Title 14, Local Government

(a) Immediately after the filing of the order of the circuit court issued under § 14-189-104, the governing body of each petitioning local government shall appoint the persons to be the members of the board of directors of the industrial development authority established by the o…

A certified copy of each ordinance and a certified copy of each order appointing persons to membership on the board of directors of the industrial development authority shall be filed with the secretary of the board of directors of the industrial development authority and shall b…

(a) An industrial development authority may accomplish the following general purposes:(1) To establish, acquire, develop, improve, or maintain:(A) Commerce and industrial parks;(B) Research, technology, and development proving grounds and facilities;(C) Job training facilities, a…

(1) In order to enable an industrial development authority to carry out the purposes of this chapter, the industrial development authority 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…

(a) With regard to industrial development authority-owned facilities used for commercial and industrial purposes, before entering into a new lease of existing facilities or into a lease of new facilities, in whole or in part, or before operating facilities for these purposes, in …

(a) For the acquiring of property, including rights-of-way, necessary or desirable for the carrying out of the powers of an industrial development authority and for the accomplishment of the purposes of this chapter, an industrial development authority may acquire property by gif…

This chapter does not authorize any industrial development authority to acquire by condemnation, or to issue bonds and use the proceeds of the bonds to acquire by condemnation, a utility plant or utility distribution system, or any part of them, owned or operated by a regulated p…

(a) (1) An industrial development authority may acquire, own, lease, locate, install, construct, equip, hold, maintain, control, and operate railroads with necessary sidings, turnouts, spur branches, switches, yard tracks, transload on and off-loading equipment, bridges, trestles…

(a) (1) An industrial development authority may assign, transfer, lease, convey, grant, or donate to the United States Government or to the appropriate agency of the United States Government any or all of the property of the industrial development authority for use by the United …

(a) (1) It is determined by the General Assembly that the following are necessary for and useful in the securing and developing of industry in the State of Arkansas:(A) Commerce and industrial parks;(B) Research, technology, and development proving grounds and facilities;(C) Job …

(a) An industrial development authority may enter into the necessary contracts for the borrowing of funds, pursuant to this chapter, that the industrial development authority may determine will be required to carry out the purposes of this chapter. In this regard, an industrial d…

(a) This chapter is the sole authority required for the issuance of bonds under this chapter and for the exercise of the powers of an industrial development authority established under this chapter. (b) A local government represented on the board of directors of an industrial dev…

(a) All covenants and agreements entered into and made by an industrial development authority shall be binding in all respects on the industrial development authority and the members of the industrial development authority and their successors from time to time in accordance with…

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

(1) Each bond issued under this chapter shall be in the principal amount sufficient, together with other available funds, for:(1) The acquisition, construction, and equipment of facilities or the reconstruction, extension, improvement, equipment, or reequipment of facilities;(2) …

(a) (1) An industrial development authority issuing the bonds under this chapter, by 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…

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

(a) Bonds issued under this chapter may:(1) Be coupon bonds payable to bearer as the authorizing resolution may provide;(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 as…

(a) Each resolution of an industrial development authority authorizing the issuance of bonds under this chapter 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 t…

It shall be plainly stated on the face of each bond issued under this chapter that the bond 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 industrial development authority issuing the bonds may determine by resolution.

(a) (1) Bonds issued under this chapter may be executed by the facsimile signature of the chair of the board of directors of the industrial development authority issuing the bonds and by the manual signature of the secretary of the board of directors of the industrial development…

(a) 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 industrial development authority issuing the bonds receive no less and pay no more than the industrial development autho…

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

(1) Bonds issued under this chapter:(1) Shall be general or special obligations only of the industrial development authority issuing the bonds; and(2) Do not constitute an indebtedness for which the faith and credit of the state or the faith and credit of any municipality, county…

A member of an industrial development authority shall not be personally liable on the bonds issued under this chapter 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, e…

(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 industrial development authority under this chapter shall be secured by a pledge of, and shall be payable from, the revenues derived f…

(a) (1) Bonds may be issued under this chapter for the purpose of refunding bonds previously 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 bonds, …

(a) Bonds issued under this chapter are exempt from all state, county, and municipal taxes. (b) The exemption under this section includes without limitation 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 investment of bank, insurance company, and retirement funds.

(a) The resolution or indenture referred may 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 under this chapter. (b) The nature and extent of the …

(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. (…