Arkansas Code Title 14, Subtitle 10, Chapter 164, Subchapter 5 - Economic and Industrial Development Revenue Bond Law

• § 14-164-501 - Title.
  This subchapter shall be referred to and may be cited as the "Economic and Industrial Development Revenue Bond Law of 1985."
• § 14-164-502 - Legislative Findings and Determinations.
  It is found and declared by the General Assembly of the State of Arkansas that: (1) (A) This state's program for industrial and economic...
• § 14-164-503 - Purpose and Supplemental Intent.
  (a) This subchapter is enacted by the General Assembly in the exercise of its inherent powers under Arkansas Constitution, Amendment 7, § 1 and...
• § 14-164-504 - Definitions.
  As used in this subchapter, unless the context otherwise requires: (1) "County" means a county of this state, or where a county is divided...
• § 14-164-505 - Construction -- Subchapter Controlling.
  (a) This subchapter shall be liberally construed to accomplish its purposes.(b) (1) This subchapter shall constitute the sole authority for the accomplishment of the...
• § 14-164-506 - Authority to Obtain and Develop Industry.
  Any municipality and any county is authorized to own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning, or otherwise deal...
• § 14-164-507 - Bonds -- Authorization to Issue -- Amount.
  Municipalities and counties are authorized to use any available revenues for the accomplishment of the purposes set forth in § 14-164-506, and are authorized...
• § 14-164-508 - Bonds -- Authorizing Ordinance or Order Generally.
  In the ordinance of the municipality or the order of the county court authorizing the issuance of revenue bonds, the municipality or the county...
• § 14-164-509 - Bonds -- Authorizing Ordinance or Order -- Adoption.
  (a) (1) (A) Revenue bonds authorized in this subchapter may be issued by a municipality upon the adoption of an ordinance therefor by the...
• § 14-164-510 - Bonds -- Terms and Conditions.
  (a) As the ordinance may provide, the bonds issued under the authority of this subchapter may: (1) Be in bearer or registered form, with...
• § 14-164-511 - Bonds -- Trust Indenture.
  (a) The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the rights of the...
• § 14-164-512 - Bonds -- Contents.
  It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of this subchapter, and...
• § 14-164-513 - 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...
• § 14-164-514 - Bonds, Coupons -- Execution.
  (a) (1) The bonds shall be executed by the mayor and the city clerk or recorder of the municipality, or by the county judge...
• § 14-164-515 - Bonds -- Successive Issues.
  There may be successive bond issues for the purpose of financing the same industrial facilities, involving one (1) or more industries, and there may...
• § 14-164-516 - 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...
• § 14-164-517 - 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...
• § 14-164-518 - Bonds -- Payment.
  The principal of and interest on the revenue bonds, and paying agent's fees, shall be payable in the first instance from gross revenues derived...
• § 14-164-519 - Bonds -- Surplus Revenues.
  The municipality or county is authorized to pledge to and use for the payment of the principal of and interest on the bonds, and...
• § 14-164-520 - Bonds -- Mortgage Lien.
  (a) The ordinance, order, or indenture referred to in §§ 14-164-508, 14-164-509, and 14-164-511 may, but need not, impose a foreclosable mortgage lien upon...
• § 14-164-521 - Bonds -- Default -- Receiver.
  (a) In the event of a default in the payment of the principal of or interest on any revenue bonds issued under this subchapter,...
• § 14-164-522 - Bonds -- Special Obligations.
  The bonds issued under the authority of this subchapter shall not be general obligations of the municipality or county, but shall be special obligations,...
• § 14-164-523 - Bonds -- Tax Exemption.
  Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes, including, without limitation, income and inheritance
• § 14-164-524 - 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...
• § 14-164-525 - Refunding Bonds.
  (a) Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter or similar acts.(b) The...
• § 14-164-526 - Investment in Bonds Authorized.
  Any municipality or county, or any board, commission, or other authority thereof, or the boards of trustees, respectively, of the firemen's relief and pension...
• § 14-164-527 - Bonds Authorized Under Other Laws.
  The provisions of this subchapter shall not restrict the issuance, pursuant to the authority of other laws, of any bonds with regard to which...
• § 14-164-528 - Municipality Not Authorized to Acquire Utility.
  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