Arkansas Code Title 14, Subtitle 14, Chapter 234, Subchapter 2 - Purchase and Construction

• § 14-234-201 - Definitions.
  As used in this subchapter, unless the context otherwise requires: (1) "Municipality" means any city of the first or second class or incorporated town...
• § 14-234-202 - Construction.
  (a) This subchapter shall be construed as cumulative authority for the purchase or construction of a waterworks system or for the construction of betterments...
• § 14-234-203 - Authority of Municipalities.
  (a) Municipalities are authorized to purchase or construct a waterworks system or any integral part thereof and to purchase and hold title to, lease,...
• § 14-234-204 - Authority of Cities and Towns -- Use of Revenues.
  (a) Any city or incorporated town in the State of Arkansas may purchase or construct a waterworks system, or construct betterments and improvements to...
• § 14-234-205 - Ordinance for Issuance of Bonds -- Contents.
  (a) Whenever the legislative body of any municipality shall determine to purchase or construct a waterworks system under the provisions of this subchapter, it...
• § 14-234-206 - [Repealed.]
• § 14-234-207 - Bonds -- Amount -- Negotiability -- Execution -- Sale.
  (a) Bonds shall be issued in such amounts as may be necessary to provide sufficient funds to pay all costs of construction or acquisition,...
• § 14-234-208 - Lien in Favor of Bondholders -- Enforcement -- Appointment of Receiver Upon Default.
  (a) (1) There shall be created a statutory mortgage lien upon the waterworks system acquired or constructed from the proceeds of bonds authorized to...
• § 14-234-209 - Accounts -- Audit -- Treasurer As Custodian of Fund -- Fund Separated From City Funds.
  (a) Any municipality issuing revenue bonds under the provisions of this subchapter shall install and maintain a proper system of accounts showing the amount...
• § 14-234-210 - Allocation of Specific Portion of Issue of Bonds to Particular Project.
  (a) Any specified portion of the proceeds of an issue of bonds authorized under this subchapter may be allocated by the municipal council to...
• § 14-234-211 - Acceleration of Maturities -- Priorities Between Bond Issues -- Execution of Indenture.
  (a) The ordinance authorizing the issuance of the revenue bonds may contain provisions for the acceleration of the maturities of all unmatured bonds in...
• § 14-234-212 - Issuance of Bonds to Construct Improvements.
  (a) (1) If any municipality shall own or operate a waterworks system, whether or not purchased or constructed under the provisions of this subchapter,...
• § 14-234-213 - Exchange of Unpaid Water Revenue Certificates for Refunding Bonds.
  (a) Whenever all of the holders of unpaid water revenue certificates of a particular issue, which were issued to pay the cost of constructing...
• § 14-234-214 - Rates -- Disposition of Surplus Funds.
  (a) Rates for resident and nonresident consumers of a municipal waterworks system shall be fixed by the legislative body of the municipality.(b) The rates...
• § 14-234-215 - Eminent Domain.
  (a) For the purpose of acquiring any lands or property for the operation of the municipal waterworks system authorized by law, a municipality shall...
• § 14-234-216 - Obligations Incurred Solely Through Sale of Revenue Bonds -- Security in Condemnation Proceedings.
  No obligation may be incurred by the municipality in the construction or acquisition of the works contemplated by this subchapter or in the condemnation...
• § 14-234-217 - Bonds -- Nature of Indebtedness.
  (a) Bonds issued under the provisions of this subchapter shall be payable solely from the revenues derived from the waterworks system.(b) The bonds shall...
• § 14-234-218 - Bonds -- Tax Exemption.
  The revenue bonds shall be exempt from all taxation, state, county, and municipal. This exemption includes income taxation and inheritance taxation.

Last modified: November 15, 2016