Title 14, Local Government

(a) The governing body of each municipality and the county court of each county desiring to organize a port authority under this chapter shall declare its intention to do so by ordinance of the governing body of the municipality and by order of the county court of the county. (b)…

(a) Immediately after the filing of the order of the circuit court, the governing body of each petitioning municipality and the county court of each petitioning county shall appoint the persons to be the members of the board of the authority established by the order of the circui…

A certified copy of each ordinance and a certified copy of each county court order appointing persons to membership on the board shall be filed with the secretary of the board of the authority and shall be and remain part of the permanent records of the authority.

(a) Port authorities are authorized to accomplish the following general purposes:(1) To establish, acquire, develop, improve, or maintain harbors, ports, river-rail terminals, barge terminals, parks for industrial and commercial operations, and related improvements and facilities…

(1) In order to enable authorities to carry out the purposes of this chapter, the authorities shall:(1) Have the powers of a body corporate including the power to sue and be sued, to make contracts, and to adopt and use a seal;(2) Have the power to rent, acquire, improve, develop…

With regard to warehouse facilities used for commercial warehousing purposes mentioned § 14-185-108(a)(1)-(4), (6), (7), and (9)-(11), § 14-185-108(b), and § 14-185-109(2), (3), (12), and (13), the authority, prior to entering into a new lease of existing warehouse facilities or …

(a) For the acquiring of rights-of-way and property necessary or desirable for the carrying out of their powers and for the accomplishment of the purposes of this chapter, port authorities shall have the right and power to acquire property by gift, by purchase, by negotiation, or…

Nothing in this chapter shall be construed to authorize any port authority to acquire by condemnation, or to issue bonds and use the proceeds of them to acquire by condemnation, a utility plant or utility distribution system, or any part of them, owned or operated by a regulated …

(a) (1) Port authorities shall have the power and are authorized to acquire, own, lease, locate, install, construct, equip, hold, maintain, control, and operate at harbors, ports, and river-rail and barge terminals or lines of terminal railroads with necessary sidings, turnouts, …

(a) (1) Port authorities are authorized to assign, transfer, lease, convey, grant, or donate to the federal government, or to the appropriate agency of it, any or all of their property, for use by the federal government, or the appropriate agency of it, for any purpose included w…

(a) (1) It is determined that the ports, harbors, river-rail and barge terminals, and the facilities authorized to be acquired, constructed, reconstructed, extended, equipped, or improved by port authorities under this chapter are necessary for and useful in the securing and deve…

(a) Port authorities are authorized and empowered to enter into the necessary contracts for the borrowing of funds, pursuant to the provisions of this chapter, which they may determine will be required to carry out the powers of port authorities and to carry out the purposes of t…

This chapter shall be the sole authority required for the issuance of bonds under it and for the exercise of the powers of authorities established under this chapter. It shall not be necessary for the municipalities and counties represented on the boards of directors of authoriti…

All covenants and agreements entered into and made by an authority shall be binding in all respects on the authority and the members of it and their successors from time to time in accordance with the terms of such covenants and agreements. All of those provisions shall be enforc…

Bonds may be issued from time to time for the acquisition, construction, and equipment of facilities and the reconstructing, extending, improving, equipping, or reequipping of facilities.

Each bond issue shall be in the principal amount sufficient, together with other available funds, for the acquisition, construction, and equipment of facilities or the reconstruction, extension, improvement, equipment, or reequipment of facilities, all costs of issuing bonds, the…

The authority issuing the bonds, by the resolution or indenture, among other things, may control the subsequent issuance of additional bonds and the priority, between and among issues, of the pledge of revenues and of the mortgage lien, provide for the use of surplus pledged reve…

(a) Each issue of bonds shall be authorized by resolution of the authority issuing the bonds. (b) Priority, between and among successive issues, of the pledge of revenues and mortgage lien may be controlled by the resolutions authorizing the issuance of bonds under this chapter.

(a) As the authorizing resolution may provide, the bonds may:(1) Be coupon bonds payable to bearer;(2) Be registered as to principal or as to principal and interest, or be coupon bonds subject to registration as to principal or as to principal and interest;(3) Be in one (1) or mo…

(a) Each resolution of an authority authorizing the issuance of bonds may provide for the execution of an indenture defining the rights of the holders and registered owners of the bonds and providing for the appointment of a trustee for the holders and registered owners of the bo…

It shall be plainly stated on the face of each bond issued under this chapter that it has been issued under the provisions of this chapter.

Bonds issued under this chapter may be sold for such price including, without limitation, sale at a discount and in such manner as the authority issuing the bonds may determine by resolution.

(a) (1) Bonds issued under this chapter may be executed by the facsimile signature of the chairman of the authority issuing the bonds and by the manual signature of the secretary of the authority issuing the bonds and sealed with the seal of the authority issuing the bonds.(2) Th…

Bonds issued under this chapter may be sold with the privilege of conversion to an issue bearing a lower rate or rates of interest upon such terms that the authority issuing the bonds receive no less and pay no more than it would receive and pay if the bonds were not converted. T…

There may be separate issues involving different facilities and there may be successive issues involving the same facilities.

Bonds issued under this chapter shall be general or special obligations only of the port authority issuing the bonds. In no event shall they constitute an indebtedness for which the faith and credit of the State of Arkansas or the faith and credit of any municipality or county, o…

No member of any port authority shall be personally liable on the bonds or for any damages sustained by anyone in connection with the contracts with the holders and registered owners of the bonds or the construction, reconstruction, extension, improvement, or equipping of buildin…

(a) The principal of, premium, if any, or interest on, and trustee's and paying agent's fees in connection with each issue of bonds issued by the port authority under this chapter shall be secured by a pledge of, and shall be payable from, the revenues derived from the lands, bui…

(a) (1) Bonds may be issued under this chapter for the purpose of refunding any bonds theretofore issued under this chapter.(2) (A) Refunding bonds may be issued alone or combined with bonds issued under this chapter into a single issue for the purpose of refunding outstanding bo…

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

Bonds issued under this chapter shall be eligible to secure deposits of all public funds and shall be legal for the investment of bank, insurance company, and retirement funds.

(a) The resolution or indenture referred to in §§ 14-185-122 and 14-185-124 may, but need not, impose a foreclosable mortgage lien upon the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued und…

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