Title 14, Local Government

(a) It is the specific intent of this subchapter that the provisions of this subchapter are supplemental to other constitutional or statutory provisions which may provide for the financing of capital improvements for public libraries. (b) Nothing contained in this subchapter shal…

For the purposes of this subchapter, when it is necessary to determine whether publication or other activity has taken place within a municipality lying in more than one (1) county, or where suit shall be filed contesting an election in that municipality, then the publication, ac…

(a) Whenever one hundred (100) or more tax-paying electors of any municipality shall file a petition with the mayor:(1) Asking that an ad valorem tax on real and personal property be levied for capital improvements, which petition shall specify a rate of taxation not to exceed th…

(a) The question of the issuance of such bonds shall be submitted to the electors of the municipality or county at the general election or at a special election called for that purpose in accordance with § 7-11-201 et seq., as provided in the ordinance or order and held in the ma…

(a) As the ordinance, order, or trust indenture as authorized in this subchapter may provide, the bonds may:(1) Be in registered or other form;(2) Be in such denominations;(3) Be exchangeable for bonds of another denomination;(4) Be made payable at such places within or without t…

Bonds for capital improvements issued pursuant to this subchapter shall not bear a rate of interest in excess of the rate provided in the Arkansas Constitution.

(a) The ordinance or order authorizing the bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture which defines the rights of the owners of the bonds and provides for the appointment of a trustee for the owners of the bonds. (b) The …

It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and either Arkansas Constitution, Amendment 30, in the case of municipalities, or Arkansas Constitution, Amendment 38, in the case of counties, both as amended by A…

The bonds may be sold at public or private sale for such price, including, without limitation, sale at a discount, and in such manner as the issuer may determine.

The bonds shall be executed in the manner provided by the Registered Public Obligations Act of Arkansas, § 19-6-401 et seq., as that subchapter may be amended.

There may be successive bond issues for the purpose of financing the same capital improvements.

The bonds shall be secured by, and contain a pledge of, any tax or combination of taxes authorized to pay the bonded indebtedness and shall be payable solely from the taxes authorized by Arkansas Constitution, Amendment 30 or Amendment 38, as amended by Arkansas Constitution, Ame…

No officer, employee, or member of the issuer shall be personally liable on any bonds issued under the provisions of this subchapter or for any damages sustained by any person in connection with any contracts entered into to carry out the purposes and intent of this subchapter, u…

(a) The ad valorem tax pledged for payment of bonds shall constitute a special fund pledged as security for the payment of such indebtedness. (b) (1) The ad valorem tax shall never be extended for any other purpose nor collected for any greater length of time than necessary to re…

(a) If the issuance of bonds is authorized in accordance with the provisions of this subchapter, a municipality or county is authorized to obtain interim financing pending the delivery of all or any part of the bonds from such sources and upon such terms as the municipality or th…

(a) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued hereunder. (b) (1) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.(2) If sold for cash, the proceeds may be either app…

Bonds and notes issued under the provisions of this subchapter and the income thereon shall be exempt from all state, county, and municipal taxes, including, without limitation, all income, property, and inheritance taxes.

(a) The ordinance, order, or trust indenture authorized in §§ 14-142-207 and 14-142-209 may, but need not, impose a foreclosable mortgage lien upon the capital improvements financed with the proceeds of bonds issued under this subchapter. (b) The nature and extent of such mortgag…