Title 14, Local Government

(a) The certificate of incorporation shall be signed and acknowledged by the incorporators and shall have attached thereto a certified copy of the resolution provided for in § 14-138-106 and a certificate by the Secretary of State that the name proposed for the corporation is not…

(a) The corporation shall have a board of directors composed of the number of directors provided in the certificate of incorporation. All powers of the corporation shall be exercised by the board or pursuant to its authorization. (b) (1) The directors shall be qualified electors …

(a) (1) The officers of the corporation shall consist of a chairman, vice chairman, a secretary, a treasurer, and such other officers as the board shall deem necessary to accomplish the purposes for which the corporation was organized.(2) The offices of secretary and treasurer ma…

(1) The corporation shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof:(1) To have succession by its corporate name until dissolved as provided in this chapter;(2) To sue and be sued and to prosecute and defend suits…

(a) (1) The corporation and the lessee involved are respectively authorized to enter into with each other one (1) or more lease agreements whereunder a project shall be leased by the corporation to the lessee.(2) Any lease agreement shall provide for subleasing of portions of the…

Any lessee is authorized to convey to the corporation, with or without the payment of monetary consideration therefor, any property that may be owned by the lessee, whether or not the property is necessary for the conduct of the governmental or other public functions of the lesse…

Each project, and the income from all leases made with respect thereto, are determined and declared by the General Assembly to be public property used exclusively for a public purpose and shall be exempt from ad valorem taxation by all taxing authorities.

(a) (1) The corporation is authorized at any time and from time to time to issue its interest-bearing revenue bonds for the purpose of acquiring, constructing, improving, enlarging, completing, and equipping one (1) or more projects.(2) The principal of and the interest on any bo…

(a) Upon the adoption by the board of any resolution providing for the issuance of bonds, the corporation may, in its discretion, cause to be published one (1) time a week for two (2) consecutive weeks in a newspaper published in the municipality, or if there is no newspaper publ…

(a) Bonds shall be executed by the manual or facsimile signature of the chairman of the corporation and by the manual signature of the secretary of the corporation. (b) Coupons attached to the bonds shall be executed by the facsimile signature of the chairman of the corporation. …

(a) The principal of, and interest on, the bonds shall be secured by a pledge of the revenues out of which the bonds shall be made payable and by a pledge of the lease agreement covering the project from which revenues so pledged shall be derived and of the rental therefrom and m…

(a) Revenue bonds issued under the authority of this chapter are made securities in which insurance companies, trust companies, banks, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in thei…

The principal of and interest on bonds issued under the authority of this chapter shall be exempt from all state, county, and municipal taxes. This exemption shall include income, inheritance, and estate taxes.

(a) The proceeds derived from all of the bonds other than refunding bonds may be used only to pay the costs of acquiring, constructing, improving, enlarging, and equipping the project with respect to which they were issued, as may be specified in the proceedings in which the bond…

(a) The corporation may at any time and from time to time issue refunding bonds for the purpose of refunding the principal of and interest on any bonds of the corporation theretofore issued under this chapter and then outstanding, whether or not the principal and interest shall h…

(a) If there is any default in the payment of the principal of or interest on any bonds issued under this chapter, then the holder of any of the bonds and of any of the interest coupons applicable thereto and the trustee under any indenture, or any one (1) or more of them:(1) May…

(a) (1) If the public corporation does not have any bonds outstanding:(A) The board may adopt a resolution, which shall be entered in its minutes, declaring that the public corporation shall be dissolved; or(B) If directed by its governing body, the board shall adopt a resolution…

(1) As used in this chapter, unless the context otherwise requires:(1) “Exhibition grounds and buildings” means the exhibition grounds and buildings, in its entirety or any integral part thereof, including all improvements erected on the land used or useful for the purposes of ex…

(a) This chapter shall be construed as cumulative authority for the acquisition, purchase, and construction of the grounds and buildings and betterments and improvements thereon for use in the exhibition of livestock and shall not be construed to repeal any existing laws with res…

(a) Any city or incorporated town in the State of Arkansas may acquire, purchase, or construct exhibition grounds and buildings for the purpose of exhibiting livestock, as provided in this chapter. (b) This chapter shall, without reference to any other statute, be deemed full aut…

For the purpose of acquiring any exhibition grounds and buildings to be used in connection with the exhibition of livestock under the provisions of this chapter, or for the purpose of acquiring any property necessary thereof, the municipality shall have the right of eminent domai…

(a) Whenever the legislative body of any municipality shall determine to acquire, purchase, and construct exhibition grounds and buildings under the provisions of this chapter, it shall cause an estimate to be made of the cost thereof and by ordinance shall provide for the issuan…

(a) After the ordinance shall have been adopted, it shall be published one (1) time in a newspaper published in the municipality; or if there is no newspaper so published, then the ordinance shall be posted in at least three (3) public places therein, with a notice to all persons…

(a) The ordinance authorizing the issuance of the revenue bonds may contain provisions for the acceleration of the maturities of all unmatured bonds in the event of default in the payment of any principal or interest maturing under the bond issue, or upon failure to meet any sink…

(a) Bonds provided for in this chapter shall be issued in such amounts as may be necessary to provide sufficient funds to pay all costs of construction or acquisition, including engineering, legal, and other expenses, together with interest to a date six (6) months subsequent to …

All bonds of the entire issue, issued under the provisions of this chapter, shall be secured ratably and equally by the revenues of the entire and aggregate works financed by the bond issue.

(a) (1) There shall be a statutory mortgage lien upon the exhibition grounds and buildings acquired or constructed from the proceeds of bonds authorized by this chapter to be issued, which shall exist in favor of the holder of the bonds and each of them, and to and in favor of th…

(a) Rents or charges for the use of the exhibition grounds and buildings precedent to the issuance of bonds shall not be reduced until all of the bonds shall have been fully paid and may, whenever necessary, be increased in amounts sufficient to provide for the payment of the bon…

(a) (1) Any municipality issuing revenue bonds under the provisions of this chapter shall install and maintain a proper system of accounts, showing the amount of revenue received and the application of it.(2) At least once a year, the municipality shall cause the accounts to be p…

Bonds issued under the provisions of this chapter shall be payable solely from the revenues derived from the exhibition grounds and buildings. The bonds shall not, in any event, constitute an indebtedness of the municipality within the meaning of the constitutional provisions or …

(a) No obligation shall, or may, be incurred by the municipality in the construction or acquisition of the works contemplated by this chapter, or in the condemnation of property in connection therewith, except such as shall be payable solely from the funds to be acquired from the…

Revenue bonds issued under this chapter shall be exempt from all state, county, and municipal taxation. This exemption shall include income taxation, inheritance taxation, as well as all forms of property taxation.

(a) The governing body may erect, establish, and regulate the markets and marketplaces for the sale of vegetables and other articles necessary for the sustenance, convenience, and comfort of the city and the inhabitants thereof. (b) The governing body shall have power to prescrib…

(1) The General Assembly determines and declares that:(1) The inadequate market facilities for the sale of farm products in the cities and incorporated towns of the State of Arkansas endanger the health and welfare of the public in general;(2) The provision of adequate and conven…

As used in this subchapter, unless the context otherwise requires, “public market facilities” means accommodations provided by public authority for the display and sale, both wholesale and retail, of farm products, and open to public use with or without charge. Market facilities …

(a) The city council or other governing body of any city or incorporated town is authorized to create a market authority within its jurisdiction for the purpose of establishing public market facilities. (b) (1) The market authority shall consist of five (5) members.(2) The member…

The market authority of any city and town, acting alone or in cooperation with other market authorities or with any federal or state agency, is authorized to plan, design, locate, finance, acquire, and own property in order to construct, alter, enlarge, use, maintain, operate, an…

(a) The market authority, after a thorough investigation of the marketing problem within its jurisdiction, shall formulate for public presentation a master plan of market facilities as a guide for the further provision for market facilities properly integrated with present and pr…

(a) The market authority is authorized to so design and locate, subject to approval of the planning commission, any market facilities as to best serve the public purpose for which these facilities are intended. (b) These facilities may consist of:(1) Lots, improved or unimproved;…

For the purposes of this subchapter, the market authority is authorized to acquire private or public, real or personal property and property rights necessary for market facilities or other purposes by purchase, eminent domain, gift, lease, or otherwise.

(a) The market authority is authorized to construct, or cause to be constructed, public market facilities including buildings, structures, equipment, entrances, exits, fencing, and all other accessories necessary or desirable for the safety or convenience of persons using the fac…

(1) Authorizing Ordinance. The city council or other legislative body of any city or town desiring to provide marketing facilities as provided in this subchapter is authorized to issue revenue bonds to finance the planning, designing, acquisition of property for, construction, al…

Every market authority shall maintain proper accounting and financial records of all transactions and provide and file annual financial statements with the city clerk.

Nothing in this chapter shall be construed as repealing any special act heretofore passed providing for a board of commissioners to administer and operate municipal auditoriums. This chapter shall apply solely to cities of the first class. This chapter shall not alter, amend, or …

By appropriate action of its city council, any city of the first class that owns and operates a municipal auditorium may create a commission for the purpose of operating and managing the auditorium.

(a) Any city desiring to avail itself of the benefits of this chapter, by a majority vote of the duly elected and qualified members of its city council, may enact an ordinance creating a municipal auditorium commission to be composed of five (5) citizens who are qualified elector…