reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-808 - Bonds - Issuance generally

(a)
(1)
A municipality or county may issue bonds for an energy efficiency project within, near, or within and near the municipality or county.
(2)
Bonds shall be issued pursuant to an ordinance adopted by the legislative body specifying:
(A)
The principal amount of bonds to be issued;
(B)
The purpose or purposes for which the bonds are to be issued; and
(C)
Any other provisions deemed important with respect to the bonds.
(b)
A legislative body shall not adopt an ordinance regarding the issuance of bonds unless the legislative body has determined that:
(1)
All of the work on the energy efficiency project will be performed by a qualified provider; and
(2)
The qualified provider has provided a guarantee of the operating cost savings to be realized from the energy efficiency project that:
(A)
The energy cost savings and operating cost savings to be realized over the term of the guaranteed energy cost savings contract meet or exceed the costs of the energy efficiency project; and
(B)
If the annual energy or operating cost savings fail to meet or exceed the annual costs of the energy efficiency project as required by the guaranteed energy cost savings contract, the qualified provider shall reimburse the issuer for any shortfall of guaranteed energy cost savings over the term of the guaranteed energy cost savings contract.
(c)
The maximum term of the bonds may not exceed the shorter of:
(1)
The useful life of the energy efficiency project; or
(2)
Twenty (20) years.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-809 - Bonds - Terms and conditions

(a)
As provided by an ordinance or trust indenture authorized under this subchapter, bonds may:
(1)
Be in registered or other form;
(2)
Be in such denominations as determined by the legislative body;
(3)
Be exchangeable for bonds of another denomination;
(4)
Be made payable at places within or without the state;
(5)
Be issued in one (1) or more series;
(6)
Bear the date or dates determined by the legislative body of the issuer;
(7)
Mature at the time or times determined by the legislative body of the issuer;
(8)
Be payable in such medium of payment determined by the legislative body of the issuer;
(9)
Be subject to the terms of redemption determined by the legislative body of the issuer; and
(10)
Contain other terms, covenants, and conditions determined by the legislative body of the issuer, including without limitation terms, covenants, and conditions pertaining to:
(A)
The custody and application of the proceeds of the bonds;
(B)
The maintenance of various funds and reserves;
(C)
The nature and extent of the pledge and security;
(D)
The remedies on default; and
(E)
The rights, duties, and obligations of the legislative body of the issuer and the trustee, if any, for the owners of the bonds, and the rights of the owners of the bonds.
(b)
All bonds are negotiable instruments within the meaning of the negotiable instruments law of the state.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-810 - Bonds - Trust indenture

(a)
The ordinance authorizing bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture that:
(1)
Defines the rights of the owners of the bonds; and
(2)
Provides for the appointment of a trustee for the owners of the bonds.
(b)
A trust indenture executed under this section may:
(1)
Provide for the priority between and among successive issues; and
(2)
Contain one (1) or more of the provisions stated in §
14-164-809
and any other terms, covenants, and conditions that are deemed desirable.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-811 - Bonds - Sale

(a)
Bonds may be sold at a public or private sale for the price and in the manner determined by the legislative body of the issuer.
(b)
Bonds sold under this subchapter may be sold at a discount or a premium.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-812 - Bonds - Execution

Bonds shall be executed in the manner provided by the Registered Public Obligations Act of Arkansas, §
19-9-401
et seq.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-813 - Bonds - Payment - Security

(a)
The principal of and interest on the bonds may be secured by a pledge of the operating cost savings derived from the energy efficiency project, and a municipality or county may pledge or assign a guaranteed energy cost savings contract to secure the bonds.
(b)
The total annual principal and interest payments in each fiscal year on bonds shall be charged against and paid from general revenues, special revenues, revenues derived from taxes, or any other revenues available to the municipality or county if the special revenues, revenues derived from taxes, or other revenues have not been previously restricted to another purpose.
(c)
Notwithstanding any law to the contrary, a municipality or county may use money budgeted for maintenance and operations to pay the principal of and interest on bonds issued for an energy efficiency project under this subchapter.
(d)
(1)
Bonds are not revenue bonds for purposes of any statute.
(2)
The legislative body is not required to hold a public hearing on the issuance of the bonds.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-814 - Bonds - Energy efficiency project liens

(a)
An ordinance or trust indenture authorized under §
14-164-808
or §
14-164-810
may impose a financing lien on an energy efficiency project financed or refinanced, in whole or in part, with the proceeds of bonds.
(b)
The nature and extent of a lien imposed under this section may be controlled by the ordinance or trust indenture, including without limitation provisions pertaining to:
(1)
The release of all or part of the land, buildings, or facilities from the lien;
(2)
The priority of the lien in the event of successive bond issues; and
(3)
The authorization of any owner of bonds, or a trustee on behalf of all owners, to enforce the lien and, by proper suit, compel the performance of the duties of the officials of the issuer stated in this subchapter or in the ordinance or trust indenture authorizing or securing the bonds.
(c)
As used in this section, "lien" includes a security interest in any personal property constituting an energy efficiency project and any part of an energy efficiency project financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-815 - Liability of legislative body's officers, employees, and members

An officer, employee, or member of the legislative body of an issuer under this subchapter shall not be personally liable on bonds or for damages sustained by a person in connection with a guaranteed energy cost savings contract entered into to carry out the purposes and intent of this subchapter unless the person has acted with a corrupt intent.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-816 - Tax exemption

Bonds and the income on the bonds are exempt from all state, county, and municipal taxes, including without limitation income, property, and inheritance taxes.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-817 - Refunding bonds

(a)
Bonds may be issued to refund any outstanding bonds or to refund any outstanding bonds issued under any other law for the purpose of financing energy efficiency projects.
(b)
(1)
Refunding bonds may be sold for cash or delivered in exchange for the outstanding obligations under subsection (a) of this section.
(2)
If refunding bonds are sold for cash under subdivision (b)(1) of this section, the proceeds may be applied to the payment of the obligations refunded or deposited into an irrevocable trust for the retirement of the refunding bonds either at maturity or on an authorized redemption date.
(c)
Refunding bonds shall in all respects be authorized, issued, and secured in the manner provided in this subchapter.
(d)
The ordinance under which refunding bonds are issued may provide that any refunding bonds shall have the same priority of lien on revenues as originally pledged for payment of the obligation refunded by the refunding bonds.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-818 - Applicability

This subchapter:
(1)
Applies only to municipalities and counties; and
(2)
Does not apply to the following governmental units:
(A)
The state and any agency, board, commission, or instrumentality of the state;
(B)
A school district; or
(C)
A special assessment or taxing district established under the laws of the state.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-819 - Subchapter supplemental to other laws

This subchapter is:
(1)
Supplemental to other laws, and municipalities and counties may use other applicable laws in the issuance of bonds and other obligations under this subchapter; and
(2)
Sufficient authority for the issuance of bonds and the performance of all other acts and procedures authorized by this subchapter.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-820 - Construction

This subchapter shall be construed liberally to effectuate the legislative intent and the purposes of this subchapter as a complete and independent authority for the performance of the acts authorized under this subchapter, and the powers granted under this subchapter shall be broadly interpreted to effectuate the intent and purposes and shall not be interpreted as a limitation of powers.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 8 - LOCAL GOVERNMENT ENERGY EFFICIENCY PROJECT BOND ACT (§§ 14-164-801 — 14-164-821) › Section 14-164-821 - Rules

A municipality or county may provide by ordinance that the municipality or county shall comply with the rules promulgated by the Arkansas Pollution Control and Ecology Commission under §
19-11-1207
.
Amended by Act 2019, No. 315,§ 1010, eff. 7/24/2019.
Amended by Act 2017, No. 271,§ 4, eff. 8/1/2017.
Added by Act 2015, No. 1275,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 165 - INDUSTRIAL DEVELOPMENT COMPACTS (§§ 14-165-201 — 14-165-204) › Subchapter 2 - INTER-MUNICIPAL, INTER-COUNTY, AND MUNICIPAL-COUNTY COMPACTS (§§ 14-165-201 — 14-165-204) › Section 14-165-201 - Construction

This chapter is intended to supplement all existing constitutional provisions and legislation designed to secure and develop industry and shall be liberally construed to accomplish its purposes.
Acts 1960 (Ex. Sess.), No. 2, § 5; A.S.A. 1947, § 14-804.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 165 - INDUSTRIAL DEVELOPMENT COMPACTS (§§ 14-165-201 — 14-165-204) › Subchapter 2 - INTER-MUNICIPAL, INTER-COUNTY, AND MUNICIPAL-COUNTY COMPACTS (§§ 14-165-201 — 14-165-204) › Section 14-165-202 - Authority generally

(a)
Two (2) or more counties, or two (2) or more municipalities, whether or not in the same county, or one (1) or more counties and one (1) or more municipalities are authorized and empowered to join together in a compact for the purpose of engaging in joint efforts to secure and develop industry of mutual benefit to the parties to the compact and to finance it by each party to the compact issuing bonds under the provisions of Arkansas Constitution, Amendment 49 [repealed].
(b)
(1)
Counties entering into compacts to which one (1) or more other counties are parties must have a common border with at least one (1) other county that is a party to the compact.
(2)
Municipalities entering into compacts must be sufficiently near to the other parties to the compact to enable all parties to the compact to benefit from the joint efforts undertaken.
(c)
Any party to any compact authorized in this subchapter may issue revenue bonds under the provisions of the Municipalities and Counties Industrial Development Revenue Bond Law, §§
14-164-201
-
14-164-206
and
14-164-208
-
14-164-224
, in aid of any compact project.
Acts 1960 (Ex. Sess.), No. 2, § 1; A.S.A. 1947, § 14-801.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 165 - INDUSTRIAL DEVELOPMENT COMPACTS (§§ 14-165-201 — 14-165-204) › Subchapter 2 - INTER-MUNICIPAL, INTER-COUNTY, AND MUNICIPAL-COUNTY COMPACTS (§§ 14-165-201 — 14-165-204) › Section 14-165-204 - Issuance of bonds

(a)
Any compact entered into under the provisions of this subchapter may provide that each party to the compact will issue bonds under Arkansas Constitution, Amendment 49 [repealed], and that all funds obtained by the issuance of the bonds will be used for a joint industrial development project.
(b)
Whenever the parties to the compact agree that each shall issue bonds under Arkansas Constitution, Amendment 49 [repealed], no bonds shall be issued by any party to the compact for use in the joint project unless the voters of each and every party to the compact approve the issuance of bonds.
(c)
The parties to the compact shall determine by agreement the portion of the total cost of any project that each party to the compact is to bear.
Acts 1960 (Ex. Sess.), No. 2, § 3; A.S.A. 1947, § 14-803.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 166 - PLANNING AND DEVELOPMENT ORGANIZATIONS (§§ 14-166-201 — 14-166-304) › Subchapter 2 - MULTI-COUNTY PLANNING AND DEVELOPMENT ORGANIZATIONS (§§ 14-166-201 — 14-166-205) › Section 14-166-201 - Purpose

(a)
(1)
The purpose of this subchapter is to encourage multi-county planning and development organizations which have been formed, or which may be formed in the future, as voluntary nonprofit associations to promote economic development, to assist local governments and private organizations in obtaining federal grants and loans, to prepare comprehensive regional plans for economic development and improved government services, to enlist private support for these activities, and to coordinate private and public programs in the multi-county districts.
(2)
Recognizing the beneficial services to be provided the people of this state through the activities of such multi-county planning and development organizations established for the aforementioned purposes, and in order to encourage such organizations in their efforts to provide these beneficial services, the General Assembly establishes a program of providing financial assistance to the associations to enable them to continue and expand their activities in furtherance of the purposes of this subchapter.
(b)
Nothing in this subchapter is intended to be inconsistent with or contrary to a policy of relying on the private enterprise system.
Acts 1969, No. 118, § 1; A.S.A. 1947, § 9-324.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 166 - PLANNING AND DEVELOPMENT ORGANIZATIONS (§§ 14-166-201 — 14-166-304) › Subchapter 2 - MULTI-COUNTY PLANNING AND DEVELOPMENT ORGANIZATIONS (§§ 14-166-201 — 14-166-205) › Section 14-166-202 - Designation of districts

(a)
The General Assembly recognizes as planning and development districts the boundaries of the following eight (8) economic development districts:
(1)
Northwest Arkansas Economic Development District, Inc., consisting of Benton, Washington, Madison, Carroll, Boone, Newton, Marion, Searcy, and Baxter counties;
(2)
North Central Arkansas Economic Development District, Inc., consisting of Fulton, Izard, Sharp, Stone, Independence, Jackson, Van Buren, Cleburne, White, and Woodruff counties;
(3)
Northeast Arkansas Economic Development District, Inc., consisting of Randolph, Clay, Lawrence, Greene, Craighead, Mississippi, Poinsett, Cross, Crittenden, St. Francis, Lee, and Phillips counties;
(4)
Southeast Arkansas Economic Development District, Inc., consisting of Grant, Jefferson, Arkansas, Cleveland, Lincoln, Desha, Bradley, Drew, Chicot, and Ashley counties;
(5)
Southwest Economic Development District of Arkansas, Inc., consisting of Sevier, Howard, Little River, Hempstead, Nevada, Ouachita, Dallas, Calhoun, Miller, Lafayette, Columbia, and Union counties;
(6)
Western Arkansas Economic Development District, Inc., consisting of Crawford, Franklin, Sebastian, Logan, Scott, and Polk counties;
(7)
West Central Arkansas Economic Development District, Inc., consisting of Johnson, Pope, Conway, Yell, Perry, Montgomery, Garland, Pike, Clark, and Hot Spring counties; and
(8)
Central Arkansas Economic Development District, Inc., consisting of Faulkner, Saline, Pulaski, Lonoke, Prairie, and Monroe counties.
(b)
(1)
If a municipality is located in two (2) or more counties which are situated in different planning and development districts, then if the governing body of the municipality so determines by ordinance, the entire area of the municipality may be deemed attached to the planning and development district which has the county with the highest proportion of the population of the municipality.
(2)
The population of the municipality shall be based upon the most recent federal decennial or special census data available for the municipality.
(c)
(1)
Nothing in this subchapter is intended to change or conflict with the status of regional and metropolitan planning commissions or councils of governments established under §
14-17-301
et seq. and §
14-56-501
et seq.
(2)
This subchapter does not change the designation of urban and metropolitan planning organizations presently recognized by the Department of Finance and Administration for programs of the United States Department of Housing and Urban Development or any other department of the United States Government.
Acts 1969, No. 118, § 2; A.S.A. 1947, § 9-325; Acts 2001, No. 754, § 1.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 166 - PLANNING AND DEVELOPMENT ORGANIZATIONS (§§ 14-166-201 — 14-166-304) › Subchapter 2 - MULTI-COUNTY PLANNING AND DEVELOPMENT ORGANIZATIONS (§§ 14-166-201 — 14-166-205) › Section 14-166-203 - Recognition and qualification of organizations

(a)
The governing boards of directors of the eight (8) economic development districts are recognized as the representative organizations of the initial planning and development districts as recognized in §
14-166-202
.
(b)
In order to qualify for the benefits of the provisions of this subchapter, the representative organization of a planning and development district shall have a governing board of directors, a majority of whose members are elected officials of local governments and the remainder of whose members represent economic development organizations and organizations broadly representative of diverse community interests.
(c)
(1)
The operations of representative organizations of planning and development districts shall be solely within the discretion and control of the local governing boards of directors of the respective districts, it not being the intention of the General Assembly that anything in this subchapter creates any power, authority, or control in any state agency over the management and operations of the organizations.
(2)
Continued state financial support of organizations as provided in this subchapter shall terminate with respect to any organization that uses state funds for any purpose not within the intent and purposes of this subchapter until the organization shall make restitution for any misused funds and furnishes proof of compliance with respect to future operations.
Acts 1969, No. 118, § 3; A.S.A. 1947, § 9-326.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 166 - PLANNING AND DEVELOPMENT ORGANIZATIONS (§§ 14-166-201 — 14-166-304) › Subchapter 2 - MULTI-COUNTY PLANNING AND DEVELOPMENT ORGANIZATIONS (§§ 14-166-201 — 14-166-205) › Section 14-166-204 - Allocation of payments

(a)
(1)
The Department of Finance and Administration is authorized to make payments from time to time to officially recognized organizations of planning and development districts from state funds appropriated for that purpose.
(2)
Payments shall be scheduled as nearly as possible to begin on July 1 of each fiscal year and on the first day of each calendar quarter thereafter.
(b)
(1)
Funds appropriated for payments to recognized organizations of planning and development districts shall be allocated, in equal shares, among the initial eight (8) recognized districts as established in §
14-166-202
.
(2)
If, in the future, any change occurs in the district boundaries of any of the initial eight (8) districts, as authorized in §
14-166-202
, the number one (1) allocation of appropriated funds to the former districts which comprise counties reorganized in the new district shall be apportioned to the new district in accordance with equitable criteria established by the Department of Finance and Administration and published in advance prior to the establishment of the new district.
Acts 1969, No. 118, § 4; A.S.A. 1947, § 9-327.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 166 - PLANNING AND DEVELOPMENT ORGANIZATIONS (§§ 14-166-201 — 14-166-304) › Subchapter 3 - RURAL ECONOMIC DEVELOPMENT INITIATIVE (§§ 14-166-301 — 14-166-304) › Section 14-166-301 - Legislative findings and intent

(a)
The General Assembly finds that:
(1)
Rural Arkansas is losing population, and it is becoming increasingly difficult for these rural areas to compete economically in light of this population loss;
(2)
Many existing federal and state programs cannot adequately address economic issues in rural areas due to programmatic restraints or other factors;
(3)
Federal and state programs that can be of assistance to rural communities are often unknown or inaccessible;
(4)
Per the 2020 Federal Decennial Census, approximately seventy-one percent (71%) of Arkansas counties lost population between 2010 and 2020, with an average population loss of nine percent (9%) and six (6) Arkansas counties losing over fifteen percent (15%) of their population;
(5)
Municipalities, counties, and regions in decline are showing signs of economic stress that, if not addressed, will result in declines in education, medical care, and elder care, the development of food deserts, and an overall decline in quality of life;
(6)
Rural economic development projects are often limited to isolated local efforts;
(7)
Many rural communities lack the staff necessary to undertake potential economic development activities even when the community is a potential fit for a business or has resources to offer; and
(8)
The state should proactively implement programs and policies that further the advancement of the economy of rural Arkansas and allow for the combination of efforts in imaginative ways so that all regions of the state may prosper to the largest degree possible.
(b)
It is the intent of this subchapter to create the Rural Economic Development Initiative to make funds available to planning and development districts to address the unique economic and workforce development needs of rural areas of the state and to amplify the efforts of existing agencies and individuals who are interested in rural economic development.
Added by Act 2023, No. 746,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 166 - PLANNING AND DEVELOPMENT ORGANIZATIONS (§§ 14-166-201 — 14-166-304) › Subchapter 3 - RURAL ECONOMIC DEVELOPMENT INITIATIVE (§§ 14-166-301 — 14-166-304) › Section 14-166-302 - Definitions

As used in this subchapter:
(1)
"Federal agencies" means:
(A)
Departments, offices, councils, or agencies of the United States Government; or
(B)
Public benefit corporations or authorities authorized by federal law;
(2)
(A)
"Local governmental unit" means a county, city of the first class, city of the second class, or an incorporated town.
(B)
"Local governmental unit" includes an office or department of a county, city of the first class, city of the second class, or incorporated town;
(3)
"Planning and development district" means a planning and development district under §
14-166-202
;
(4)
"Political subdivision" means a county, municipality, or any other unit of local government, including without limitation a public school district or community college;
(5)
"Rural areas" means counties:
(A)
That lost population between 2010 and 2020 as determined by the most recent federal decennial census; or
(B)
Whose total population is less than fifty thousand (50,000) as determined by the most recent federal decennial census;
(6)
"Rural economic development and revitalization" means activities designed to encourage population growth and economic health in a rural area, including without limitation:
(A)
Workforce development;
(B)
Job creation;
(C)
Job retention; and
(D)
Business expansion; and
(7)
"State agencies" means:
(A)
Departments, offices, councils, or agencies of state government; or
(B)
Public benefit corporations or authorities authorized by Arkansas law.
Added by Act 2023, No. 746,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 166 - PLANNING AND DEVELOPMENT ORGANIZATIONS (§§ 14-166-201 — 14-166-304) › Subchapter 3 - RURAL ECONOMIC DEVELOPMENT INITIATIVE (§§ 14-166-301 — 14-166-304) › Section 14-166-304 - Report to Legislative Council

(a)
The Arkansas Economic Development Commission shall submit biannual reports to the Legislative Council that include:
(1)
(A)
A description of the projects for which funds allocated for the Rural Economic Development Initiative were used in the period since the previous biannual report.
(B)
The first report under this section shall include all projects for which funds allocated for the initiative were used from the time the funds were first available;
(2)
Recommendations for legislative proposals to enhance rural economic development and revitalization;
(3)
Data pertaining to successful efforts towards rural economic development and revitalization in rural areas; and
(4)
Other information the planning and development district believes to be relevant to the efforts of the initiative.
(b)
The biannual reports under subsection (a) of this section shall be filed on or before:
(1)
June 30 of each year; and
(2)
December 1 of each year.
Added by Act 2023, No. 746,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-201 - Title

This subchapter shall be referred to, and may be cited as, the "Energy Conservation and Renewable Energy Resource Finance Act."
Acts 1981, No. 53, § 1; A.S.A. 1947, § 13-2401.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-202 - Legislative findings and public policy

(a)
The General Assembly finds that:
(1)
The State of Arkansas is confronted with a severe energy crisis;
(2)
The demand for fuels has outstripped the available supplies;
(3)
The cost to the consumer for energy usage continues to increase at an accelerated rate;
(4)
A great and growing number of residents of this state can no longer afford basic energy needs;
(5)
The energy crisis has adversely affected the growth and stability of agriculture, commerce, and industry within the state, producing widespread unemployment;
(6)
The energy crisis will be perpetuated by a continued dependence on depletable energy resources which are subject to rapid increases in price and uncertain availability; and by the wasteful and inefficient use of available energy supplies;
(7)
These conditions are inimical to the economic security of the state and the health, welfare, and prosperity of its citizens.
(b)
It is declared to be the public policy and responsibility of this state to encourage energy conservation and to promote the development and use of renewable energy resources, in order to alleviate the undesirable social and economic conditions created by the energy crisis.
(c)
The General Assembly finds that the public policy and responsibility of the state as set forth in this section cannot be fully attained without the use of public financing, and it is the purpose of this subchapter to make such financing available for energy facilities which will reduce energy consumption or make use of renewable energy resources in residential, commercial, industrial, and agricultural application.
Acts 1981, No. 53, § 2; A.S.A. 1947, § 13-2402.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-204 - Construction

This subchapter is to be liberally construed to accomplish the purposes of it and shall be the sole authority necessary to be complied with. To this end, it shall not be necessary to comply with general provisions of other laws dealing with energy facilities, their acquisition, construction, leasing, encumbering, or disposition.
Acts 1981, No. 53, § 14; A.S.A. 1947, § 13-2414.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-205 - Energy project authority

(a)
Any municipality and any county in this state is authorized to own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning, or otherwise deal in, or dispose of, or make loans to finance the acquisition, construction, reconstruction, extension, equipment, or improvement of energy facilities.
(b)
Any such undertaking will be referred to in this subchapter as an "energy project."
Acts 1981, No. 53, § 4; A.S.A. 1947, § 13-2404.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-206 - Authority to fund

(a)
Municipalities and counties are authorized to use any available revenues for the accomplishment of energy projects, either alone or together with other available funds and revenues, and may issue bonds, as authorized in this subchapter, for the accomplishment of energy projects, either alone or together with other available funds and revenues.
(b)
Bonds may be issued in such principal amount as shall be sufficient to pay the cost of accomplishing the energy project involved, the cost of issuing bonds, the amount necessary for a reserve, if deemed desirable, the amount necessary to provide for debt service on the bonds until revenues for the payment of them are available, and any other costs and expenditures of whatever nature incidental to the accomplishment of the energy project involved.
Acts 1981, No. 53, § 5; A.S.A. 1947, § 13-2405.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-207 - Bonds - Issuance generally

The issuance of bonds shall be by ordinance of the municipality or county.
Acts 1981, No. 53, § 6; A.S.A. 1947, § 13-2406.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-208 - Bonds - Terms and conditions

(a)
As the ordinance authorizing their issuance may provide, the bonds may:
(1)
Be in such form and denominations;
(2)
Be exchangeable for bonds of another denomination;
(3)
Be made payable at such places within or without the state;
(4)
Be issued in one (1) or more series;
(5)
Bear such date or dates;
(6)
Mature at such time or times, not exceeding forty (40) years from their respective dates;
(7)
Bear interest at such rate or rates;
(8)
Be payable in such medium of payment;
(9)
Be subject to such terms of redemption; and
(10)
Contain such terms, covenants, and conditions, including, without limitation, those pertaining to:
(A)
The custody and application of the proceeds of the bonds;
(B)
The collection and disposition of revenues;
(C)
The rights, duties, and obligations of the municipality or county and the trustee for the holders and registered owners of the bonds; and
(D)
The rights of the holders and registered owners of the bonds.
(b)
Subject to provisions of the ordinance or of the trust indenture, as prescribed in this section or §
14-167-209
pertaining to registration, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.
Acts 1981, No. 53, § 6; A.S.A. 1947, § 13-2406.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-209 - Bonds - Trust indenture, lease, etc

(a)
The ordinance authorizing the bonds may provide for the execution by the municipality or county of an indenture which defines the rights of the holders and registered owners of the bonds and provides for the appointment of a trustee, who may be a trustee within or without the state, for the holders and registered owners of the bonds.
(b)
The indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation, those pertaining to:
(1)
The custody and application of the proceeds of the bonds;
(2)
The maintaining of rates and charges;
(3)
The collection and disposition of revenues;
(4)
The maintenance of various funds and reserves;
(5)
The nature and extent of the security and pledging of revenues;
(6)
The rights, duties, and obligations of the municipality or county and the trustee; and
(7)
The rights of the holders and registered owners of the bonds.
(c)
It shall not be necessary for the municipality or county to publish any indenture, lease, or other agreement if:
(1)
The ordinance authorizing an indenture, lease, or other agreement is published as required by law governing the publication of ordinances of a municipality or county;
(2)
The ordinance advises that a copy of the indenture, lease, or other agreement, as the case may be, is on file in the office of the clerk or recorder of the municipality or the county clerk of the county for inspection by any interested person; and
(3)
The copy of the indenture, lease, or other agreement, as the case may be, is actually filed with the clerk or recorder of the municipality or the county clerk of the county.
Acts 1981, No. 53, § 6; A.S.A. 1947, § 13-2406.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-210 - Bonds - Sale

The bonds may be sold for such price, including, without limitation, sale at a discount, and in such manner as the municipality or county may determine by ordinance.
Acts 1981, No. 53, § 6; A.S.A. 1947, § 13-2406.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-211 - Bonds, coupons - Execution

(a)
(1)
The bonds shall be executed by the mayor and the city clerk or recorder of the municipality or the county judge and county clerk of the county, with either the facsimile or manual signature of the mayor or county judge, but with the manual signature of the clerk or recorder and of the county clerk.
(2)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of the bonds or coupons, their signatures shall nevertheless be valid and sufficient for all purposes.
(b)
The coupons attached to the bonds may be executed by the facsimile signature of the mayor of the municipality or the county judge of the county.
Acts 1981, No. 53, § 6; A.S.A. 1947, § 13-2406.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-212 - Bonds - Successive issues

There may be successive bond issues for the purpose of financing the same energy project, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping energy projects already in existence, whether or not originally financed by bonds issued under this subchapter with each successive issue to be authorized as provided by this subchapter.
Acts 1981, No. 53, § 6; A.S.A. 1947, § 13-2406.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-213 - Bonds - Priority among issues

Priority between and among issues and successive issues as to security of the pledge of revenues and lien on the energy project involved may be controlled by the ordinance authorizing the issuance of bonds under this subchapter.
Acts 1981, No. 53, § 6; A.S.A. 1947, § 13-2406.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-214 - Bond obligation

(a)
(1)
The bonds issued under this subchapter shall not be general obligations of the municipality or county but shall be special obligations, and in no event shall the bonds constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation.
(2)
It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and that it does not constitute an indebtedness of the municipality or county within any constitutional or statutory limitation.
(b)
The principal of, and interest on, the bonds shall be secured by a pledge of, and shall be payable from, revenues derived from the energy project acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.
Acts 1981, No. 53, § 7; A.S.A. 1947, § 13-2407.
Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 167 - ENERGY RESOURCES AND CONSERVATION (§§ 14-167-201 — 14-167-220) › Subchapter 2 - ENERGY CONSERVATION AND RENEWABLE ENERGY RESOURCE FINANCING (§§ 14-167-201 — 14-167-220) › Section 14-167-215 - Refunding bonds

(a)
(1)
Bonds may be issued for the purpose of refunding any obligations issued under this subchapter.
(2)
Refunding bonds may be combined with bonds issued under the provisions of §§
14-167-207
-
14-167-213
into a single issue.
(b)
(1)
When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.
(2)
If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement of them.
(c)
(1)
All bonds issued under this section shall, in all respects, be authorized, issued, and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of such bonds.
(2)
The ordinance under which refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded by them.
Acts 1981, No. 53, § 8; A.S.A. 1947, § 13-2408.