Arkansas Code Title 14, Subtitle 10, Chapter 164, Subchapter 2 - Municipalities and Counties Industrial Development Revenue Bond Law

• § 14-164-201 - Title.
  This subchapter shall be referred to and may be cited as the "Municipalities and Counties Industrial Development Revenue Bond Law."
• § 14-164-202 - Purpose.
  This subchapter is intended to supplement all constitutional provisions and other legislation designed to secure and develop industry and, when applied in accordance with...
• § 14-164-203 - Definitions.
  As used in this subchapter: (1) "Construct" means to acquire or build, in whole or in part, in such manner and by such method,...
• § 14-164-204 - Construction.
  (a) This subchapter shall be liberally construed to accomplish its intent and purposes and shall be the sole authority required for the accomplishment of...
• § 14-164-205 - Authority to Develop Industry.
  Any municipality or any county is authorized to own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, or contract concerning, or otherwise...
• § 14-164-206 - Authority to Issue Revenue Bonds.
  (a) Municipalities and counties are authorized to use any available revenues for the accomplishment of the purposes set forth in § 14-164-205 and are...
• § 14-164-207 - Applicability of §§ 14-164-208 -- 14-164-216, and 14-164-218.
  The provisions of this section and §§ 14-164-208 -- 14-164-216 and 14-164-218 shall not restrict the issuance of any bonds with regard to which...
• § 14-164-208 - Adoption of Bond Ordinance or Order.
  (a) (1) Revenue bonds authorized by this subchapter may be issued by a municipality upon the adoption of an ordinance for that purpose by...
• § 14-164-209 - Bonds -- Issuance -- Authorizing Resolution.
  (a) The issuance of revenue bonds shall be by an ordinance of the municipality or an order of the county court, as the case...
• § 14-164-210 - Bonds -- Terms and Conditions.
  (a) The bonds may be in bearer or registered form, with or without coupons, and may be subject to exchange or modification in that...
• § 14-164-211 - Bonds -- Trust Indenture, Lease, Etc.
  (a) The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the rights of the...
• § 14-164-212 - Bonds and Coupons -- Execution.
  (a) (1) (A) The bonds shall be executed by the mayor and the city clerk or recorder of the municipality, or by the county...
• § 14-164-213 - Bonds -- Sale.
  The bonds may be sold for such price, including, without limitation, sale at a discount, and in such manner as the municipality or county...
• § 14-164-214 - Bonds -- Conversion.
  The municipality or the county may make provision in the ordinance or order for the manner and circumstances in which and under which bonds...
• § 14-164-215 - Bonds -- Successive Issues.
  There may be successive bond issues for the purpose of financing the same industrial projects, including land, buildings, or facilities, involving one (1) or...
• § 14-164-216 - Bonds -- Priority Among Issues.
  Priority between and among issues and successive issues as to security of the pledge of revenues and mortgage liens on the land, buildings, and...
• § 14-164-217 - Bonds -- Payment.
  (a) (1) Revenue bonds issued under this subchapter shall not be general obligations of the municipality or county, but shall be special obligations, and...
• § 14-164-218 - Bonds -- Interim Financing.
  (a) If the issuance of bonds is authorized in accordance with the provisions of this subchapter, a municipality or county is authorized to obtain...
• § 14-164-219 - Refunding Bonds.
  (a) (1) Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter. (2) Refunding bonds...
• § 14-164-220 - Statutory Mortgage Lien.
  (a) (1) The ordinance, order, or indenture referred to in §§ 14-164-209 and 14-164-211 may, but need not, impose a foreclosable mortgage lien upon...
• § 14-164-221 - Default in Payment of Bonds.
  (a) In the event of a default in the payment of the principal of, or interest on, any revenue bonds issued under this subchapter,...
• § 14-164-222 - Bonds -- Tax Exemption.
  (a) Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes.(b) This exemption includes income and...
• § 14-164-223 - Public Investment.
  (a) Any municipality or any board, commission, or other authority established by ordinance of any municipality, or the boards of trustees, respectively, of the...
• § 14-164-224 - No Utility Acquisition by Municipality.
  Nothing in this subchapter shall be construed to authorize any municipality to issue or sell revenue bonds, or use the proceeds thereof, to purchase,...

Last modified: November 15, 2016