Title 14, Local Government

Any municipality or any county is authorized to own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, or contract concerning, or otherwise deal in or dispose of, any land, buildings, or facilities of any and every nature whatever that can b…

(a) Municipalities and counties are authorized to use any available revenues for the accomplishment of the purposes set forth in § 14-164-205 and are authorized to issue revenue bonds and to loan and otherwise use the proceeds thereof for the accomplishment of the purposes set fo…

The provisions of this section and §§ 14-164-208 — 14-164-216 and 14-164-218 shall not restrict the issuance of any bonds with regard to which a resolution, ordinance, order, or like action authorizing or committing to the issuance of bonds shall have been adopted or taken by a m…

(a) (1) Revenue bonds authorized by this subchapter may be issued by a municipality upon the adoption of an ordinance for that purpose by the governing body of the municipality.(2) Revenue bonds authorized by this subchapter may be issued by a county upon the entry of an order of…

(a) The issuance of revenue bonds shall be by an ordinance of the municipality or an order of the county court, as the case may be. (b) In the ordinance of the municipality or the order of the county court authorizing the issuance of revenue bonds, the municipality or the county …

(a) The bonds may be in bearer or registered form, with or without coupons, and may be subject to exchange or modification in that regard, and, as the ordinance may provide, may:(1) Be issued in one (1) or more series;(2) Bear such date or dates;(3) Mature at such time or times, …

(a) The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the rights of the bondholders and provides for the appointment of a trustee for the bondholders. (b) The indenture may control the priority between successive issu…

(a) (1) (A) The bonds shall be executed by the mayor and the city clerk or recorder of the municipality, or by the county judge and the county clerk of the county, as the case may be.(B) One (1) signature may be facsimile, but one (1) signature must be manual.(2) The coupons atta…

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 or order.

The municipality or the county may make provision in the ordinance or order for the manner and circumstances in which and under which bonds issued under this section may, in the future at the request of the holders or registered owners thereof, be converted into bonds of smaller …

There may be successive bond issues for the purpose of financing the same industrial projects, including land, buildings, or facilities, involving one (1) or more industries, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing…

Priority between and among issues and successive issues as to security of the pledge of revenues and mortgage liens on the land, buildings, and facilities involved may be controlled by the ordinance or order authorizing the issuance of bonds under this subchapter.

(a) (1) Revenue 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 revenue bonds constitute an indebtedness of the municipality or county within the meaning of any constitu…

(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) (1) Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter.(2) Refunding bonds may be combined with bonds issued under the provisions of § 14-164-206 into a single issue. (1) Revenue bonds may be issued unde…

(a) (1) The ordinance, order, or indenture referred to in §§ 14-164-209 and 14-164-211 may, but need not, impose a foreclosable mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with t…

(a) In the event of a default in the payment of the principal of, or interest on, any revenue bonds issued under this subchapter, any court having jurisdiction may appoint a receiver to take charge of the land, buildings, or facilities acquired, constructed, reconstructed, extend…

(a) Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes. (b) This exemption includes income and inheritance taxes.

(a) Any municipality or any board, commission, or other authority established by ordinance of any 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 municipality or any county, or the …

Nothing in this subchapter shall be construed to authorize any municipality to issue or sell revenue bonds, or use the proceeds thereof, to purchase, condemn, or otherwise acquire a utility plant or distribution system owned or operated by a regulated public utility.

This subchapter shall be referred to and may be cited as the “Local Government Bond Act of 1985.”

The people of the State of Arkansas by the adoption of Arkansas Constitution, Amendment 62, have expressed their intention to provide county and municipal governments expanded powers and authority with respect to the creation of bonded indebtedness for capital improvements of a p…

(1) As used in this subchapter:(1) “Bonds” means bonds issued pursuant to this subchapter or under Arkansas Constitution, Amendment 62, if issued prior to the enactment hereof;(2) “Capital improvements of a public nature” or “capital improvements” for the purposes of Arkansas Con…

This subchapter shall be construed liberally to effectuate the legislative intent and the purposes of this subchapter as complete and independent authority for the performance of each and every act and thing herein authorized and all powers herein granted shall be broadly interpr…

(a) It is the specific intent of this subchapter that this subchapter, and in particular §§ 14-164-326 — 14-164-339, be supplemental to other constitutional or statutory provisions that may provide for the financing of capital improvements of a public nature or economic developme…

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…

To provide for the financing of economic development projects, municipalities and counties may own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning, and otherwise deal in or dispose of any economic development projects.

Whenever a legislative body determines the need to issue bonds for capital improvements or economic development projects, the legislative body shall authorize the issuance of the bonds by ordinance specifying the principal amount of bonds to be issued, the purpose or purposes for…

(a) The question of the issuance of such bonds shall be submitted to the electors of the county or municipality 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 and held in the manner prov…

(a) As the ordinance 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 the state…

Bonds may bear the rate or rates of interest that the ordinance or trust indenture authorized in § 14-164-310(a) provides.

(a) The ordinance 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 trust ind…

It shall be plainly stated on the face of each bond that it has been issued under the provisions of Arkansas Constitution, Amendment 62 and this subchapter.

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

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 legislative body of the issuer may determine.

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 this subchapter. However, the issuer is not prohibited from using other taxes, revenues, or r…

(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) The ad valorem tax shall never be extended for any other purpose, nor collected for any greater length of time than necessary to retir…

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

(a) The ordinance or trust indenture authorized in § 14-164-310 or § 14-164-312 may, but need not, impose a foreclosable mortgage lien upon the capital improvements or economic development projects financed with the proceeds of bonds issued under this subchapter. (b) The nature a…

No officer, employee, or member of the legislative body 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 inte…

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) When bonds are to be issued for more than one (1) purpose the principal amount of bonds applicable to each purpose shall be stated on the ballot as a separate question and no bonds shall be issued for such purpose unless a majority of the electors voting on each separate ques…

(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 pursuant to Arkansas Constitution, Amendment 62, or prior amendments to the Arkansas Constitution repealed by Arkansas Constitution, Amendment 62. (b) (1) The refunding bonds m…

It is the express intent of the General Assembly that any tax levied under the authority of this subchapter by a municipality or county to finance capital improvements of a public nature or economic development projects shall not constitute revenues of the state within the meanin…

(a) Any municipality levying a tax upon the gross receipts of hotel and motel accommodations or upon the gross receipts of restaurants, cafes, cafeterias, and similar establishments is authorized to pledge all or a specified portion of the receipts of such tax to the retirement o…