Title 14, Local Government

(a) The taxpayer must file a claim with the city clerk stating:(1) The name and mailing address of the taxpayer;(2) The time when and the period for which the tax was paid;(3) The amount of the tax which the taxpayer claims was levied for retirement of the bond issue;(4) Any othe…

(a) Before any money is transferred into the city general fund under this subchapter, the city shall publish a notice of the refund procedure at least once per week for at least four (4) consecutive weeks in a newspaper having general circulation within the city. (b) All principa…

(1) As used in this chapter, unless the context otherwise requires:(1) “Local government” means any:(A) City of the first or second class;(B) Incorporated town;(C) County;(D) School district;(E) Improvement district; or(F) Board, agency, or commission of the governments set out i…

(a) Any local government desiring to own, acquire, construct, reconstruct, remodel, equip, extend, operate, maintain, or otherwise provide improvements may establish a reserve for those improvements so that the costs thereof may be accumulated out of revenues from year to year. (…

(a) The reserve fund shall be established by written agreement with a trustee independent from the local government. The trust agreement shall contain:(1) A description of the improvements for which the reserve is established;(2) A covenant that the reserve funds will not be used…

After the execution of the trust agreement, the local government may, during the fiscal year in which the agreement is executed and in subsequent fiscal years, appropriate, pay, or disburse the funds into the reserve as the governing body may determine during those fiscal years.

The provisions of this chapter shall be cumulative to any similar provisions of law now in effect.

The taxing agencies and instrumentalities to which this chapter is applicable shall be all those recited in those acts of the United States Congress and that may be recited in any amendment thereof, including the following: (1) All the taxing agencies or instrumentalities hereina…

(a) Any and all the taxing agencies or instrumentalities named in § 14-74-102 shall have the right and power to:(1) Avail themselves of any and all acts of the United States Congress providing for the lending of money to such districts and for the refinancing, refunding, adjustme…

Any and all of the taxing agencies and instrumentalities set out in § 14-74-102 acting through their governing boards shall have the right to cooperate with and to borrow from the Reconstruction Finance Corporation and with any and all other governmental agencies, and with credit…

Any department of this state authorized by any law of this state to purchase, own, or hold as security any bonds issued by any agencies or districts enumerated in the previous provisions of this chapter is authorized and empowered to give its consent to and participate in any pla…

For the purpose of this chapter, a “political subdivision” shall not include levy districts, drainage districts, or any other improvement districts.

Any political subdivision of the State of Arkansas engaging the services of a certified public accountant for the purpose of statutorily required audits shall require the certified public accountant to issue, in addition to the audit report, what is commonly referred to in the ac…

(1) The management letter shall include:(1) Comments by the certified public accountant as to his observations on the system of internal control employed by the political subdivision;(2) Exceptions to statutory provisions;(3) Requirements which may have been noted by the certifie…

(a) The political subdivision shall supply the Legislative Joint Auditing Committee with one (1) copy of the management letter in addition to the required copy of the audit report. (b) The management letter shall be forwarded to the committee with the audit report.

This chapter may be known and cited as the “Local Fiscal Management Responsibility Act”.

(1) As used in this chapter:(1) “Executive officer” means the following for the applicable political subdivisions:(A) For school districts, an “executive officer” is the superintendent of the school or the executive director of the education service cooperative;(B) For municipali…

(a) All public officers and employees shall comply with the provisions of the fiscal management and responsibility laws contained in this chapter. (b) Upon discovery or notification of an alleged violation of the fiscal responsibility and management laws, the executive officer of…

(a) The executive officer of the political subdivision shall notify the public officer or employee of its findings and any corrective or remedial action to be taken. (b) Notification shall be made in a manner ensuring actual notice to the public officer or employee. (c) The publi…

The public officer or employee violating a fiscal responsibility and management law shall be given not more than thirty (30) days from the date of notification to effect corrective or remedial action recommended by the executive director of the political subdivision. Failure to m…

(a) If the executive officer determines that there has been a violation of the fiscal responsibility and management laws, the executive officer may request the appropriate prosecuting attorney to conduct an investigation regarding the violation. (b) The Legislative Joint Auditing…

After conducting an investigation into the alleged violations, the appropriate prosecuting attorney or the Attorney General may file a civil suit in circuit court against the public officer or employee alleged to have violated the fiscal responsibility and management laws. Venue …

If the public officer or employee is found by the court to have knowingly violated the provisions of the fiscal responsibility and management laws, the court shall impose a civil penalty upon the public officer or employee of not less than one hundred dollars ($100), nor more tha…

(a) If the public officer or employee is found by the court to have knowingly violated the provisions of the fiscal responsibility and management laws, the prosecuting attorney or the Attorney General shall be allowed to recover costs and attorney fees associated with the civil s…

All actions and procedures under the provisions of this chapter are civil in nature and shall be governed by the appropriate rules, regulations, and laws regarding civil actions and remedies.

The provisions of this chapter are supplemental to any other remedies available by law. In addition, the provisions of this chapter do not limit or diminish any civil rights or administrative procedures available to any public officer or employee or political subdivision.

This chapter shall be referred to and may be cited as the “Local Government Short-Term Financing Obligations Act of 2001”.

(1) As used in this chapter, unless the context otherwise requires:(1) “Chief executive” means the mayor of a municipality or the county judge of a county;(2) “County” means any county in the State of Arkansas;(3) “Issue” means, depending on the type of obligation, to issue, ente…

(a) (1) Municipalities and counties are authorized to issue obligations for the purpose of acquiring, constructing, installing, and renting real property or tangible personal property having an expected useful life of more than one (1) year.(2) The maximum term and maximum intere…

(a) Obligations may be issued under this chapter to refund any outstanding short-term financing obligations issued pursuant to Arkansas Constitution, Amendment 78, whether or not issued under this chapter. (b) (1) Refunding obligations may be either sold for cash or delivered in …

(a) The ordinance or short-term financing agreement may impose or authorize the imposition of a forecloseable mortgage lien upon the property financed or refinanced, in whole or in part, with the proceeds of obligations issued under this chapter. (b) The nature and extent of the …

Obligations issued under this chapter and all amounts treated as interest thereon shall be exempt from all state, county, and municipal taxes.

Unless set forth in the ordinance, obligation, or short-term financing agreement, all obligations issued under the provisions of this chapter are negotiable instruments within the meaning of the negotiable instruments law of the state.

No officer, employee, or member of the legislative body of the issuer shall be personally liable for any obligations issued under the provisions of this chapter or for any damages sustained by any person in connection with any contracts entered into to carry out the purposes and …

(a) The provisions of this chapter are supplemental to constitutional or statutory provisions now existing or later adopted which may provide for the financing of real or personal property. (b) Nothing contained in this chapter shall be deemed to be a restriction or limitation up…

This chapter shall be construed liberally to effectuate the legislative intent and the purposes of this chapter as complete and independent authority for the performance of every act and thing authorized, and all powers granted under this chapter shall be broadly interpreted to e…

This chapter may be cited as the “Local Government Joint Investment Trust Act”.

The purpose of this chapter is to permit local governments in Arkansas to join together to establish trusts for joint investment of moneys not currently needed so as to enhance their investment opportunities and increase investment earnings. This chapter shall be deemed to provid…

(1) For purposes of this chapter:(1) “Local government” shall mean:(A) Any city, county, school district, or community college district of this state;(B) Any department, instrumentality, or agency of these entities, including local fire and police pension and relief funds; and(C)…

(a) Ten (10) or more local governments may create a trust under this chapter by ordinance, resolution, or otherwise pursuant to law of their governing bodies to provide for the joint investment of moneys not currently needed by the local governments creating the trust and by othe…

(a) Each trust agreement shall specify the following:(1) Its duration;(2) (A) The number, qualifications, method of election, and terms of the trustees who shall serve as the governing body of the trust.(B) (i) Each trust shall have a minimum of seven (7) trustees.(ii) Only curre…

No trust agreement or supplement to a trust agreement shall be effective until it is filed with the Secretary of State.

(a) Each trust created pursuant to this chapter shall establish one (1) or more common trust funds. Moneys held for the credit of a common trust fund shall be invested only in authorized common trust fund investments. (b) Assets held for the credit of a common trust fund shall be…

A trust created under this chapter may invest moneys held for the credit of a common trust fund in the same manner as cities under §§ 19-1-404 and 19-1-405 and according to the investment policy adopted by the board of directors of the trust.

(a) A trust created under this chapter shall, subject to any limitations in the trust agreement, have power to own real and personal property necessary to carry out its functions and to contract with local government associations and private agencies for necessary services in car…

(a) Each trust shall cause proper books of account and records to be kept in which complete and correct entries shall be made of all transactions relating to its operations. (b) Such books shall be available for inspection by each participant at reasonable times. (c) Each trust s…