Arkansas Code Title 14, Subtitle 12, Chapter 203 - Municipal Electric System Financing

• § 14-203-101 - Title.
  This chapter may be referred to and cited as the "Municipal Electric System Financing Act."
• § 14-203-102 - Definitions.
  As used in this chapter, unless the context otherwise requires: (1) "Bonds" means bonds and any series of bonds authorized by and issued pursuant...
• § 14-203-103 - Scope of Chapter.
  (a) Nothing in this chapter shall be construed as modifying or diminishing the present authority of municipalities respecting the ownership and operation of their...
• § 14-203-104 - Authorization to Finance Electric System.
  Municipalities are authorized to use any available funds and reserves to pay and provide for costs and expenses of owning and operating an electric...
• § 14-203-105 - Bonds -- Issuance Generally.
  The issuance of bonds shall be by an ordinance of the governing body of the municipality.
• § 14-203-106 - Bonds -- Terms and Conditions.
  (a) As the ordinance may provide, the bonds may: (1) Be coupon bonds payable to bearer, subject to registration as to principal or as...
• § 14-203-107 - Bonds -- Trust Indenture.
  (a) The ordinance may provide for the execution of a trust indenture by the municipality with a bank or trust company within or without...
• § 14-203-108 - Bonds -- Sale.
  The bonds may be sold at public or private sale, for whatever price, including, without limitation, sale at a discount, and in whatever manner...
• § 14-203-109 - Bonds, Coupons -- Execution -- Seal.
  (a) (1) (A) Bonds issued under this chapter shall be executed by the manual or facsimile signatures of the mayor and clerk of the...
• § 14-203-110 - Bonds -- Priority Among Issues.
  Priority between successive issues may be controlled by the ordinance.
• § 14-203-111 - Bonds -- Nature of Indebtedness -- Surplus Revenues.
  (a) The bonds and coupons issued under this chapter shall not be general obligations of the municipality, but shall be special obligations payable from...
• § 14-203-112 - Refunding Bonds.
  (a) (1) Bonds may be issued for the purpose of refunding any bonds issued under this chapter. Any bonds issued under other applicable legislation...
• § 14-203-113 - Bonds -- Mortgage Lien.
  (a) The ordinance or trust indenture authorizing or securing any bonds issued under this chapter may impose a foreclosable mortgage lien upon all or...
• § 14-203-114 - Bonds -- Default -- Receiver.
  (a) In the event of a default in the payment of the principal of, premium, if any, or interest on any bonds issued under...
• § 14-203-115 - Rates, Fees, and Charges -- Disposition -- Pledges.
  (a) For so long as any bonds are outstanding and unpaid, the rates, fees, and charges for electric power and energy charged and collected...
• § 14-203-116 - Rights of Holder or Owner of Bonds.
  Any holder or registered owner of bonds or coupons appertaining thereto, except to the extent the rights given in this chapter may be restricted...
• § 14-203-117 - Bonds -- Tax Exemption.
  Bonds issued under the provisions of this chapter, and the interest thereon, shall be exempt from all state, county, and municipal taxes, including property,...
• § 14-203-118 - Investment of Public Funds in Bonds.
  Any municipality, or any board, commission, or other authority duly established by ordinance of any municipality, or the boards of trustees, respectively, of the...

Last modified: November 15, 2016