Arkansas Code Title 14, Subtitle 11, Chapter 185 - Metropolitan Port Authorities

• § 14-185-101 - Title.
  This chapter shall be referred to and may be cited as the "Metropolitan Port Authority Act of 1961."
• § 14-185-102 - Definitions.
  As used in this chapter, unless the context otherwise requires: (1) "County" means a county of this state or, where a county is divided...
• § 14-185-103 - Construction.
  (a) This chapter is intended and shall be construed to supplement all constitutional provisions and acts of the General Assembly designed to accomplish, in...
• § 14-185-104 - Power to Establish.
  (a) Two (2) or more counties or two (2) or more municipalities, whether or not in the same county, or one (1) or more...
• § 14-185-105 - Organization of Authority.
  (a) The governing body of each municipality and the county court of each county desiring to organize a port authority under this chapter shall...
• § 14-185-106 - Members of the Board of Authority.
  (a) Immediately after the filing of the order of the circuit court, the governing body of each petitioning municipality and the county court of...
• § 14-185-107 - Permanent Records of Authority.
  A certified copy of each ordinance and a certified copy of each county court order appointing persons to membership on the board shall be...
• § 14-185-108 - General Purposes of Authority.
  (a) Port authorities are authorized to accomplish the following general purposes: (1) To establish, acquire, develop, improve, or maintain harbors, ports, river-rail terminals, barge...
• § 14-185-109 - Powers of Authority Generally.
  In order to enable authorities to carry out the purposes of this chapter, the authorities shall: (1) Have the powers of a body corporate...
• § 14-185-110 - Warehouse Facilities -- Proposals for Lease or Operation.
  With regard to warehouse facilities used for commercial warehousing purposes mentioned § 14-185-108(a)(1)-(4), (6), (7), and (9)-(11), § 14-185-108(b), and § 14-185-109(2), (3), (12),...
• § 14-185-111 - Acquisition of Rights-Of-way and Property.
  (a) For the acquiring of rights-of-way and property necessary or desirable for the carrying out of their powers and for the accomplishment of the...
• § 14-185-112 - Condemnation of Utility System Prohibited.
  Nothing in this chapter shall be construed to authorize any port authority to acquire by condemnation, or to issue bonds and use the proceeds...
• § 14-185-113 - Operation of Terminal Railroads.
  (a) (1) Port authorities shall have the power and are authorized to acquire, own, lease, locate, install, construct, equip, hold, maintain, control, and operate...
• § 14-185-114 - Dealings With Federal Government.
  (a) (1) Port authorities are authorized to assign, transfer, lease, convey, grant, or donate to the federal government, or to the appropriate agency of...
• § 14-185-115 - Assistance by Municipalities and Counties.
  (a) (1) It is determined that the ports, harbors, river-rail and barge terminals, and the facilities authorized to be acquired, constructed, reconstructed, extended, equipped,...
• § 14-185-116 - Authority to Borrow Funds, Issue Bonds.
  (a) Port authorities are authorized and empowered to enter into the necessary contracts for the borrowing of funds, pursuant to the provisions of this...
• § 14-185-117 - Bonds -- Authority to Issue.
  This chapter shall be the sole authority required for the issuance of bonds under it and for the exercise of the powers of authorities...
• § 14-185-118 - Bonds -- Covenants and Agreements -- Enforcement.
  All covenants and agreements entered into and made by an authority shall be binding in all respects on the authority and the members of...
• § 14-185-119 - Bonds -- Purposes.
  Bonds may be issued from time to time for the acquisition, construction, and equipment of facilities and the reconstructing, extending, improving, equipping, or reequipping...
• § 14-185-120 - Bonds -- Principal Amount.
  Each bond issue shall be in the principal amount sufficient, together with other available funds, for the acquisition, construction, and equipment of facilities or...
• § 14-185-121 - Bonds -- Resolution or Trust Indenture Generally.
  The authority issuing the bonds, by the resolution or indenture, among other things, may control the subsequent issuance of additional bonds and the priority,...
• § 14-185-122 - Bonds -- Authorizing Resolution.
  (a) Each issue of bonds shall be authorized by resolution of the authority issuing the bonds.(b) Priority, between and among successive issues, of the...
• § 14-185-123 - Bonds -- Terms and Conditions.
  (a) As the authorizing resolution may provide, the bonds may: (1) Be coupon bonds payable to bearer; (2) Be registered as to principal or...
• § 14-185-124 - Bonds -- Trust Indenture.
  (a) Each resolution of an authority authorizing the issuance of bonds may provide for the execution of an indenture defining the rights of the...
• § 14-185-125 - Bonds -- Contents.
  It shall be plainly stated on the face of each bond issued under this chapter that it has been issued under the provisions of...
• § 14-185-126 - Bonds -- Sale.
  Bonds issued under this chapter may be sold for such price including, without limitation, sale at a discount and in such manner as the...
• § 14-185-127 - Bonds, Coupons -- Execution.
  (a) (1) Bonds issued under this chapter may be executed by the facsimile signature of the chairman of the authority issuing the bonds and...
• § 14-185-128 - Bonds -- Conversion.
  Bonds issued under this chapter may be sold with the privilege of conversion to an issue bearing a lower rate or rates of interest...
• § 14-185-129 - Bonds -- Issues.
  There may be separate issues involving different facilities and there may be successive issues involving the same facilities.
• § 14-185-130 - Bonds -- General or Special Obligations.
  Bonds issued under this chapter shall be general or special obligations only of the port authority issuing the bonds. In no event shall they...
• § 14-185-131 - Bonds -- Liability.
  No member of any port authority shall be personally liable on the bonds or for any damages sustained by anyone in connection with the...
• § 14-185-132 - Bonds -- Pledge of Revenues.
  (a) The principal of, premium, if any, or interest on, and trustee's and paying agent's fees in connection with each issue of bonds issued...
• § 14-185-133 - Refunding Bonds.
  (a) (1) Bonds may be issued under this chapter for the purpose of refunding any bonds theretofore issued under this chapter. (2) (A) Refunding...
• § 14-185-134 - Bonds -- Tax Exemption.
  (a) Bonds issued under the provisions of this chapter shall be exempt from all state, county, and municipal taxes.(b) This exemption shall include income,...
• § 14-185-135 - Bonds As Legal Investment.
  Bonds issued under this chapter shall be eligible to secure deposits of all public funds and shall be legal for the investment of bank,...
• § 14-185-136 - Bonds -- Mortgage Lien.
  (a) The resolution or indenture referred to in §§ 14-185-122 and 14-185-124 may, but need not, impose a foreclosable mortgage lien upon the facilities...
• § 14-185-137 - Bonds -- Default -- Receiver.
  (a) In the event of a default in the payment of the principal of or interest on any bonds issued under this chapter, any...

Last modified: November 15, 2016