Arkansas Code Title 15, Subtitle 2, Chapter 22, Subchapter 6 - Arkansas Water Resources Development Act of 1981

• § 15-22-601 - Title.
  This subchapter may be referred to and cited as the "Arkansas Water Resources Development Act of 1981".
• § 15-22-602 - Definitions.
  As used in this subchapter: (1) "Commission" means the Arkansas Natural Resources Commission; (2) "Debt service" means principal, interest, redemption premiums, if any, and...
• § 15-22-603 - Construction.
  (a) This subchapter shall be liberally construed to accomplish the purposes set forth. This subchapter shall constitute the sole authority necessary to accomplish the...
• § 15-22-604 - Powers of Commission.
  In addition to powers conferred under other laws, the Arkansas Natural Resources Commission shall have the power under this subchapter: (1) To develop water...
• § 15-22-605 - Water Resources Development Bonds -- Authority to Issue.
  The Arkansas Natural Resources Commission is authorized to issue bonds of the State of Arkansas, to be known as "State Water Resources Development General...
• § 15-22-606 - Bonds -- Principal Amount.
  The total principal amount of bonds to be issued during any fiscal biennium shall not exceed fifteen million dollars ($15,000,000), unless the General Assembly...
• § 15-22-607 - Bonds -- Approval of Governor.
  (a) Before any bonds may be issued during any fiscal biennium, the Arkansas Natural Resources Commission shall submit to the Governor a written plan...
• § 15-22-608 - Bonds -- Purpose of Issuance and Application of Proceeds.
  Bonds issued under this subchapter shall be issued for the purpose of financing the development of water resources projects, and the proceeds of any...
• § 15-22-609 - Bonds -- Form.
  Bonds may be issued in the form of coupon bonds, payable to bearer, or as bonds registered as to principal only with interest coupons,...
• § 15-22-610 - Bonds -- Individual Series.
  (a) The bonds shall be issued in series as set forth in this subchapter in amounts sufficient to finance all or any part of...
• § 15-22-611 - Bonds -- Authorizing Resolution, Trust Indenture, and Selection of Projects.
  (a) (1) All bonds issued under this subchapter shall be authorized by resolution of the Arkansas Natural Resources Commission. (2) Each resolution shall contain...
• § 15-22-612 - Bonds -- Execution and Delivery.
  (a) Each bond shall be signed with the facsimile signatures of the Governor, the Secretary of State, and the Chair of the Arkansas Natural...
• § 15-22-613 - Bonds -- Sale After Notice.
  (a) Bonds at any time sold under the provisions of this subchapter shall be on the basis of public sale on sealed bids, after...
• § 15-22-614 - Deposit of Revenues -- Trust Funds.
  (a) All revenues derived by the Arkansas Natural Resources Commission from any project financed under this subchapter shall be deposited by the commission, as...
• § 15-22-615 - Bonds As General Obligations of State -- Pledge of Revenues.
  (a) All bonds issued under this subchapter shall be direct general obligations of the State of Arkansas for the payment of the debt service...
• § 15-22-616 - Payment of Debt Service -- Transfer and Use of Funds.
  (a) (1) On or before the commencement of each fiscal year, the Chief Fiscal Officer of the State shall: (A) Determine the estimated amount...
• § 15-22-617 - Tax Exemption -- Legal Investment.
  (a) All bonds issued under this subchapter and interest thereon shall be exempt from all taxes of the State of Arkansas, including income, inheritance,...
• § 15-22-618 - Contract Not to Be Impaired -- Remedies of Bondholder.
  (a) (1) This subchapter shall constitute a contract between the State of Arkansas and the holders and registered owners of all bonds issued under...
• § 15-22-619 - Creation of Rights.
  This subchapter shall not create any right of any character, and no right of any character shall arise pursuant to it unless and until...
• § 15-22-620 - Deposit of Proceeds of Sale of Bonds.
  The proceeds of the sale of bonds issued under this subchapter shall be deposited by the Arkansas Natural Resources Commission: (1) Into all or...
• § 15-22-621 - Investment of Moneys.
  Any moneys held in any fund created under this subchapter shall be invested by the State Board of Finance to the fullest extent practicable...
• § 15-22-622 - Expediting Cases.
  All cases involving the validity of this subchapter or any portion thereof or in any way arising under this subchapter or involving the bonds...

Last modified: November 15, 2016