.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-115 - Notice of bond resolution

(a)
Upon the adoption by the board of any resolution providing for the issuance of bonds, the corporation may, in its discretion, cause to be published one (1) time a week for two (2) consecutive weeks in a newspaper published in the municipality, or if there is no newspaper published in the municipality, then in a newspaper published in the county in which the municipality is located, a notice in substantially the following form with the blanks being properly filled in: "..............., a public corporation and a political subdivision of the State of Arkansas, on the ............... day of ..............., authorized the issuance of $ ............... principal amount of revenue bonds of the said corporation for the constructing and equipping of a project generally described as: ............... Any action or proceeding questioning the validity of the said bonds, or the pledge and the indenture to secure the same, or the proceedings authorizing the same, must be commenced within twenty (20) days after the first publication of this notice."
(b)
Any action or proceeding in any court to set aside or question the proceeding for the issuance of the bonds referred to in the notice, or to contest the validity of any such bonds or the validity of the pledge and indenture made therefor, must be commenced within twenty (20) days after the first publication of the notice. After the expiration of this period, no right of action or defense founded upon the validity of the proceedings or of the bonds, or the pledge, or of the indenture shall be asserted, nor shall the validity of the proceedings, bonds, pledge, or indenture be open to question in any court on any ground whatsoever except in an action commenced within such period.
Acts 1967, No. 409, § 19; A.S.A. 1947, § 19-5119.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-116 - Execution of bonds

(a)
Bonds shall be executed by the manual or facsimile signature of the chairman of the corporation and by the manual signature of the secretary of the corporation.
(b)
Coupons attached to the bonds shall be executed by the facsimile signature of the chairman of the corporation.
(c)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officer before the delivery of the bonds or coupons, their signatures shall nevertheless be valid and sufficient for all purposes.
(d)
The bonds shall be sealed with the seal of the corporation.
Acts 1967, No. 409, § 11; A.S.A. 1947, § 19-1511.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-118 - Eligibility of bonds as investment

(a)
Revenue bonds issued under the authority of this chapter are made securities in which insurance companies, trust companies, banks, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. The bonds are made securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds or obligations is authorized by law.
(b)
Any municipality or county or any board, commission, or other authority duly established by any municipality or county, or the boards of trustees, respectively, of any retirement fund or retirement system created by or pursuant to authority conferred 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 authority of this chapter, and bonds issued under the authority of this chapter shall be eligible to secure the deposit of public funds.
Acts 1967, No. 409, § 18; A.S.A. 1947, § 19-5118.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-119 - Bonds - Tax exemption

The principal of and interest on bonds issued under the authority of this chapter shall be exempt from all state, county, and municipal taxes. This exemption shall include income, inheritance, and estate taxes.
Acts 1967, No. 409, § 17; A.S.A. 1947, § 19-5117.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-120 - Proceeds from sale of bonds

(a)
The proceeds derived from all of the bonds other than refunding bonds may be used only to pay the costs of acquiring, constructing, improving, enlarging, and equipping the project with respect to which they were issued, as may be specified in the proceedings in which the bonds are authorized to be issued and all costs incidental thereto including, without limitation:
(1)
The costs of any land forming a part of the project;
(2)
The costs of the labor, materials, and supplies used in any construction, improvement, and enlargement, including architect's and engineer's fees and the cost of preparing contract documents and advertising for bids;
(3)
The purchase price of and the cost of installing equipment for the project;
(4)
The cost of landscaping the lands forming a part of the project and of constructing and installing roads, sidewalks, curbs, gutters, utilities, and parking places in connection therewith;
(5)
Legal, fiscal, and recording fees and expenses incurred in connection with the authorization, sale, and issuance of the bonds issued in connection with the project;
(6)
Interest on bonds for a reasonable period prior to, during, and after the time required for such construction and equipment; and
(7)
The amount necessary to fund a debt service reserve of not to exceed one (1) year's principal and interest requirements on the bonds.
(b)
Nothing in this section shall be construed to authorize the use of proceeds derived from the sale of such bonds to purchase, condemn, or otherwise acquire a utility plant, property, or facilities owned or operated by any regulated utility.
(c)
If any of the proceeds derived from the sale of bonds remains undisbursed after completion of the project and the making of all such expenditures, the balance shall be used for the redemption of bonds of the same issue.
Acts 1967, No. 409, § 13; 1970 (Ex. Sess.), No. 41; § 5; A.S.A. 1947, § 19-5113.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-121 - Refunding bonds

(a)
The corporation may at any time and from time to time issue refunding bonds for the purpose of refunding the principal of and interest on any bonds of the corporation theretofore issued under this chapter and then outstanding, whether or not the principal and interest shall have matured at the time of the refunding under this chapter and for the payment of any expenses incurred in connection with the refunding and any premium necessary to be paid in order to redeem or retire the bonds to be refunded.
(b)
The proceeds derived from the sale of any refunding bonds shall be used only for the purposes for which the refunding bonds were authorized to be issued.
(c)
Any such refunding may be effected either by sale of the refunding bonds and the application of the proceeds thereof by immediate application or by escrow deposit with the right to invest moneys in the escrow deposit until needed for the redemption or by exchange of the refunding bonds for the bonds or interest coupons to be refunded thereby. However, the holders of any bonds or coupons so to be refunded shall not be compelled without their consent to surrender their bonds or coupons for payment or exchange prior to the date on which they may be paid or redeemed by the corporation under their respective provisions.
(d)
Any refunding bonds of the corporation shall be payable solely from the revenues out of which the bonds or coupons to be refunded were payable.
(e)
All provisions of this chapter pertaining to bonds of the corporation that are not inconsistent with the provisions of this section shall, to the extent applicable, also apply to refunding bonds issued by the corporation.
Acts 1967, No. 409, § 14; A.S.A. 1947, § 19-5114.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-122 - Remedies on default

(a)
If there is any default in the payment of the principal of or interest on any bonds issued under this chapter, then the holder of any of the bonds and of any of the interest coupons applicable thereto and the trustee under any indenture, or any one (1) or more of them:
(1)
May either at law or in equity, by suit, action, mandamus, or other proceeding, compel performance of all duties of the officers and directors of the corporation with respect to the use of funds for the payment of the bonds and for the performance of the agreements of the corporation contained in the proceedings under which they were issued, and compel performance of the duties of all officials of the city with respect to payment of the rentals provided to be paid under any lease made by the municipality pursuant to the provisions of this chapter and pledged as security for the bonds; and
(2)
Regardless of the sufficiency of the security for the bonds and as a matter of right, shall be entitled to the appointment of a receiver to administer and operate the project out of the revenues from which the bonds issued with respect thereto are payable, with power to make leases with any public or private lessee including, without limitation, leases with a term running to the last maturity of the bonds, and fix and collect rents sufficient to provide for the payment of the principal of and interest on the bonds and any other obligations outstanding against the project or the revenues therefrom and for the payment of the expenses of operating and maintaining the project, and with power to apply the income therefrom in accordance with the provisions of the proceedings under which the bonds were authorized to be issued.
(b)
The remedies specified in this section shall be cumulative to all other remedies which may otherwise be available for the benefit of the holders of the bonds and the coupons applicable thereto.
Acts 1967, No. 409, § 16; A.S.A. 1947, § 19-5116.
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 138 - PUBLIC CORPORATIONS FOR MUNICIPAL FACILITIES (§§ 14-138-101 — 14-138-123) › Section 14-138-123 - Dissolution

(a)
(1)
If the public corporation does not have any bonds outstanding:
(A)
The board may adopt a resolution, which shall be entered in its minutes, declaring that the public corporation shall be dissolved; or
(B)
If directed by its governing body, the board shall adopt a resolution to dissolve the public corporation.
(2)
Upon the filing for record of a certified copy of a resolution made under subdivision (a)(1) of this section in the office of the county clerk of the county in which the municipality is located, the public corporation is dissolved.
(3)
After its dissolution, the title to the property of a dissolved public corporation vests in the lessee.
(b)
When the principal of and the interest on all bonds payable, in whole or in part, from the revenues derived from any project shall have been paid in full, title to that project shall thereupon vest in the lessee, but such vesting of title in the lessee shall not affect the title of the corporation to any other project, the revenues from which are pledged for the payment of any other bonds then outstanding.
(c)
The formation and dissolution of one (1) or more corporations under the provisions of this chapter shall not prevent the subsequent formation under this chapter of other corporations in the same municipality.
(d)
By giving a written notice to the district's board, the governing body of a municipality may rescind a planning and development district's designation and authority to act as a public corporation for a municipal facility under §
14-138-105(a)(2)(B)
when the district does not have any bonds outstanding.
Amended by Act 2023, No. 203,§ 24, eff. 8/1/2023.
Acts 1967, No. 409 § 21; A.S.A. 1947, § 19-5121; Acts 2009, No. 529, §§ 4, 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 139 - MUNICIPAL EXHIBITION GROUNDS AND BUILDINGS (§§ 14-139-101 — 14-139-115) › Section 14-139-101 - Definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Exhibition grounds and buildings" means the exhibition grounds and buildings, in its entirety or any integral part thereof, including all improvements erected on the land used or useful for the purposes of exhibiting livestock;
(2)
"Municipality" means any city of the first or second class or incorporated town in the State of Arkansas;
(3)
"Legislative body" means the mayor and council of any city or town.
Acts 1938 (Ex. Sess.), No. 17, § 2; A.S.A. 1947, § 19-2902.
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 139 - MUNICIPAL EXHIBITION GROUNDS AND BUILDINGS (§§ 14-139-101 — 14-139-115) › Section 14-139-102 - Construction

(a)
This chapter shall be construed as cumulative authority for the acquisition, purchase, and construction of the grounds and buildings and betterments and improvements thereon for use in the exhibition of livestock and shall not be construed to repeal any existing laws with respect to it.
(b)
This chapter, being necessary for the public health, safety, and welfare, shall be liberally construed to effectuate the purposes of it.
Acts 1938 (Ex. Sess.), No. 17, §§ 2, 12; A.S.A. 1947, §§ 19-2902, 19-2912.
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 139 - MUNICIPAL EXHIBITION GROUNDS AND BUILDINGS (§§ 14-139-101 — 14-139-115) › Section 14-139-103 - Authority generally

(a)
Any city or incorporated town in the State of Arkansas may acquire, purchase, or construct exhibition grounds and buildings for the purpose of exhibiting livestock, as provided in this chapter.
(b)
This chapter shall, without reference to any other statute, be deemed full authority for the construction, acquisition, improvement, erection, maintenance, operation, and repair of exhibition grounds and buildings for the exhibition of livestock as provided for in this chapter and for the issuance and sale of the bonds authorized by this chapter.
(c)
This chapter shall be construed as an additional and alternative method therefor and for the financing thereof. No petition or election or other or further proceeding in respect to the construction or acquisition of the exhibition grounds and buildings or to the issuance or sale of bonds under this chapter and no publication of any resolution, ordinance, notice, or proceeding relating to such construction or acquisition or to the issuance or sale of such bonds shall be required except such as are prescribed by this chapter, any provisions of other statutes of the state to the contrary notwithstanding.
Acts 1938 (Ex. Sess.), No. 17, §§ 1, 11; A.S.A. 1947, §§ 19-2901, 19-2911.
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 139 - MUNICIPAL EXHIBITION GROUNDS AND BUILDINGS (§§ 14-139-101 — 14-139-115) › Section 14-139-104 - Right of eminent domain

For the purpose of acquiring any exhibition grounds and buildings to be used in connection with the exhibition of livestock under the provisions of this chapter, or for the purpose of acquiring any property necessary thereof, the municipality shall have the right of eminent domain as is provided in §§
18-15-301
-
18-15-303
and any acts amendatory or supplemental to it.
Acts 1938 (Ex. Sess.), No. 17, § 9; A.S.A. 1947, § 19-2909.
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 139 - MUNICIPAL EXHIBITION GROUNDS AND BUILDINGS (§§ 14-139-101 — 14-139-115) › Section 14-139-105 - Issuance of revenue bonds

(a)
Whenever the legislative body of any municipality shall determine to acquire, purchase, and construct exhibition grounds and buildings under the provisions of this chapter, it shall cause an estimate to be made of the cost thereof and by ordinance shall provide for the issuance of revenue bonds under the provisions of this chapter.
(b)
The ordinance shall set forth:
(1)
A brief description of the contemplated improvement;
(2)
The estimated cost thereof;
(3)
The amount, rate of interest, and time and place of payment; and
(4)
Other details in connection with the issuance of the bonds.
(c)
The bonds shall bear interest at such rate or rates, payable semiannually, and shall be payable at such times and places, not exceeding twenty (20) years from their dates, as shall be prescribed in the ordinance providing for their issuance.
(d)
The ordinance shall also:
(1)
Declare that a statutory mortgage lien shall exist upon the property so to be acquired or constructed;
(2)
Fix the rents or charges to be collected prior to the payment of all of the bonds; and
(3)
Pledge the revenues derived from the exhibition grounds and buildings for the purpose of paying the bonds and interest thereon.
(e)
The pledge shall definitely fix and determine the amount of revenue which shall be necessary to be set apart and applied to the payment of the 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 thereof.
(f)
The rents or charges from the exhibition grounds and buildings shall be sufficient to provide for:
(1)
The payment of interest upon all bonds and to create a sinking fund to pay the principal thereof as and when the bonds shall become due;
(2)
The operation and maintenance of the project; and
(3)
An adequate depreciation fund.
Acts 1938 (Ex. Sess.), No. 17, § 3; 1981, No. 425, § 39; A.S.A. 1947, § 19-2903.
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 139 - MUNICIPAL EXHIBITION GROUNDS AND BUILDINGS (§§ 14-139-101 — 14-139-115) › Section 14-139-106 - Notice and hearing

(a)
After the ordinance shall have been adopted, it shall be published one (1) time in a newspaper published in the municipality; or if there is no newspaper so published, then the ordinance shall be posted in at least three (3) public places therein, with a notice to all persons concerned stating that:
(1)
The ordinance has been adopted;
(2)
The municipality contemplates the issuance of the bonds described in this ordinance; and
(3)
Any person interested may appear before the governing body, upon a certain date which shall not be less than ten (10) days subsequent to the publication or posting of the ordinance and notice, and present protests.
(b)
At the hearing, all objections and suggestions shall be heard, and the legislative body shall take such action as it shall deem proper in the premises.
Acts 1938 (Ex. Sess.), No. 17, § 4; A.S.A. 1947, § 19-2904.
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 139 - MUNICIPAL EXHIBITION GROUNDS AND BUILDINGS (§§ 14-139-101 — 14-139-115) › Section 14-139-107 - Terms of authorizing ordinance

(a)
The ordinance authorizing the issuance of the revenue bonds may contain provisions for the acceleration of the maturities of all unmatured bonds in the event of default in the payment of any principal or interest maturing under the bond issue, or upon failure to meet any sinking fund requirements, or in any other event stipulated in the ordinance; and such provisions will be binding.
(b)
The priorities as between successive issues of revenue bonds may also be controlled by the provisions of the ordinance.
(c)
The ordinance may also, if deemed desirable, provide for:
(1)
The execution, contemporaneously with the execution of bonds, by the municipality of an indenture defining the right of the bondholders' interests;
(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;
(4)
The priority of lien as between successive bond issues;
(5)
The acceleration of bond maturities;
(6)
Any covenants on the part of the municipality relating to the construction or acquisition of the project, or the application or safeguarding of the proceeds of the bonds, or other covenants intended for the protection of the bondholders; and
(7)
Any other provisions, whether similar or dissimilar to the foregoing, which are consistent with the terms of this chapter and which may be deemed desirable.
Acts 1938 (Ex. Sess.), No. 17, § 15; A.S.A. 1947, § 19-2914.
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 139 - MUNICIPAL EXHIBITION GROUNDS AND BUILDINGS (§§ 14-139-101 — 14-139-115) › Section 14-139-108 - Sale of bonds

(a)
Bonds provided for in this chapter 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 six (6) months subsequent to the estimated date of completion.
(b)
Bonds issued under the provisions of this chapter are declared to be negotiable instruments. They shall be executed by the presiding officer and clerk or recorder of the municipality and be sealed with the corporate seal of the municipality. In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before delivery of the bonds, their signatures shall nevertheless be valid and sufficient for all purposes the same as if they had remained in office until the delivery.
(c)
The bonds may be sold at not less than ninety cents (90¢) on the dollar, and the proceeds derived therefrom shall be used exclusively for the purposes for which the bonds are issued. They may be sold at one (1) time or in parcels as funds are needed.
Acts 1938 (Ex. Sess.), No. 17, § 5; A.S.A. 1947, § 19-2905.
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 139 - MUNICIPAL EXHIBITION GROUNDS AND BUILDINGS (§§ 14-139-101 — 14-139-115) › Section 14-139-109 - Bonds to be secured

All bonds of the entire issue, issued under the provisions of this chapter, shall be secured ratably and equally by the revenues of the entire and aggregate works financed by the bond issue.
Acts 1938 (Ex. Sess.), No. 17, § 14; A.S.A. 1947, § 19-2913.
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 139 - MUNICIPAL EXHIBITION GROUNDS AND BUILDINGS (§§ 14-139-101 — 14-139-115) › Section 14-139-110 - Statutory mortgage lien

(a)
(1)
There shall be a statutory mortgage lien upon the exhibition grounds and buildings acquired or constructed from the proceeds of bonds authorized by this chapter to be issued, which shall exist in favor of the holder of the bonds and each of them, and to and in favor of the holder of the coupons attached to the bonds.
(2)
The exhibition grounds and buildings shall remain subject to the statutory mortgage lien until payment in full of the principal and interest of the bonds.
(b)
Subject to such restrictions as may be contained in the indenture authorized in this chapter, any holder of bonds issued under the provisions of this chapter, or of any coupons representing interest accrued thereon, 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 issuing municipality set forth in this chapter.
(c)
If there is default in the payment of the principal of or interest upon any of the bonds, any court having jurisdiction in any proper action may appoint a receiver to administer the exhibition grounds and buildings on behalf of the municipality, with power to charge and collect rents or charges sufficient to provide for the payment of the bonds and interest thereon, and for the payment of the operating expense, and to apply the income and revenues in conformity with this chapter and the ordinance providing for the issuance of the bonds.
Acts 1938 (Ex. Sess.), No. 17, § 7; A.S.A. 1947, § 19-2907.