Title 14, Local Government

(a) As the ordinance may provide, the bonds issued under the authority of this subchapter may:(1) Be in bearer or registered form, with or without coupons, and may be subject to exchange or modification in that regard;(2) Be issued in one (1) or more series;(3) Bear such date or …

(a) The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the rights of the bondholders and provides for the appointment of a trustee for the bondholders. (b) The indenture may control the priority between successive issu…

It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of this subchapter, and that it does not constitute an indebtedness of the municipality or county within any constitutional or statutory limitation.

The bonds may be sold for such price, including, without limitation, sale at a discount, and in such manner as the municipality or county may determine by ordinance or order.

(a) (1) The bonds shall be executed by the mayor and the city clerk or recorder of the municipality, or by the county judge and the county clerk of the county, as the case may be.(2) In case any of the officers whose signatures appear on the bonds or coupons shall cease to be suc…

There may be successive bond issues for the purpose of financing the same industrial facilities, involving one (1) or more industries, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and…

Priority between and among issues and successive issues as to security of the pledge of revenues and mortgage liens on the land, buildings, and facilities involved may be controlled by the ordinance or order authorizing the issuance of bonds under this subchapter.

The municipality or the county may make provision in the ordinance or order for the manner and circumstances in which and under which bonds issued under § 14-164-508 may, in the future at the request of the holders or registered owners thereof, be converted into bonds of smaller …

The principal of and interest on the revenue bonds, and paying agent's fees, shall be payable in the first instance from gross revenues derived from the lands, buildings, or facilities acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proc…

The municipality or county is authorized to pledge to and use for the payment of the principal of and interest on the bonds, and paying agent's fees, surplus revenues derived from other lands, buildings, or facilities used and useful for securing and developing industry.

(a) The ordinance, order, or indenture referred to in §§ 14-164-508, 14-164-509, and 14-164-511 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…

(a) In the event of a default in the payment of the principal of or interest on any revenue bonds issued under this subchapter, any court having jurisdiction may appoint a receiver to take charge of the land, buildings, or facilities acquired, constructed, reconstructed, extended…

The bonds issued under the authority of this subchapter shall not be general obligations of the municipality or county, but shall be special obligations, and in no event shall the revenue bonds constitute an indebtedness of the municipality or county within the meaning of any con…

Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes, including, without limitation, income and inheritance taxes.

(a) If the issuance of bonds is authorized in accordance with the provisions of this subchapter, a municipality or county is authorized to obtain interim financing pending the delivery of all or any part of the bonds from such sources and upon such terms as the municipality or th…

(a) Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter or similar acts. (b) The refunding bonds may be combined with bonds issued under the provisions of § 14-164-507 into a single issue. (c) When bonds are …

Any municipality or county, or any board, commission, or other authority thereof, or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such municipality or any county, or the board of trustees of any …

The provisions of this subchapter shall not restrict the issuance, pursuant to the authority of other laws, of any bonds with regard to which a resolution, ordinance, order, or similar action authorizing or committing to the issuance of bonds has been adopted or taken by a munici…

Nothing in this subchapter shall be construed to authorize any municipality to issue or sell revenue bonds or use the proceeds thereof to purchase, condemn, or otherwise acquire a utility plant or distribution system owned or operated by a regulated public utility.

(a) The General Assembly recognizes that:(1) The continued industrial growth and development of some counties in the state is seriously threatened by the discontinuation of the operation of a railroad in these counties;(2) These counties should be given the specific authority to …

As used in this subchapter, unless the context otherwise requires, “facilities” includes railroads and railroad locomotives, railroad cars, and other railroad equipment and facilities.

(a) Any two (2) or three (3) contiguous counties in the state are authorized to enter into a compact where the participating counties agree to issue bonds, jointly or individually, under the provisions of Arkansas Constitution, Amendment 49 [repealed] or under the provisions of §…

(a) A compact entered into pursuant to the authority granted in this subchapter may provide for the establishment of a compact board of directors, to be composed of such members as may be prescribed in the compact. (b) The board shall have such authority with respect to the issua…

All bonds issued pursuant to a compact entered into under the provisions of this subchapter, whether issued under the authority of Arkansas Constitution, Amendment 49 [repealed] or the authority granted in §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224, shall be subject t…

(a) Any rail service provided pursuant to this subchapter shall be limited to short line intrastate rail service only, and any such rail service is expressly prohibited from connecting with the rail service provided by any other compact formed under this subchapter. (b) The rail …

(a) It is declared and confirmed that the securing and developing of industry is vital to the economic welfare of the state and its people. To this end, it is necessary that maximum flexibility be given to the Arkansas Development Finance Authority and to the counties, municipali…

(a) Pursuant to the findings and declarations of the state in § 14-164-701, it is found and declared that not only are the industrial facilities owned by a municipality, county, industrial development authority organized under the Industrial Development Authorities Expansion Act,…

(a) If the Arkansas Development Finance Authority or a county, municipality, or industrial development authority organized under the Industrial Development Authorities Expansion Act, § 14-189-101 et seq., in the state and a lessee under a lease or a purchaser under a contract for…

(a) (1) (A) When the Arkansas Development Finance Authority or a municipality, county, industrial development authority organized under the Industrial Development Authorities Expansion Act, § 14-189-101 et seq., in the state enters into a lease of property owned by the Arkansas D…

This subchapter shall be known and may be cited as the “Local Government Energy Efficiency Project Bond Act”.

(a) The purpose of this subchapter is to provide financing for energy efficiency projects for municipalities and counties under Arkansas Constitution, Amendment 89. (b) The General Assembly finds that:(1) This subchapter is in furtherance of a public purpose; and(2) The duties im…

(1) As used in this subchapter:(1) “Bonds” means bonds, notes, certificates, financing leases, or other interest-bearing instruments or evidences of indebtedness that are issued under this subchapter;(2) “Chief executive officer” means the chief executive officer of a municipalit…

(a) (1) A municipality or county may enter into a guaranteed energy cost savings contract in order to reduce energy consumption or operating costs of government facilities under this subchapter.(2) A municipality or county may enter into an installment payment contract or lease p…

A solicitation of a guaranteed energy cost savings contract by a county or municipality shall be consistent with applicable procurement laws.

(a) In a municipality's or county's evaluation of each qualified provider's response to a solicitation under § 14-164-805, the municipality or county shall include an analysis of:(1) Whether the qualified provider meets the objectives of the solicitation, including without limita…

(a) The following provisions are required in a guaranteed energy cost savings contract:(1) A statement that the municipality or county shall maintain and operate the energy efficiency project as defined in the guaranteed energy cost savings contract; and(2) A guarantee by the qua…

(a) (1) A municipality or county may issue bonds for an energy efficiency project within, near, or within and near the municipality or county.(2) Bonds shall be issued pursuant to an ordinance adopted by the legislative body specifying:(A) The principal amount of bonds to be issu…

(a) As provided by an ordinance or trust indenture authorized under this subchapter, bonds may:(1) Be in registered or other form;(2) Be in such denominations as determined by the legislative body;(3) Be exchangeable for bonds of another denomination;(4) Be made payable at places…

(a) The ordinance authorizing bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture that:(1) Defines the rights of the owners of the bonds; and(2) Provides for the appointment of a trustee for the owners of the bonds. (1) Defines th…

(a) Bonds may be sold at a public or private sale for the price and in the manner determined by the legislative body of the issuer. (b) Bonds sold under this subchapter may be sold at a discount or a premium.

Bonds shall be executed in the manner provided by the Registered Public Obligations Act of Arkansas, § 19-6-401 et seq.

(a) The principal of and interest on the bonds may be secured by a pledge of the operating cost savings derived from the energy efficiency project, and a municipality or county may pledge or assign a guaranteed energy cost savings contract to secure the bonds. (b) The total annua…

(a) An ordinance or trust indenture authorized under § 14-164-808 or § 14-164-810 may impose a financing lien on an energy efficiency project financed or refinanced, in whole or in part, with the proceeds of bonds. (b) The nature and extent of a lien imposed under this section ma…

An officer, employee, or member of the legislative body of an issuer under this subchapter shall not be personally liable on bonds or for damages sustained by a person in connection with a guaranteed energy cost savings contract entered into to carry out the purposes and intent o…

Bonds and the income on the bonds are exempt from all state, county, and municipal taxes, including without limitation income, property, and inheritance taxes.

(a) Bonds may be issued to refund any outstanding bonds or to refund any outstanding bonds issued under any other law for the purpose of financing energy efficiency projects. (b) (1) Refunding bonds may be sold for cash or delivered in exchange for the outstanding obligations und…