Title 19 — Public Finance

(a) When existing Arkansas law authorizes a board, commission, or agency of the State of Arkansas or a county, municipality, or improvement district to issue bonds or coupon bonds, the authorization shall be deemed to, and is extended to, include the authority to issue bonds that…

(a) In cases in which a valid bond, note, interest coupon, or evidence of indebtedness, that is, an “instrument”, issued by the State of Arkansas, or any of its departments, agencies, or political subdivisions, including without limitation school districts and improvement distric…

(a) Paying agents with whom the state or any political subdivision of the state has deposited or shall deposit funds for the payment of obligations of the state or of any political subdivision of the state shall remit to the Treasurer of State all the funds that have been in the …

(1) After the Treasurer of State has purchased and then held a government bond or state bond for a period of five (5) years, the Treasurer of State shall:(1) Liquidate the bond and place the proceeds to the credit of the General Revenue Fund Account; or(2) Remit the bond to the p…

Every bond issued by the state or by a political subdivision of the state shall be paid by the state or by the political subdivision unless it is barred by the statute of limitations.

(1) The State Board of Finance may:(1) Take such action as may be provided by law for the issuance of refunding bonds for outstanding obligations to the State of Arkansas;(2) Issue replacement bonds, either typewritten, printed, or lithographed, for lost, mislaid, destroyed, or s…

(a) The agent of the state for payment of the maturing principal of, and interest on, its direct obligation bonds, irrespective of any other legislation on the subject, is for all obligations a bank located in this state, to be designated by the State Board of Finance. (b) Fees o…

The Treasurer of State is the official registrar of all direct obligation bonds of this state. Upon the application of the holder of any such obligations, the Treasurer of State shall register them as to principal only or as to both principal and interest. Thereafter, upon simila…

(a) Whenever appropriations and funds are available, the State Board of Finance may purchase direct obligations of this state in advance of maturity for the purpose of retirement under the procedure set forth in this subchapter. (b) All obligations purchased as prescribed, and th…

The Treasurer of State shall classify and record all paid and cancelled state obligations and, from time to time as directed by the State Board of Finance, destroy these obligations by burning them to ashes after preparing for execution certificates of incineration, which shall s…

(a) When refunding bonds are issued by the state, a county, municipality, school district, state-supported educational institution, improvement district of any kind, agency, or political subdivision, which may be called “issuing authorities”, the bonds may either be sold or deliv…

(a) (1) Where refunding bonds are to be issued by a municipality, county, state-supported educational institution, or improvement district of any kind and the bonds to be refunded cannot be presented for payment and cancellation simultaneously with the payment and delivery of the…

Refunding bonds authorized to be sold by the State of Arkansas or an agency or instrumentality of the state at public sale, notwithstanding the provision for public sale, nevertheless may be sold to the United States or an agency of the United States at private sale without publi…

(a) A county, school district, improvement district, or municipality may refund bonds issued under statutory or constitutional authority at any time outstanding by the issuance of bonds bearing a rate or rates of interest that the issuer deems to be just and fair, whether or not …

The refunding bonds may be issued with the privilege of conversion to a lower rate or rates of interest if the issuer receives no less and pays no more than the issuer would receive or pay if the bonds were not converted. The conversion is subject to the approval of the issuer.

The State of Arkansas, an agency of the state, a county, a municipality, a school district, an improvement district of any kind, or any other political subdivision of the state, which may be called “issuing authorities”, may include in the principal of refunding bonds the amount …

This subchapter shall be known and may be cited as the “Registered Public Obligations Act of Arkansas”.

(a) The Internal Revenue Code, 26 U.S.C. § 1 et seq., provides that interest with respect to certain obligations may not be exempt from federal income taxation unless the obligations are in registered form. It is therefore a matter of state concern that public entities be authori…

(1) As used in this subchapter:(1) “Authorized officer” means any individual required or permitted, alone or with others, by any provision of law or by the issuing public entity, to execute, on behalf of the public entity, a certificated registered public obligation or a writing …

(a) Unless at any time before or at original issuance of a registered public obligation the official or official body of the issuer determines otherwise, this subchapter applies to the registered public obligation, notwithstanding any provision of law to the contrary. When this s…

(a) This subchapter shall be liberally construed to accomplish the intent and purposes of this subchapter and is the sole authority required for the accomplishment of those purposes. (b) This subchapter shall be construed in conjunction with the Uniform Commercial Code, § 4-1-101…

(a) (1) Each issuer may establish and maintain a system of registration with respect to each obligation that it issues. The system of registration may either be a system pursuant to which:(A) Only certificated registered public obligations are issued;(B) Only uncertificated regis…

(a) (1) A certificated registered public obligation shall be executed by the issuer by the manual or facsimile signatures of authorized officers.(2) A signature of an authorized officer may be attested by the manual or facsimile signature of another authorized officer. (1) A cert…

(a) A certificated registered public obligation signed by the authorized officers at the time of the signing of the certificated registered public obligation remains valid and binding, notwithstanding that before the issuance thereof any of the officers had ceased to fill their r…

When a seal is required or permitted in the execution of a certificated registered public obligation, an authorized officer may cause the seal to be printed, engraved, stamped, or otherwise placed in facsimile on the certificated registered public obligation. The facsimile seal h…

(a) (1) An issuer may:(A) Appoint for such term as may be agreed, including for so long as a registered public obligation may be outstanding, corporate or other authenticating agents, transfer agents, registrars, and paying or other agents; and(B) Specify the terms of the corpora…

(a) (1) Before or at original issuance of registered public obligations, an issuer may provide as a part of a system of registration that:(A) The transferor or transferee of the registered public obligations pay all or a designated part of the costs of the system of registration …

Obligations issued by public entities under the laws of one (1) or more states, territories, possessions, or the District of Columbia, which are in registered form, whether or not represented by an instrument, and which, except for their form, satisfy the requirements with regard…

(a) With regard to the ownership of or security interest in registered public obligations, records are not subject to inspection or copying under any law of this state relating to the right of the public to inspect or copy public records, notwithstanding any law to the contrary. …

The state covenants with the owners of registered public obligations that it will not amend or repeal this subchapter if the effect may be to impair the exemption from income taxation of interest on registered public obligations.

This subchapter shall be known and may be cited as the “Revenue Bond Reporting Act”.

(a) All state and local agencies, boards, commissions, institutions of higher education, and authorities authorized by the state and cities and counties shall annually file a report with the State Board of Finance, on or before October 1, reflecting any revenue bonds that have be…

This subchapter shall be known and may be cited as the “Revenue Bond Act of 1987”.

The people of the State of Arkansas, by the adoption of Arkansas Constitution, Amendment 65, have expressed their intention to provide governmental units expanded power and authority with respect to the creation of bonded indebtedness for capital improvements of a public nature, …

It is the specific intent of this subchapter that the provisions of this subchapter are procedural only and are supplemental to other constitutional or statutory provisions now existing or hereafter adopted that may authorize the issuance of revenue bonds for the financing of cap…

(1) As used in this subchapter:(1) “Bonds” or “revenue bonds” means:(A) Bonds issued pursuant to an act of the General Assembly under the authority of Arkansas Constitution, Amendment 65; and(B) All bonds or other obligations, the repayment of which are secured by rents, loan pay…

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 act and thing authorized in this subchapter. All powers granted in this subchapter shall be broa…

(a) When a governmental unit determines the need to issue bonds for capital improvements of a public nature or industrial enterprise, the governing body shall authorize the issuance of those bonds by order, ordinance, or resolution or by letter bearing the signature of the execut…

(a) A proclamation, order, or ordinance prescribed by § 19-6-606 shall be not entered by a governing body until the governing body, the governmental unit, or the delegate of either has conducted a public hearing:(1) In the case of a regional water distribution district, regional …

This subchapter shall be known and may be cited as the “Taxable Bond Act of 1989”.

(1) The General Assembly finds and declares:(1) The United States Supreme Court, in the case of South Carolina v. Baker, 485 U.S. 505 (1988), held that no barrier exists under the United States Constitution to the imposition of federal income taxation on interest received by hold…

(1) As used in this subchapter:(1) “Bonds” means any bonds, issued pursuant to the Arkansas Constitution and pursuant to an act of the General Assembly heretofore or hereafter enacted, and means all debentures, notes, warrants, tax anticipation notes, bond anticipation notes, com…

(a) This subchapter is supplemental to all other provisions of state law governing the issuance of bonds by any governmental unit and, except as otherwise provided in this subchapter, the provisions of state law governing the issuance of bonds by any governmental unit shall conti…

This subchapter shall be liberally construed to effectively carry out the purposes of this subchapter.

A governmental unit may issue taxable bonds for any purpose permitted by the law heretofore or hereafter enacted under authority of which the taxable bonds are issued, whether those purposes are set forth in each law by specific category or by a general authorization to accomplis…

(1) The ordinance, resolution, indenture, agreement, or other instrument providing for the issuance of taxable bonds may provide for any of the following:(1) The bonds shall be in such denominations, in such form, either bearer or registered, and payable at such place or places, …

The bonds may be sold at public or private sale. If the governmental unit determines that a negotiated sale of the taxable bonds is in the best interest of the governmental unit, the governmental unit may negotiate for the sale of the taxable bonds.

(a) The proceeds of an issue of taxable bonds and the investment earnings on the proceeds shall be used in the manner and to the extent specified in the ordinance or resolution providing for the issuance of the taxable bonds, by the governmental unit issuing the taxable bonds for…

Notwithstanding any provisions of state law relating to the investment or reinvestment of surplus funds of any governmental unit or any more restrictive provisions of the law under authority of which the bonds are issued, the proceeds of taxable bonds issued to refund or advance …