Arkansas Code Title 14, Subtitle 4, Chapter 78 - Local Government Short-Term Financing Obligations

• § 14-78-101 - Title.
  This chapter shall be referred to and may be cited as the "Local Government Short-Term Financing Obligations Act of 2001".
• § 14-78-102 - Definitions.
  As used in this chapter, unless the context otherwise requires: (1) "Chief executive" means the mayor of a municipality or the county judge of...
• § 14-78-103 - Authorization for Issuance of Obligations.
  (a) (1) Municipalities and counties are authorized to issue obligations for the purpose of acquiring, constructing, installing, and renting real property or tangible personal...
• § 14-78-104 - Refunding Obligations.
  (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...
• § 14-78-105 - Obligations May Be Secured by Mortgage Lien.
  (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,...
• § 14-78-106 - Tax Exemption.
  Obligations issued under this chapter and all amounts treated as interest thereon shall be exempt from all state, county, and municipal taxes.
• § 14-78-107 - Obligations are Negotiable Instruments.
  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...
• § 14-78-108 - Nonliability.
  No officer, employee, or member of the legislative body of the issuer shall be personally liable for any obligations issued under the provisions of...
• § 14-78-109 - Supplemental Nature of This Chapter.
  (a) The provisions of this chapter are supplemental to constitutional or statutory provisions now existing or later adopted which may provide for the financing...
• § 14-78-110 - Construction.
  This chapter shall be construed liberally to effectuate the legislative intent and the purposes of this chapter as complete and independent authority for the...

Last modified: November 15, 2016