Title 14, Local Government

(a) (1) A research park authority:(A) Shall have as sponsor at least one (1) accredited institution of higher education; and(B) May have one (1) or more:(i) Municipality;(ii) County;(iii) State agency; or(iv) Research institute or center.(2) One (1) or more sponsors who meet the …

(a) Upon creation of a research park authority:(1) The authority and its members shall:(A) Constitute a public corporation; and(B) Have perpetual succession; and(2) The authority and its members may:(A) Contract and be contracted with;(B) Sue and be sued; and(C) Have and use a co…

(a) Subject to any limitations created in the agreement required under § 14-144-201(c), the management and control of each research park authority and its property, operations, business, and affairs shall be lodged in a research park authority board of not less than five (5) nor …

(a) Each research park authority board is given the following powers:(1) To make and adopt all necessary bylaws for its organization and operation;(2) To elect officers and to employ personnel necessary for its operation;(3) To delegate any authority given to it by law to any of …

(a) A research park authority shall have the right to acquire any property necessary to carry out the purposes of this chapter by exercising the power of eminent domain. (b) The research park authority, its agents, and its employees may seek a court order to enter upon real prope…

(a) A research park authority may exercise its power of eminent domain by filing an appropriate petition in condemnation in the circuit court of the county in which the property sought to be taken is situated to have the compensation determined, giving the owner of the property t…

(a) (1) The petitioner may file a declaration of taking at any time before a judgment is signed by the chair of the research park authority board or with the condemnation petition in any proceeding instituted by and in the name of the research park authority that involves the acq…

(a) The circuit court shall impanel a jury of twelve (12) persons, as in other civil cases, to ascertain the amount of compensation that the research park authority shall pay for the real property, an interest in the real property, or an easement that the authority is taking. (b)…

(a) Whenever it is deemed necessary by a research park authority in connection with the exercise of its powers conferred in this chapter to take or acquire any lands, structures, buildings, or other rights, either in fee or as easements, for the purposes set forth in this chapter…

(a) A research park authority may use any available revenues for the accomplishment of the purposes and the implementation of the powers authorized by this chapter, including the proceeds of revenue bonds issued from time to time under this chapter, either alone or together with …

(a) The issuance of revenue bonds shall be by resolution of the research park authority. (b) The bonds of each issue may:(1) Be coupon bonds payable to bearer or may be registrable as to principal only or as to both principal and interest;(2) Be in such form and denominations as …

(a) The resolution authorizing the bonds may provide for the execution by the research park authority of an indenture that defines the rights of the holders and registered owners of the bonds and provides for the appointment of a trustee for the holders and registered owners of t…

The bonds may be sold for a price, including sale at a discount, and in a manner the research park authority may determine by resolution.

(a) (1) The bonds shall be executed by the manual or facsimile signatures of the chair and secretary of the board of the research park authority.(2) In case any of the officers whose signatures appear on the bonds or coupons cease to be officers before the delivery of the bonds o…

(a) The revenue bonds issued under this chapter shall be obligations only of the research park authority and shall not be general obligations of any county or municipality, accredited institution of higher education, or the State of Arkansas. (b) (1) The revenue bonds shall not c…

(a) (1) Revenue bonds may be issued under this chapter to refund any obligations issued under this chapter.(2) The refunding bonds may be combined with bonds issued into a single issue. (1) Revenue bonds may be issued under this chapter to refund any obligations issued under this…

(a) The resolution or indenture securing the bonds may impose a foreclosable mortgage lien upon or security interest in the facilities of the research park authority or any portion of the facilities, and the extent of the mortgage lien or security interest may be controlled by th…

(a) (1) In the event of a default in the payment of the principal of or interest on any bonds issued under this chapter, a court having jurisdiction may appoint a receiver to take charge of any facilities upon or in which there is a mortgage lien or security interest securing the…

In connection with obtaining funds for its purposes, a research park authority may enter into an agreement with any person, including the United States Government or any agency or subdivision of the United States Government, containing such provisions, covenants, terms, and condi…

(a) The property of each research park authority is exempt from all local and municipal taxes. (b) Bonds, notes, debentures, and other evidences of indebtedness of the authority are declared to be issued for a public purpose and to be public instrumentalities and, together with i…

(a) If a research park authority realizes a surplus, whether from operating the research park facilities and other facilities or leasing it or them for operation, over and above the amount required for the maintenance, improvement, and operation of the research park facility and …

(a) Contributions may be made to a research park authority from time to time by any county, municipality, or accredited institution of higher education by the State of Arkansas or any agency of the state or by any person. (b) (1) In order to afford maximum opportunities for contr…

(a) (1) All funds received by a research park authority shall be deposited into such banks as the research park authority may direct and shall be withdrawn from those banks in a manner the authority may direct.(2) (A) Each authority shall keep strict account of all of its receipt…

(1) A county, municipality, accredited institution of higher education, and state agency that is a sponsor of a research park authority may:(1) Appoint members of a research park authority;(2) Contribute to the cost of acquiring, constructing, equipping, maintaining, and operatin…

(a) Each research park authority may lease its research park facilities and all or any part of its appurtenances and facilities to any available lessee at a rental and upon such terms and conditions as the authority deems proper. (b) Leases shall be for some purpose associated wi…

If the board of a research park authority so determines, the authority may sell all or any part of its properties and assets and distribute the proceeds among the sponsoring counties, municipalities, accredited institutions of higher education, and state agencies in the proportio…

Any county or municipality or any board, commission, or other authority established by ordinance of any county or municipality or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such municipality, o…