Title 14, Local Government

(1) As used in this chapter, unless the context otherwise requires:(1) “Bonds” means bonds and any series of bonds authorized by and issued pursuant to the provisions of this chapter;(2) “Clerk” means city clerk, city recorder, town recorder, or other similar office hereafter cre…

(a) Nothing in this chapter shall be construed as modifying or diminishing the present authority of municipalities respecting the ownership and operation of their electric systems including, without limitation, the authority contained in §§ 14-202-101 — 14-202-123 and §§ 14-204-1…

Municipalities are authorized to use any available funds and reserves to pay and provide for costs and expenses of owning and operating an electric system and, for the purpose of paying electric system costs, a municipality may issue revenue bonds as provided in this chapter.

The issuance of bonds shall be by an ordinance of the governing body of the municipality.

(a) As the ordinance may provide, the bonds may:(1) Be coupon bonds payable to bearer, subject to registration as to principal or as to principal and interest, or fully registered bonds without coupons;(2) Contain exchange privileges, and be issued in one (1) or more series;(3) B…

(a) The ordinance may provide for the execution of a trust indenture by the municipality with a bank or trust company within or without the state. (b) The trust indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions…

The bonds may be sold at public or private sale, for whatever price, including, without limitation, sale at a discount, and in whatever manner that the municipality may determine by ordinance.

(a) (1) (A) Bonds issued under this chapter shall be executed by the manual or facsimile signatures of the mayor and clerk of the municipality.(B) The coupons attached to the bonds may be executed by the facsimile signature of the mayor of the municipality.(2) In case any of the …

Priority between successive issues may be controlled by the ordinance.

(a) The bonds and coupons issued under this chapter shall not be general obligations of the municipality, but shall be special obligations payable from and secured by a pledge of revenues derived from the municipality's electric system and otherwise secured as provided in this ch…

(a) (1) Bonds may be issued for the purpose of refunding any bonds issued under this chapter. Any bonds issued under other applicable legislation payable from and secured by, in whole or in part, a pledge of revenues derived from the municipality's electric system.(2) The refundi…

(a) The ordinance or trust indenture authorizing or securing any bonds issued under this chapter may impose a foreclosable mortgage lien upon all or any part of the electric system of the municipality. (b) The nature and extent of the mortgage lien may be controlled by the ordina…

(a) In the event of a default in the payment of the principal of, premium, if any, or interest on any bonds issued under this chapter, any court having jurisdiction may appoint a receiver to take charge of all or any part of the electric system of the municipality. (b) The receiv…

(a) For so long as any bonds are outstanding and unpaid, the rates, fees, and charges for electric power and energy charged and collected by a municipality shall be so fixed as to provide revenues sufficient to pay all costs of and charges and expenses in connection with the prop…

Any holder or registered owner of bonds or coupons appertaining thereto, except to the extent the rights given in this chapter may be restricted by the ordinance or trust indenture authorizing or securing such bonds and coupons, may, either at law or in equity, by suit, action, m…

Bonds issued under the provisions of this chapter, and the interest thereon, shall be exempt from all state, county, and municipal taxes, including property, income, inheritance, and estate taxes.

Any municipality, or any board, commission, or other authority duly established by ordinance of any municipality, or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any municipality, or the board of tru…

(a) A municipality shall not issue bonds for the sole purpose of paying storm recovery costs related to a storm unless:(1) The Arkansas Public Service Commission has previously adopted a financing order that allows for the issuance of storm recovery bonds by a public utility due …

This chapter may be referred to and may be cited as the “Municipalities and Counties Hydroelectric Power Development Revenue Bond Law.”

(1) As used in this chapter, unless the context otherwise requires:(1) “Construct” means to acquire or build, in whole or in part, in such manner and by such method, including contracting therefor, and, if the latter, by negotiation or bidding upon such terms and pursuant to such…

(a) This chapter shall be liberally construed to accomplish the purposes hereof and shall be the sole act and authority necessary to be complied with. (b) This chapter and the authority conferred by it shall be supplemental to all other authority set forth in any other act.

(a) Any municipality and any county is authorized to own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning, or otherwise deal in or dispose of, or make loans to finance the acquisition, construction, reconstruction, exte…

(a) Municipalities and counties are authorized to use any available revenues for the accomplishment of the purposes set forth in § 14-204-104 and are authorized to issue revenue bonds and to use the proceeds thereof for the accomplishment of the purposes set forth in § 14-204-104…

(a) (1) Revenue bonds authorized in this chapter may be issued by a municipality upon the adoption of an ordinance therefor by the governing body of the municipality. Revenue bonds authorized by this chapter may be issued by a county upon order of the county court of the county.(…

(a) (1) Revenue bonds 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 constitutional or statutory limitation…

(a) Revenue bonds may be issued under this chapter for the purpose of refunding any obligations issued under this chapter. Such refunding bonds may be combined with bonds issued under the provisions of § 14-204-105 into a single issue. (b) When bonds are issued under this section…

(a) The ordinance, order, or indenture referred to § 14-204-106 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 of bonds issued under this chap…

(a) Municipalities and counties proceeding under this chapter are authorized to apply to the appropriate agencies of the state, the United States or any state thereof, and to any other proper agency for such licenses, permits, certificates, or approvals as may be necessary, and t…

Bonds issued under the provisions of this chapter shall be exempt from all state, county, and municipal taxes. This exemption includes income, property, and inheritance taxes.

Any public funds may be invested in revenue bonds issued under the provisions of this chapter. Revenue bonds issued under this chapter shall be eligible to secure the deposit of public funds.

Nothing in this chapter shall be construed as applying to municipalities now served by any existing gas transmission line or for any distribution system either publicly or privately owned.

(a) Any municipality, by and with the consent of a majority of the qualified electors of the municipality voting on the question at an election held for the purpose, may issue revenue bonds for the purpose of constructing and operating transmission lines or distribution systems f…

(a) The ordinance providing for the issuance of the revenue bonds shall set forth a brief description of the contemplated undertaking and must include:(1) The estimated cost thereof;(2) The amount of the issue;(3) The rate of interest;(4) The time and place of payment; and(5) Oth…

When the ordinance is adopted by the municipality's legislative body, it shall be published one (1) time in a newspaper published in the municipality, or, if there is no newspaper so published, then in a newspaper which has a bona fide general circulation within the municipality …

At the hearing all objections and suggestions shall be heard and the governing body of the municipality may take such action as it deems proper.

(a) Bonds issued under the provisions of this chapter shall be negotiable instruments. (b) (1) The bonds shall be executed by the presiding officer and clerk or recorder of the municipality and sealed with the corporate seal of the municipality.(2) When an officer whose signature…

The bonds shall be issued in whatever amounts may be necessary to provide sufficient funds to pay all costs of construction, including engineering, legal, and other expenses, together with interest on the bonds themselves to date six (6) months subsequent to the estimated date of…

The bonds shall be sold at not less than ninety cents (90¢) on the dollar. The proceeds derived therefrom shall be used exclusively for the purposes for which the bonds are issued. They may be sold at one (1) time or in parcels as funds are needed.

The bonds shall bear interest at such rate or rates payable semiannually and shall be payable at such times and places not exceeding thirty-five (35) years from their date as prescribed in the ordinance providing for their issuance.

(a) Bonds issued under this chapter shall be payable solely from revenues derived from the gas system. (b) The bonds shall not, in any event, constitute an indebtedness of the municipality within the meaning of the constitutional provisions. (c) It shall be plainly stated on the …

(a) A statutory mortgage lien shall be imposed upon the gas system constructed from the proceeds of bonds authorized by this chapter. The lien shall exist in favor of the holders of the bonds and the holders of coupons attached to the bonds. (b) The gas system shall remain subjec…

(a) The right and power of eminent domain is conferred upon municipal corporations to enter upon, take, and condemn private property, either within or without the corporate limits of any such municipality, for the construction and operation of transmission lines or distribution s…

(a) The provisions of this chapter shall not be applicable to the acquisition of any gas or electric public utility plant or equipment by a municipality which, on March 3, 1987, owns, whether operated by it or another entity under a franchise, lease, or other agreement or arrange…

(a) When authorized by order of the Arkansas Public Service Commission, and not otherwise, a municipality shall have the power, subject to the provisions of this chapter, to acquire by purchase, to construct, and to operate a gas or electric public utility plant and equipment, or…

(a) Any municipality may determine to seek approval from the Arkansas Public Service Commission to acquire the property of a gas or electric public utility as authorized under the provisions of this chapter by the vote of the municipal council, city commission, or governing body …

(a) In its application for a certificate, the municipality shall file with the commission a verified application in such form as the commission shall by rule prescribe. It shall contain the following information:(1) A description of the gas or electric utility property proposed t…