reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 73 - LOCAL GOVERNMENT RESERVE FUNDS (§§ 14-73-101 — 14-73-104) › Section 14-73-101 - Definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Local government" means any:
(A)
City of the first or second class;
(B)
Incorporated town;
(C)
County;
(D)
School district;
(E)
Improvement district; or
(F)
Board, agency, or commission of the governments set out in subdivisions (1)(A)-(E) of this section including, but not limited to:
(i)
Waterworks commission;
(ii)
Sewer committee;
(iii)
Airport commission;
(iv)
Parking authority;
(v)
Public transit authority;
(vi)
Library commission;
(vii)
Advertising and promotion commission; or
(viii)
Port authority.
(2)
"Improvement" means:
(A)
Public works or projects authorized by law which are undertaken by a local government for public use or benefit including, but not limited to, streets and transportation facilities, waterworks facilities, sewer facilities, airports, parking facilities, drainage facilities, buildings, sidewalks, convention centers, schools, city halls, jails, fire stations, solid waste disposal facilities, courthouses, recreational facilities, stadiums, libraries, and hospitals; and
(B)
Engineering and architectural fees and other development and acquisition costs of those public works or projects.
(3)
"Governing body" means:
(A)
The legislative body of any:
(i)
City, town, or county;
(ii)
Improvement district; or
(iii)
School board; and
(B)
The body or board authorized to operate a board, agency, or commission including, but not limited to, the board of commissioners of a waterworks commission, members of a sewer committee, the board of commissioners of an airport commission, members of a parking authority, the board of commissioners or directors of an improvement district, the board of directors of a public transit authority, members of an advertising and promotion commission, commissioners of a housing authority, board of trustees of a library, or members of a port authority.
Acts 1983, No. 542, § 1; A.S.A. 1947, § 13-2701.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 73 - LOCAL GOVERNMENT RESERVE FUNDS (§§ 14-73-101 — 14-73-104) › Section 14-73-102 - Authority to establish reserve for improvements

(a)
Any local government desiring to own, acquire, construct, reconstruct, remodel, equip, extend, operate, maintain, or otherwise provide improvements may establish a reserve for those improvements so that the costs thereof may be accumulated out of revenues from year to year.
(b)
The reserve shall be authorized by resolution of the governing body, provided that a reserve for a local government board, agency, or commission shall also be approved by resolution of the governing body creating the board, agency, or commission.
Acts 1983, No. 542, § 2; A.S.A. 1947, § 13-2702.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 73 - LOCAL GOVERNMENT RESERVE FUNDS (§§ 14-73-101 — 14-73-104) › Section 14-73-103 - Trust agreement

(a)
The reserve fund shall be established by written agreement with a trustee independent from the local government. The trust agreement shall contain:
(1)
A description of the improvements for which the reserve is established;
(2)
A covenant that the reserve funds will not be used for any purpose other than the purposes described in the trust agreement;
(3)
A covenant by the trustee that all sums in the reserve fund will be invested by the trustee in a manner consistent with the "prudent man" rule, as authorized and defined by §§
28-71-105
and
28-71-106
;
(4)
A covenant by the trustee to disburse the reserve funds only to the contractor or to a trustee for bonds or notes issued to finance the improvements or to disburse the reserve funds in such manner that they will be applied to the acquisition, construction, reconstruction, remodeling, equipping, extending, operating, maintaining, or providing the improvements;
(5)
A term for the agreement which shall not exceed twenty-one (21) years.
(b)
A trust agreement in which a city, town, or county is a party shall specify that each payment to the reserve fund shall be a separate contract with the trustee and shall specifically limit the amount of payments to the reserve fund in any fiscal year to the amount of the appropriation to the reserve fund for that fiscal year.
(c)
The trust agreement may contain provisions providing for the trustee's fee, if any, to be paid from the reserve funds held in trust.
Acts 1983, No. 542, § 3; A.S.A. 1947, § 13-2703.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 73 - LOCAL GOVERNMENT RESERVE FUNDS (§§ 14-73-101 — 14-73-104) › Section 14-73-104 - Payment of funds into reserve

After the execution of the trust agreement, the local government may, during the fiscal year in which the agreement is executed and in subsequent fiscal years, appropriate, pay, or disburse the funds into the reserve as the governing body may determine during those fiscal years.
Acts 1983, No. 542, § 4; A.S.A. 1947, § 13-2704.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 74 - TAXING AGENCIES - BORROWING AND BANKRUPTCY (§§ 14-74-101 — 14-74-105) › Section 14-74-101 - Chapter cumulative

The provisions of this chapter shall be cumulative to any similar provisions of law now in effect.
Acts 1939, No. 69, § 2; A.S.A. 1947, § 13-1302.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 74 - TAXING AGENCIES - BORROWING AND BANKRUPTCY (§§ 14-74-101 — 14-74-105) › Section 14-74-102 - Enumeration of taxing agencies and instrumentalities

The taxing agencies and instrumentalities to which this chapter is applicable shall be all those recited in those acts of the United States Congress and that may be recited in any amendment thereof, including the following:
All the taxing agencies or instrumentalities hereinafter named, payable:
(1)
Out of assessments or taxes, or both, levied against and constituting liens upon property in any of the taxing agencies or instrumentalities;
(2)
Out of property acquired by foreclosure of the assessments or taxes or both;
(3)
Out of income derived by the taxing agencies or instrumentalities from the sale of water or power or both, or any combination thereof; or
(4)
From any combination of:
(A)
Drainage, drainage and levee, levee, reclamation, water, irrigation, or other similar districts, commonly designated as agricultural improvement districts or local improvement districts, organized or created for the purpose of constructing, improving, maintaining, and operating certain improvements or projects devoted chiefly to the improvement of lands therein for agricultural purposes;
(B)
Local improvement districts such as sewer, paving, sanitary, or other similar districts, organized or created for the purposes designated by their respective names;
(C)
Local improvement districts such as road, highway, or other similar districts, organized or created for the purpose of grading, paving, or otherwise improving public streets, roads, or highways;
(D)
Public school districts or public school authorities organized or created for the purpose of constructing, maintaining, and operating public schools or public school facilities;
(E)
Local improvement districts such as port, navigation, or other similar districts, organized or created for the purpose of constructing, improving, maintaining, and operating ports and port facilities; or
(F)
A city, town, village, borough, township, or other municipality, a receiver of a city, town, village, borough, township, or municipality, or an improvement district of a public utility created under §
14-62-109(c)(5)
.
Amended by Act 2017, No. 712,§ 1, eff. 8/1/2017.
Acts 1939, No. 69, § 1; A.S.A. 1947, § 13-1301.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 74 - TAXING AGENCIES - BORROWING AND BANKRUPTCY (§§ 14-74-101 — 14-74-105) › Section 14-74-103 - Authority to use federal finance laws - Bankruptcy

(a)
Any and all the taxing agencies or instrumentalities named in §
14-74-102
shall have the right and power to:
(1)
Avail themselves of any and all acts of the United States Congress providing for the lending of money to such districts and for the refinancing, refunding, adjustment, or composition of indebtedness of taxing agencies and any amendments or additional laws the United States Congress may adopt in that behalf; and
(2)
Proceed in the district courts of the United States in bankruptcy or in any other federal courts given like jurisdiction by voluntary proceedings in accordance with those acts of the United States Congress and any amendments thereto.
(b)
This chapter expresses the consent of the state for the institution of bankruptcy proceedings by all such taxing agencies acting through their governing boards, through a receiver under §
14-74-102(4)(F)
, or through an improvement district under §
14-74-102(4)(F)
.
Amended by Act 2017, No. 712,§ 2, eff. 8/1/2017.
Acts 1939, No. 69, § 1; A.S.A. 1947, § 13-1301.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 74 - TAXING AGENCIES - BORROWING AND BANKRUPTCY (§§ 14-74-101 — 14-74-105) › Section 14-74-104 - Authority to refinance, refund, etc

Any and all of the taxing agencies and instrumentalities set out in §
14-74-102
acting through their governing boards shall have the right to cooperate with and to borrow from the Reconstruction Finance Corporation and with any and all other governmental agencies, and with creditors, banks, trust companies, and other private or public lending agencies in refinancing and refunding and effecting compositions or the debts of the taxing agencies and instrumentalities and to issue refunding bonds, certificates of indebtedness, notes, and other securities to refinance debts and to pledge the assessments, revenues, and income of the taxing agencies or instrumentalities for the repayment of the refunding bonds, notes, certificates, and securities and to take any and all steps reasonably necessary to complete the refinancing or refunding programs and debt compositions.
Acts 1939, No. 69, § 2; A.S.A. 1947, § 13-1302.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 74 - TAXING AGENCIES - BORROWING AND BANKRUPTCY (§§ 14-74-101 — 14-74-105) › Section 14-74-105 - Participation by state departments

Any department of this state authorized by any law of this state to purchase, own, or hold as security any bonds issued by any agencies or districts enumerated in the previous provisions of this chapter is authorized and empowered to give its consent to and participate in any plan, composition, or arrangement for the readjustment or refunding of the bonded indebtedness of any of the districts or agencies set out in §
14-74-102
.
Acts 1939, No. 69, § 2; A.S.A. 1947, § 13-1302.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 75 - MANAGEMENT LETTER FOR AUDIT (§§ 14-75-101 — 14-75-104) › Section 14-75-101 - Definition

For the purpose of this chapter, a "political subdivision" shall not include levy districts, drainage districts, or any other improvement districts.
Acts 1973, No. 392, § 2; A.S.A. 1947, § 13-2002.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 75 - MANAGEMENT LETTER FOR AUDIT (§§ 14-75-101 — 14-75-104) › Section 14-75-102 - Letter required

Any political subdivision of the State of Arkansas engaging the services of a certified public accountant for the purpose of statutorily required audits shall require the certified public accountant to issue, in addition to the audit report, what is commonly referred to in the accounting profession as a management letter.
Acts 1973, No. 392, § 1; A.S.A. 1947, § 13-2001.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 75 - MANAGEMENT LETTER FOR AUDIT (§§ 14-75-101 — 14-75-104) › Section 14-75-103 - Contents of letter

The management letter shall include:
(1)
Comments by the certified public accountant as to his observations on the system of internal control employed by the political subdivision;
(2)
Exceptions to statutory provisions;
(3)
Requirements which may have been noted by the certified public accountant; and
(4)
Any recommendations or suggestions the certified public accountant may desire to make to the subdivision under audit.
Acts 1973, No. 392, § 1; A.S.A. 1947, § 13-2001.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 75 - MANAGEMENT LETTER FOR AUDIT (§§ 14-75-101 — 14-75-104) › Section 14-75-104 - Furnishing copy to Legislative Joint Auditing Committee

(a)
The political subdivision shall supply the Legislative Joint Auditing Committee with one (1) copy of the management letter in addition to the required copy of the audit report.
(b)
The management letter shall be forwarded to the committee with the audit report.
Acts 1973, No. 392, § 3; A.S.A. 1947, § 13-2003.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 77 - LOCAL FISCAL MANAGEMENT RESPONSIBILITY ACT (§§ 14-77-101 — 14-77-111) › Section 14-77-101 - Title

This chapter may be known and cited as the "Local Fiscal Management Responsibility Act".
Acts 1991, No. 724, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 77 - LOCAL FISCAL MANAGEMENT RESPONSIBILITY ACT (§§ 14-77-101 — 14-77-111) › Section 14-77-103 - Compliance with fiscal responsibility and management laws - Investigation

(a)
All public officers and employees shall comply with the provisions of the fiscal management and responsibility laws contained in this chapter.
(b)
Upon discovery or notification of an alleged violation of the fiscal responsibility and management laws, the executive officer of the political subdivision shall investigate such allegations and take appropriate administrative action.
(c)
After completing the investigation, if the executive officer of the political subdivision determines that one (1) or more of the fiscal responsibility and management laws have been violated, the facts and circumstances relating to a violation and any corrective or remedial action shall be documented and placed in the personnel files of the public officer or employee involved in the violation.
Acts 1991, No. 724, §§ 3-5.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 77 - LOCAL FISCAL MANAGEMENT RESPONSIBILITY ACT (§§ 14-77-101 — 14-77-111) › Section 14-77-104 - Notification of violation

(a)
The executive officer of the political subdivision shall notify the public officer or employee of its findings and any corrective or remedial action to be taken.
(b)
Notification shall be made in a manner ensuring actual notice to the public officer or employee.
(c)
The public officer or employee shall be notified that the failure to make corrective or remedial action within thirty (30) days after the date of notification creates the rebuttable presumption that the violation was committed knowingly.
Acts 1991, No. 724, § 6.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 77 - LOCAL FISCAL MANAGEMENT RESPONSIBILITY ACT (§§ 14-77-101 — 14-77-111) › Section 14-77-105 - Remedial or corrective action

The public officer or employee violating a fiscal responsibility and management law shall be given not more than thirty (30) days from the date of notification to effect corrective or remedial action recommended by the executive director of the political subdivision. Failure to make corrective or remedial action within thirty (30) days after notification creates the rebuttable presumption that the violation was committed knowingly.
Acts 1991, No. 724, § 7.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 77 - LOCAL FISCAL MANAGEMENT RESPONSIBILITY ACT (§§ 14-77-101 — 14-77-111) › Section 14-77-106 - Investigation by prosecuting attorney

(a)
If the executive officer determines that there has been a violation of the fiscal responsibility and management laws, the executive officer may request the appropriate prosecuting attorney to conduct an investigation regarding the violation.
(b)
The Legislative Joint Auditing Committee may request the appropriate prosecuting attorney to conduct an investigation regarding violations of the fiscal responsibility and management laws documented in the audit report.
(c)
The prosecuting attorney shall conduct a timely investigation into all matters referred to him under the provisions of this chapter. If the prosecuting attorney fails to conduct a timely investigation or file a civil suit under the provisions of this chapter, the executive officer or the Legislative Joint Auditing Committee may request the Attorney General to conduct an investigation into the violations.
Acts 1991, No. 724, § 8.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 77 - LOCAL FISCAL MANAGEMENT RESPONSIBILITY ACT (§§ 14-77-101 — 14-77-111) › Section 14-77-107 - Civil suit by prosecuting attorney

After conducting an investigation into the alleged violations, the appropriate prosecuting attorney or the Attorney General may file a civil suit in circuit court against the public officer or employee alleged to have violated the fiscal responsibility and management laws. Venue shall be in the county where the political subdivision is located.
Acts 1991, No. 724, § 9.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 77 - LOCAL FISCAL MANAGEMENT RESPONSIBILITY ACT (§§ 14-77-101 — 14-77-111) › Section 14-77-108 - Civil penalty

If the public officer or employee is found by the court to have knowingly violated the provisions of the fiscal responsibility and management laws, the court shall impose a civil penalty upon the public officer or employee of not less than one hundred dollars ($100), nor more than one thousand dollars ($1,000) for each violation, and may subject the public officer or employee to the payment of damages resulting as a direct consequence of any violation.
Acts 1991, No. 724, § 10.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 77 - LOCAL FISCAL MANAGEMENT RESPONSIBILITY ACT (§§ 14-77-101 — 14-77-111) › Section 14-77-109 - Recovery of costs

(a)
If the public officer or employee is found by the court to have knowingly violated the provisions of the fiscal responsibility and management laws, the prosecuting attorney or the Attorney General shall be allowed to recover costs and attorney fees associated with the civil suit from the public officer or employee.
(b)
Any costs or fees recovered by a prosecuting attorney under this provision shall be deposited into an account administered by the prosecuting attorney and shall be used for expenses of the office.
(c)
Any costs or fees recovered by the Attorney General under this provision shall be deposited into the State Treasury.
Acts 1991, No. 724, § 11.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 77 - LOCAL FISCAL MANAGEMENT RESPONSIBILITY ACT (§§ 14-77-101 — 14-77-111) › Section 14-77-110 - Civil procedures apply

All actions and procedures under the provisions of this chapter are civil in nature and shall be governed by the appropriate rules, regulations, and laws regarding civil actions and remedies.
Acts 1991, No. 724, § 12.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 77 - LOCAL FISCAL MANAGEMENT RESPONSIBILITY ACT (§§ 14-77-101 — 14-77-111) › Section 14-77-111 - Existing remedies not impaired

The provisions of this chapter are supplemental to any other remedies available by law. In addition, the provisions of this chapter do not limit or diminish any civil rights or administrative procedures available to any public officer or employee or political subdivision.
Acts 1991, No. 724, § 13.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 78 - LOCAL GOVERNMENT SHORT-TERM FINANCING OBLIGATIONS (§§ 14-78-101 — 14-78-110) › Section 14-78-101 - Title

This chapter shall be referred to and may be cited as the "Local Government Short-Term Financing Obligations Act of 2001".
Acts 2001, No. 1808, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 78 - LOCAL GOVERNMENT SHORT-TERM FINANCING OBLIGATIONS (§§ 14-78-101 — 14-78-110) › Section 14-78-102 - Definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Chief executive" means the mayor of a municipality or the county judge of a county;
(2)
"County" means any county in the State of Arkansas;
(3)
"Issue" means, depending on the type of obligation, to issue, enter into, or incur;
(4)
"Issue date" means the date on which the obligation commences to bear interest;
(5)
"Issuer" means a municipality or a county;
(6)
"Legislative body" means the quorum court of a county or the council, board of directors, board of commissioners, or similar elected governing body of a municipality;
(7)
"Mortgage lien" means a lien on or security interest in real property or personal property, financed or refinanced, in whole or in part, with the proceeds of obligations;
(8)
"Obligations" means short-term financing obligations;
(9)
"Short-term financing agreement" means any loan agreement, line of credit agreement, note purchase agreement, security agreement, mortgage, trust indenture, or other agreement, other than the short-term financing obligation itself, pursuant to which a short-term financing obligation is secured, sold, or otherwise provided for; and
(10)
"Short-term financing obligations" means "short-term financing obligations" within the meaning of Arkansas Constitution, Amendment 78.
Acts 2001, No. 1808, § 2.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 78 - LOCAL GOVERNMENT SHORT-TERM FINANCING OBLIGATIONS (§§ 14-78-101 — 14-78-110) › Section 14-78-104 - Refunding obligations

(a)
Obligations may be issued under this chapter to refund any outstanding short-term financing obligations issued pursuant to Arkansas Constitution, Amendment 78, whether or not issued under this chapter.
(b)
(1)
Refunding obligations may be either sold for cash or delivered in exchange for the outstanding obligations being refunded.
(2)
If sold for cash, the proceeds may be applied to the payment of the obligations refunded or deposited in irrevocable trust for the retirement thereof, either at maturity or on an authorized redemption date.
(c)
Refunding obligations shall in all respects be authorized, issued, and secured in the manner provided in this section.
(d)
Refunding obligations shall mature not later than five (5) years beyond the issue date for the obligations being refunded.
Acts 2001, No. 1808, § 4.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 78 - LOCAL GOVERNMENT SHORT-TERM FINANCING OBLIGATIONS (§§ 14-78-101 — 14-78-110) › Section 14-78-105 - Obligations may be secured by mortgage lien

(a)
The ordinance or short-term financing agreement may impose or authorize the imposition of a forecloseable mortgage lien upon the property financed or refinanced, in whole or in part, with the proceeds of obligations issued under this chapter.
(b)
The nature and extent of the mortgage lien may be controlled by the ordinance or short-term financing agreement, including provisions pertaining to the release of all or part of the land, buildings, facilities, and equipment from the mortgage lien, the priority of the mortgage lien in the event of successive issues of obligations, and authorizing any owner of obligations, 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 chapter, the ordinance or short-term financing agreement authorizing the securing of the obligations.
(c)
Obligations which are discharged or are secured by deposit in irrevocable trust shall not be taken into account in determining the aggregate principal amount outstanding for the purpose of Arkansas Constitution, Amendment 78, § 2.
Acts 2001, No. 1808, § 5.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 78 - LOCAL GOVERNMENT SHORT-TERM FINANCING OBLIGATIONS (§§ 14-78-101 — 14-78-110) › Section 14-78-106 - Tax exemption

Obligations issued under this chapter and all amounts treated as interest thereon shall be exempt from all state, county, and municipal taxes.
Acts 2001, No. 1808, § 6.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 78 - LOCAL GOVERNMENT SHORT-TERM FINANCING OBLIGATIONS (§§ 14-78-101 — 14-78-110) › Section 14-78-107 - Obligations are negotiable instruments

Unless set forth in the ordinance, obligation, or short-term financing agreement, all obligations issued under the provisions of this chapter are negotiable instruments within the meaning of the negotiable instruments law of the state.
Acts 2001, No. 1808, § 7.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 78 - LOCAL GOVERNMENT SHORT-TERM FINANCING OBLIGATIONS (§§ 14-78-101 — 14-78-110) › Section 14-78-108 - Nonliability

No officer, employee, or member of the legislative body of the issuer shall be personally liable for any obligations issued under the provisions of this chapter or for any damages sustained by any person in connection with any contracts entered into to carry out the purposes and intent of this chapter, unless the person acted with corrupt intent.
Acts 2001, No. 1808, § 8.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 78 - LOCAL GOVERNMENT SHORT-TERM FINANCING OBLIGATIONS (§§ 14-78-101 — 14-78-110) › Section 14-78-109 - Supplemental nature of this chapter

(a)
The provisions of this chapter are supplemental to constitutional or statutory provisions now existing or later adopted which may provide for the financing of real or personal property.
(b)
Nothing contained in this chapter shall be deemed to be a restriction or limitation upon alternative means of financing previously available or made available to municipalities or counties for the purposes of this chapter.
(c)
(1)
It is hereby recognized that Arkansas Constitution, Amendment 78, is self-executing.
(2)
Nothing contained in this chapter shall be deemed to require a municipality or county to utilize the provisions of this chapter in authorizing and issuing short-term financing obligations under Arkansas Constitution, Amendment 78.
Acts 2001, No. 1808, § 9.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 4 - PUBLIC FINANCE GENERALLY (§§ 14-71-101 — 14-78-110) › Chapter 78 - LOCAL GOVERNMENT SHORT-TERM FINANCING OBLIGATIONS (§§ 14-78-101 — 14-78-110) › Section 14-78-110 - Construction

This chapter shall be construed liberally to effectuate the legislative intent and the purposes of this chapter as complete and independent authority for the performance of every act and thing authorized, and all powers granted under this chapter shall be broadly interpreted to effectuate the intent and purposes, and not as a limitation of powers.
Acts 2001, No. 1808, § 10.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-105) › Section 14-86-101 - Ratification of certain actions

(a)
All improvements which may have been made by any public improvement district in this state, whether made according to plans and specifications previously adopted or not, or whether made under incomplete plans or specifications, by any board of improvement of any highway improvement district created under the laws of the State of Arkansas, and all actions of boards of these districts in expending money in the construction of improvements and procuring federal aid for use in the construction thereof, or paying the costs incident to construction, are ratified, approved, and confirmed, and declared to be beneficial to the taxpayers in any such district.
(b)
This section shall not apply to districts whose boards have been guilty of fraud in appropriating the funds of the districts to their own uses.
Acts 1929, No. 127, § 1; Pope's Dig., § 6536; A.S.A. 1947, § 20-1104.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-105) › Section 14-86-102 - Mobile homes

(a)
(1)
A mobile home or manufactured home of any width or description permanently affixed to a foundation on property which is owned by the owner of the mobile home or manufactured home shall be deemed real property for the purposes of the creation of special improvement districts and collection of assessments relative thereto.
(2)
Mobile homes and manufactured homes located on leased property where the mobile home or manufactured home owner does not own any direct or indirect interest in the leased property shall be deemed personal property and shall not be considered real property for the purposes of the creation of special improvement districts and collection of assessments relative thereto.
(b)
(1)
Mobile homes and manufactured homes which are deemed personal property may not be assessed by special improvement districts, and the location of such mobile homes or manufactured homes shall not be cause for increasing the assessment on underlying property.
(2)
No lien may be affixed to the mobile home or manufactured home to secure collection of any assessment.
(c)
As used in this section, the term "permanently affixed to a foundation" shall mean permanently attached or affixed by bolting, welding, or mortaring to a structural foundation placed on or in the ground by means other than:
(1)
Resting on concrete blocks or other devices used merely for leveling the floors of such structures; or
(2)
Attachment of underpinnings, underskirts, or other tie-downs customarily employed primarily for cosmetic or weather resistance purposes; or
(3)
A combination of methods described in subdivisions (1) and (2) of this subsection.
(d)
This section shall apply to:
(1)
All property located or to be located within improvement districts formed or with respect to which the initial assessment of benefits is made after April 7, 1993;
(2)
All property annexed after April 7, 1993, to improvement districts which have been formed prior to April 7, 1993; and
(3)
Any property presently located within any improvement district which has been formed and in which the initial assessment of benefits has been made prior to April 7, 1993.
(e)
This section shall not apply to fire protection districts created pursuant to
14-284-201
et seq.
Acts 1993, No. 915, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-105) › Section 14-86-104 - Improvement district - Audit - Vacancy - Meetings

(a)
(1)
(A)
Ten percent (10%) or more of the property owners in an improvement district may present to the county judge of the county or to the mayor of the municipality in which the improvement district lies a petition and an affidavit:
(i)
Concerning the financial affairs of the improvement district; and
(ii)
Showing substantially insufficient financial information of an improvement district provided by the improvement district as a result of a valid request under the Freedom of Information Act of 1967, §
25-19-101
et seq.
(B)
Upon the presentation of a petition and affidavit under subdivision (a)(1)(A) of this section, the county judge or mayor shall request the financial information of the improvement district.
(2)
(A)
The improvement district shall provide the financial information requested under subdivision (a)(1) of this section if the financial information exists.
(B)
If within thirty (30) days of the request under subdivision (a)(1) of this section the improvement district does not provide to the county judge or to the mayor the financial information or state that the financial information does not exist, the county judge or the mayor with the city council's approval may order an independent audit to be conducted of the improvement district at the improvement district's expense.
(b)
If a vacancy exists on a board of commissioners of an improvement district and the procedure for filling the vacancy is for the remaining commissioners to appoint a replacement commissioner, the county judge of the county or the mayor of the municipality in which the improvement district lies may appoint a replacement commissioner on his or her own accord or by petition of ten percent (10%) or more of the property owners in the improvement district.
(c)
(1)
All meetings of the board of commissioners of an improvement district shall be held in a central and convenient location in the county or the municipality in which the improvement district lies.
(2)
Upon petition of ten percent (10%) or more of the property owners in the improvement district, the meeting location shall be determined by the county judge or the mayor.
(d)
This section does not apply to a general consolidated public utility system improvement district established under the General Consolidated Public Utility System Improvement District Law, §
14-217-101
et seq.
Added by Act 2017, No. 623,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 1 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-105) › Section 14-86-105 - Improvement district board of commissioners - Administrator

(a)
The county judge of the county or the mayor of the municipality in which an improvement district lies shall appoint an administrator of the improvement district to act as the board of commissioners if all positions on a board of commissioners of the improvement district are vacant and no interested property owner within the improvement district boundaries is willing to serve as a commissioner.
(b)
The administrator appointed under subsection (a) of this section:
(1)
Is subject to the applicable laws of the improvement district;
(2)
Shall provide evidence of his or her economic viability;
(3)
Shall receive such payment for his or her services as the county judge or the mayor may allow;
(4)
Shall serve at the pleasure of the county judge or mayor or until an interested property owner in the improvement district boundaries is willing to serve as commissioner of the improvement district; and
(5)
Is not liable for damages in connection with the improvement district unless the administrator acted with corrupt and malicious intent.
(c)
This section does not apply to a general consolidated public utility system improvement district established under the General Consolidated Public Utility System Improvement District Law, §
14-217-101
et seq.
Added by Act 2017, No. 623,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 3 - NOTICE ON FORMATION OF IMPROVEMENT DISTRICT (§§ 14-86-301 — 14-86-303) › Section 14-86-301 - Definition

As used in this subchapter, unless the context otherwise requires, "address" means the address as reflected on the official tax records of the county where the property is located.
Acts 1981, No. 546, § 1; A.S.A. 1947, § 20-1159.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 3 - NOTICE ON FORMATION OF IMPROVEMENT DISTRICT (§§ 14-86-301 — 14-86-303) › Section 14-86-302 - Applicability

(a)
The provisions of this subchapter shall not be applicable to any city, county, or area which is under an order from the Division of Environmental Quality and the United States Environmental Protection Agency to meet the minimum requirements of the United States Environmental Protection Agency for sanitary sewer discharge.
(b)
The provisions of this subchapter shall not be applicable to levee, drainage, fire protection, or road improvement districts.
Amended by Act 2019, No. 910,§ 3033, eff. 7/1/2019.
Acts 1981, No. 546, § 1; A.S.A. 1947, § 20-1159; Acts 1999, No. 1164, § 123; 2005, No. 1197, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 3 - NOTICE ON FORMATION OF IMPROVEMENT DISTRICT (§§ 14-86-301 — 14-86-303) › Section 14-86-303 - Requirements

(a)
No improvement district shall be created unless a notice, prior to the hearing on the formation of the district, has been mailed by certified mail, return receipt requested, to the addresses of all owners of real property within the boundaries of the proposed improvement district.
(b)
The notice shall inform the property owners of:
(1)
The proposal to form an improvement district;
(2)
The purpose and powers of the proposed district; and
(3)
The names and addresses of the organizers of the district.
(c)
The notice shall also notify the property owners of the date, time, and place of the hearing on the proposed formation of the improvement district.
Acts 1981, No. 546, § 1; A.S.A. 1947, § 20-1159.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 4 - CORRECTING DEFECTS IN FORMATION OF IMPROVEMENT DISTRICT (§§ 14-86-401 — 14-86-403) › Section 14-86-401 - Construction

This subchapter is not intended to and does not repeal any existing remedy.
Acts 1919, No. 661, § 3; A.S.A. 1947, § 20-1103.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 4 - CORRECTING DEFECTS IN FORMATION OF IMPROVEMENT DISTRICT (§§ 14-86-401 — 14-86-403) › Section 14-86-402 - Proceedings generally

(a)
(1)
Ten (10) resident citizens and property owners residing and owning property within any improvement district or road district within any county, city, or town, or within the territory to be intended to be included in the district may file with the clerk of the county court of the county in which the district is situated a petition setting forth the defects or irregularities sought to be corrected.
(2)
The petitioners shall cause a notice of the filing of the petition and its purposes to be published in a paper of general circulation in the county for three (3) weeks before the petition shall be presented for hearing.
(b)
Any of the property owners in the district shall have a right to appear and become parties to the petition or to file objections or an answer to protest and resist the granting of the petition.
(c)
(1)
Upon the hearing of the petition and answer or protest, the county court shall have full power and authority to correct any mistake or error in the formation or organization of the district.
(2)
(A)
The order of the county court shall be final and conclusive of the formation and organization of the district and any and all corrections in its formation or attempted formation.
(B)
(i)
Any interested parties to the record shall have the right to appeal, within fifteen (15) days from the judgment of the county court, to the circuit court.
(ii)
The circuit court shall have the power to hear the case de novo and render judgment.
(d)
When the boundaries of other districts are involved, ten (10) of the resident property owners in the other districts may join in the petition and notice, and the residents of the other districts shall have a right to appear and become parties to the proceedings or to resist them.
Acts 1919, No. 661, § 1; C. & M. Dig., §§ 5636-5640; Acts 1921, No. 503, § 1; Pope's Dig., §§ 7372-7376; A.S.A. 1947, § 20-1101.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 4 - CORRECTING DEFECTS IN FORMATION OF IMPROVEMENT DISTRICT (§§ 14-86-401 — 14-86-403) › Section 14-86-403 - Judgment conclusive

When a judgment is rendered by the county court in accordance with this subchapter, it shall be conclusive unless appealed from within fifteen (15) days, shall be binding upon all parties, and shall not be collaterally attacked.
Acts 1919, No. 661, § 2; C. & M. Dig., § 5641; Pope's Dig., § 7377; A.S.A. 1947, § 20-1102.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 5 - DESTRUCTION OF SECTION CORNERS IN IMPROVEMENT DISTRICTS (§§ 14-86-501 — 14-86-504) › Section 14-86-501 - Applicability

The provisions of this subchapter shall apply to engineers and commissioners in all improvement districts in this state.
Acts 1921, No. 82, § 4; Pope's Dig., § 3222; A.S.A. 1947, § 20-1108.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 5 - DESTRUCTION OF SECTION CORNERS IN IMPROVEMENT DISTRICTS (§§ 14-86-501 — 14-86-504) › Section 14-86-502 - Penalty

(a)
(1)
An engineer or commissioner who neglects, fails, or refuses to comply with this subchapter is guilty of a violation and upon conviction shall be fined in any sum not less than fifty dollars ($50.00) nor more than two hundred fifty dollars ($250).
(2)
Twenty-five dollars ($25.00) of the fine under subdivision (a)(1) of this section shall be paid to the informer.
(b)
Each corner destroyed when there is a failure to comply with this subchapter as to corners constitutes a separate offense.
Amended by Act 2023, No. 203,§ 16, eff. 8/1/2023.
Acts 1921, No. 82, §§ 3, 5; Pope's Dig., §§ 3221, 3223; A.S.A. 1947, §§ 20-1107, 20-1109.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 5 - DESTRUCTION OF SECTION CORNERS IN IMPROVEMENT DISTRICTS (§§ 14-86-501 — 14-86-504) › Section 14-86-503 - Duty to perform

(a)
It is made the duty of the commissioners of any district to cause the work described in §
14-86-504
to be done by the engineers.
(b)
All corners destroyed shall be reestablished at once during the time construction work is being done in the district.
Acts 1921, No. 82, § 2; Pope's Dig., § 3220; A.S.A. 1947, § 20-1106.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 5 - IMPROVEMENT DISTRICTS GENERALLY (§§ 14-86-101 — 14-96-202) › Chapter 86 - GENERAL PROVISIONS (§§ 14-86-101 — 14-86-2205) › Subchapter 5 - DESTRUCTION OF SECTION CORNERS IN IMPROVEMENT DISTRICTS (§§ 14-86-501 — 14-86-504) › Section 14-86-504 - Location of corners and notes required

(a)
(1)
It shall be the duty of all engineers in the employ of any improvement district in this state or engineers doing any work for the improvement district, if the doing of the work or the construction of the improvement, or any work connected therewith, destroys any section corner or quarter section corner, to locate each corner so destroyed correctly in accord with the United States survey field notes of the corner and cause to be erected reference monuments of some indestructible material, which may be either concrete, stone, galvanized iron pipe, or cast iron posts not less than two-by-four inches (2" x 4") and sunk in the ground not less than three feet (3').
(2)
The posts or monuments shall be placed forty-five degrees (45°) N. E., forty-five degrees (45°) N. W., forty-five degrees (45°) S. W., and forty-five degrees (45°) S. E., if possible, from the corner and shall be far enough away from the corner so as not to be covered up or destroyed in constructing the improvements.
(b)
(1)
A copy of the engineer's notes of his locating the survey of each corner and the monuments thereto shall be kept. The notes shall tell how he proceeded in locating each corner, giving the course and distance from the true corner that each witness or monument is placed, and the kind of monument. The notes shall be so full and complete that any surveyor can, from the notes, find the corner without difficulty.
(2)
The notes shall be filed by the engineer in the office of the county clerk in the county in which the corners are situated and shall be recorded by the clerk in a book kept for that purpose. The book shall be correctly indexed as to section, township, and range so as to be readily referred to or found from the index.
(c)
The cost or charge for locating the corners and recording the notes shall be paid by the district as a part of the cost of the construction of the improvement.
Acts 1921, No. 82, § 1; Pope's Dig., § 3219; A.S.A. 1947, § 20-1105.