Arkansas Code Title 14, Subtitle 10, Chapter 164, Subchapter 3 - Local Government Bond Act

• § 14-164-301 - Title.
  This subchapter shall be referred to and may be cited as the "Local Government Bond Act of 1985."
• § 14-164-302 - Legislative Intent.
  The people of the State of Arkansas by the adoption of Arkansas Constitution, Amendment 62 have expressed their intention to provide county and municipal...
• § 14-164-303 - Definitions.
  As used in this subchapter: (1) "Bonds" means bonds issued pursuant to this subchapter or under Arkansas Constitution, Amendment 62, if issued prior to...
• § 14-164-304 - Construction.
  This subchapter shall be construed liberally to effectuate the legislative intent and the purposes of this subchapter as complete and independent authority for the...
• § 14-164-305 - Subchapter Supplemental.
  (a) It is the specific intent of this subchapter that the provisions of this subchapter, and in particular § 14-164-303(b), and §§ 14-164-326 to...
• § 14-164-306 - Venue.
  For the purposes of this subchapter, when it is necessary to determine whether publication or other activity has taken place within a municipality lying...
• § 14-164-307 - Financing of Facilities for Industry.
  To provide for the financing of facilities for the securing, developing, preserving, and maintaining of industry, municipalities and counties are authorized to own, acquire,...
• § 14-164-308 - Bonds Generally -- Authorizing Ordinance.
  Whenever a legislative body determines the need to issue bonds for capital improvement or industrial development purposes it shall authorize the issuance of the...
• § 14-164-309 - Bonds Generally -- Election to Authorize Issuance.
  (a) The question of the issuance of such bonds shall be submitted to the electors of the county or municipality at the general election...
• § 14-164-310 - Bonds Generally -- Terms and Conditions.
  (a) As the ordinance or trust indenture as authorized in this subchapter may provide, the bonds may: (1) Be in registered or other form;...
• § 14-164-311 - Bonds Generally -- Interest Rates.
  Bonds may bear the rate or rates of interest that the ordinance or trust indenture authorized in § 14-164-310(a) provides.
• § 14-164-312 - Bonds Generally -- Trust Indenture.
  (a) The ordinance authorizing the bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture which...
• § 14-164-313 - Bonds Generally -- Contents.
  It shall be plainly stated on the face of each bond that it has been issued under the provisions of Arkansas Constitution, Amendment 62...
• § 14-164-314 - Bonds Generally -- Execution.
  The bonds shall be executed in the manner provided by the Registered Public Obligations Act of Arkansas, § 19-9-401 et seq., as that act...
• § 14-164-315 - Bonds Generally -- Sale.
  (a) Except as provided in subsection (b) of this section, the bonds may be sold at public or private sale for such price, including,...
• § 14-164-316 - Bonds Generally -- Pledge of Taxes Generally.
  The bonds shall be secured by, and contain a pledge of, any tax or combination of taxes authorized to pay the bonded indebtedness and...
• § 14-164-317 - Bonds Generally -- Pledge and Collection of Ad Valorem Taxes.
  (a) The ad valorem tax pledged for payment of bonds shall constitute a special fund pledged as security for the payment of such indebtedness.(b)...
• § 14-164-318 - Bonds Generally -- Successive Issues.
  There may be successive bond issues for the purpose of financing the same capital improvements.
• § 14-164-319 - Bonds Generally -- Mortgage Lien.
  (a) The ordinance or trust indenture authorized in § 14-164-310 or § 14-164-312 may, but need not, impose a foreclosable mortgage lien upon the...
• § 14-164-320 - Bonds Generally -- Liability.
  No officer, employee, or member of the legislative body of the issuer shall be personally liable on any bonds issued under the provisions of...
• § 14-164-321 - Bonds Generally -- Tax Exemption.
  Bonds and notes issued under the provisions of this subchapter and the income thereon shall be exempt from all state, county, and municipal taxes,...
• § 14-164-322 - Bonds Generally -- Multipurpose Bonds.
  (a) When bonds are to be issued for more than one (1) purpose the principal amount of bonds applicable to each purpose shall be...
• § 14-164-323 - Bonds Generally -- Interim Borrowing.
  (a) If the issuance of bonds is authorized in accordance with the provisions of this subchapter, a municipality or county is authorized to obtain...
• § 14-164-324 - Refunding Bonds.
  (a) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to Arkansas Constitution, Amendment 62, or...
• § 14-164-325 - Taxes Not State Revenues.
  It is the express intent of the General Assembly that any tax levied under the authority of this subchapter by a municipality or county...
• § 14-164-326 - Capital Improvement Bonds -- Hotel and Restaurant Tax.
  (a) Any municipality levying a tax upon the gross receipts of hotel and motel accommodations or upon the gross receipts of restaurants, cafes, cafeterias,...
• § 14-164-327 - Capital Improvement Bonds -- Local Sales and Use Tax -- Levy.
  (a) (1) In lieu of or in addition to the levying of an ad valorem tax to retire bonds for capital improvement purposes, the...
• § 14-164-328 - Capital Improvement Bonds -- Local Sales and Use Tax -- Election to Authorize.
  (a) (1) (A) On the date of adoption of an ordinance levying a local sales and use tax or taxes to retire the bonds,...
• § 14-164-329 - Capital Improvement Bonds -- Local Sales and Use Tax -- Effective Dates for Imposition and Termination of Tax Levy.
  (a) The levy of a local sales and use tax shall not be effective until after the election has been held and the issuance...
• § 14-164-330 - Capital Improvement Bonds -- Local Sales and Use Tax -- Notice to Director of the Department of Finance and Administration.
  As soon as is feasible and no later than ten (10) days following each of the events set forth in the ordinance with reference...
• § 14-164-331 - Capital Improvement Bonds -- Local Sales and Use Tax -- Alteration of Municipal Boundaries.
  If a municipality in which a local sales and use tax has been imposed in the manner provided for in this subchapter changes or...
• § 14-164-332 - Capital Improvement Bonds -- Local Sales and Use Tax -- Pledge.
  (a) Any moneys collected under this subchapter by the director acting as agent for any municipality or county which, as indicated by a certified...
• § 14-164-333 - Capital Improvement Bonds -- Local Sales and Use Tax -- Administration, Collection, Etc.
  (a) (1) A sales and use tax levied pursuant to the authority granted by this subchapter shall be administered and collected subject to the...
• § 14-164-334 - Capital Improvement Bonds -- Local Sales and Use Tax -- Single Transactions.
  (a) Any sales and use tax levied pursuant to this subchapter shall be levied and collected only on the first two thousand five hundred...
• § 14-164-335 - Capital Improvement Bonds -- Local Sales and Use Tax -- Reports.
  Vendors collecting, reporting, and remitting such sales and use taxes shall show sales taxes as a separate entry on the tax report form filed...
• § 14-164-336 - Local Sales and Use Tax Trust Fund.
  (a) There is created a trust fund for the remittance of local sales and use taxes collected under this subchapter which shall be known...
• § 14-164-337 - Pledge of Preexisting Sales and Use Tax.
  (a) In any municipality or county which has in effect the levy of a local sales and use tax, the legislative body may, by...
• § 14-164-338 - Alternative to Issuance of Bonds.
  (a) If a legislative body determines that a sales and use tax of one percent (1%) or less authorized by § 14-164-327 would, if...
• § 14-164-339 - Simultaneous Pledge of Local Sales and Use Tax.
  (a) (1) Any municipality levying a local sales and use tax pursuant to the provisions of § 26-75-201 et seq., § 26-75-301 et seq.,...
• § 14-164-340 - Alternative to Issuance of Bonds -- Criminal Justice Projects.
  (a) In addition to the options provided for by § 14-164-338 for financing capital improvements of a public nature, if a legislative body determines...
• § 14-164-341 - Bonds for Surface Transportation Projects.
  (a) The governing body of a municipality or county may pledge by ordinance all or a specified portion of the municipality's or county's share...

Last modified: November 15, 2016