Title 14, Local Government

(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. (…

(a) As used in this section, unless the context otherwise requires:(1) “Surplus revenues” means revenues remaining after adequate provision shall have been made for expenses of operation, maintenance, and depreciation of the utilities and all requirements pertaining to the paymen…

(a) (1) Upon approval of the governing body of a municipality, a utility owned by the municipality may compensate annually a public school district in which the utility is wholly or partly located in an amount not to exceed the amount the utility would pay in taxes if it were sub…

(a) Cities of first and second class and incorporated towns are given power and authority to vacate public utility easements or segments thereof, within such cities and towns under the conditions and in the manner provided for the vacation of streets and alleys by §§ 14-301-301 —…

(a) In any city of the first class owning and operating municipal light and power systems, the boards of commissioners or other controlling or managing bodies in control of such systems are authorized to provide plans of social security, group insurance, hospitalization insurance…

(a) Upon verbal request of a court-appointed process server, a public utility under this subtitle shall release the last known address of a current or former customer to the process server to effect service of process of legal documents on the customer or former customer. (b) The…

No part of this subchapter shall apply to a municipal plant operated solely by city commissioners without a majority vote of the commissioners.

Any municipality owning an electric power plant or a water system, where the plant or system has no bonded indebtedness, is authorized to use the profit derived from the operation of the plant or system toward the payment of the outstanding bonded indebtedness of all sewer or str…

The profits from the operation of any electric power plant or water system within any municipality shall not be used toward the retirement of the bonded indebtedness of any sewer or street improvement district within such city until the use of the profit for that purpose has firs…

At the end of each fiscal year of the operation of the municipally owned electric plant or water system, the profit from the operation of the plant or system shall be determined. If the council or city commission of the municipality shall determine that the profit or a part there…

The amounts allocated to the various sewer or street improvement districts within the limits of a municipality shall be paid to the districts when the commissioners of the district shall request that the amount be paid in order that the amount may be used to pay the bond and inte…

(a) The council of any municipal corporation operating a system of waterworks or sewer or gas or electric plants belonging to and owned by any town or city may lease, or may contract for the operation of, the system of waterworks or sewer or gas or electric plants for such period…

(a) The council of any municipal corporation owning a system of waterworks or gas or electric plants may sell the system or either of them, together with the right to operate them when they shall determine by resolution adopted by a majority vote of the council that it would be f…

(a) Where the sale price is an amount greater than the outstanding secured indebtedness of the district, at least the excess over the amount of the secured indebtedness shall be paid in cash. (b) (1) All deferred payments, if any, shall be secured by a bond for one and one-half (…

(a) The transfer of property under this subchapter shall be evidenced by a deed of conveyance in the usual form and with the usual covenants or warranty; but a lien against the property sold shall be retained in the deed for all of the unpaid sale price with the right, upon defau…

The proceeds of any initial cash payment from the sale of any system of waterworks or gas or electric plants of any town or city shall be applied first to the payment of all unsecured debts owing by the town or city on account of the plant or system. Any remainder shall be turned…

(a) Any privately owned utility whose main facilities and service area is wholly located within no more than two (2) counties and which serves primarily rural residential customers shall not be transferred or sold to another privately owned legal entity without first the county, …

All cities of the first class whose population exceeds seven thousand (7,000) according to the official federal census now owning both a light plant and a water plant which are operated by separate boards or commissions, the light plants having been constructed pursuant to Arkans…

(a) Cities of the first class, in order to comply with the provisions of this subchapter, are authorized and empowered to adopt and approve an ordinance providing that:(1) Each board or commission referred to in § 14-199-401 shall be immediately abolished;(2) A new board, known a…

The city council of any city adopting an ordinance in conformity with this subchapter is authorized to allow a per diem expense for each member at each meeting of the light and water commission herein provided. The per diem expense shall not exceed ten dollars ($10.00), and neith…

The city council of any city adopting the ordinance provided for in this subchapter shall require the consolidated governing body designated as the light and water commission to make a complete and competent audit by an auditor approved by the city council each biennium, from and…

All cities of the first class in excess of population of fifty thousand (50,000), according to the last official federal census and having the mayor-council form of government on the date of passage of this subchapter, now owning an electric distribution system are authorized and…

(a) The commission created pursuant to this subchapter shall have full power to operate and control the utilities system entrusted to its direction by the city ordinance creating the commission. (b) Subject to such restrictions as may be prescribed in the ordinance creating the c…

(a) (1) Subject to restrictions set forth in the ordinance creating the commission, it shall have power to borrow money and issue negotiable evidences of debt in the form of serial bonds or short-term notes. It may execute such negotiable notes or bonds to obtain the funds needed…

The commission shall report to the city council on each calendar quarter of the year on the state of the operations of the commission and its financial affairs.

(a) If any city of the first class subject to this subchapter shall have outstanding, on the date of enactment of this subchapter, any revenue bonds issued under the authority of § 14-199-101, or the general laws of the state wherein electric utility revenues or surplus electric …

(a) Any first-class city, second-class, and incorporated town may own, construct, acquire, purchase, maintain, and operate a television signal distribution system for the purpose of receiving, transmitting, and distributing television impulses and television energy, including aud…

The city or town may erect, construct, operate, repair, and maintain in, upon, along, over, across, through, and under its streets, alleys, highways, and public grounds, poles, cross-arms, cables, wires, guy-wires, stubs, anchors, towers, antennas, pipes, connections, and other a…

(a) Any city of the first class, city of the second class, and incorporated town owning a waterworks system, sewer system, gas system, electric system, television signal distribution system, other municipal utility system, or any combination thereof, may lease such system or syst…