Arkansas Code Title 14, Subtitle 14, Chapter 234, Subchapter 5 - Joint Systems

• § 14-234-501 - Definitions.
  As used in this subchapter, unless the context requires otherwise: (1) "Municipality" means any city of the first or second class or any incorporated...
• § 14-234-502 - Construction.
  (a) This subchapter shall be construed as cumulative authority for the purchase or construction of a waterworks system and shall not be construed to...
• § 14-234-503 - Authority for Joint Undertaking.
  (a) Any two (2) or more municipalities in the State of Arkansas may join in the purchase or construction of a waterworks system for...
• § 14-234-504 - Cost Estimate -- Contents of Ordinances -- Bonds.
  (a) Whenever the respective legislative bodies of two (2) or more municipalities shall determine to purchase or construct a waterworks system for the respective...
• § 14-234-505 - Ordinances -- Additional Provisions.
  (a) The several ordinances authorized in the issuance of the revenue bonds may contain provisions for the acceleration of the maturities of all unmatured...
• § 14-234-506 - Ordinances -- Publication -- Hearing.
  (a) After the passage of the ordinance, it shall be published one (1) time in a newspaper published in the municipality, or if there...
• § 14-234-507 - Location of System -- Sale of Water -- Ownership of Distribution System.
  (a) Municipalities are authorized to construct waterworks systems or any integral part thereof either inside or outside the limits of the municipalities and inside...
• § 14-234-508 - Bond Issue -- Sufficiency -- Negotiability -- Sale -- Fiscal Agent.
  (a) Bonds provided for in this subchapter shall be issued in whatever amounts may be necessary to provide sufficient funds to pay the total...
• § 14-234-509 - Bonds -- Nature of Indebtedness.
  (a) Bonds issued under the provisions of this subchapter shall be payable solely from the total revenues derived from the waterworks systems of all...
• § 14-234-510 - Obligation Payable From Revenue Bonds Only -- Security in Condemnation Proceedings.
  (a) No obligation shall, or may, be incurred by the several municipalities in the acquisition or construction of the waterworks systems contemplated under the...
• § 14-234-511 - Allocation of Bond Proceeds.
  (a) Any specified portion of the proceeds of an issue of bonds authorized under the provisions of this subchapter may be allocated by the...
• § 14-234-512 - Bonds -- Tax Exemption.
  Bonds issued under the provisions of this subchapter shall be exempt from all state, county, and municipal taxes, including income and inheritance taxes.
• § 14-234-513 - Fixed Rate Reduction Prohibited -- Exception -- Surpluses.
  (a) Rates for water fixed precedent to the issuance of the bonds shall not be reduced until all of the bonds shall have been...
• § 14-234-514 - Deposit of Funds.
  (a) Municipalities joining together to issue revenue bonds under the provisions of this subchapter shall designate a bank, which shall be a member of...
• § 14-234-515 - Statutory Mortgage Lien -- Default.
  (a) (1) There shall be created a statutory mortgage lien upon the several waterworks systems acquired or constructed from the proceeds of bonds authorized...
• § 14-234-516 - Eminent Domain.
  For the purpose of acquiring any waterworks system under the provisions of this subchapter, or for the purpose of acquiring any properties necessary therefor,...
• § 14-234-517 - Management of System.
  (a) Municipalities desiring to avail themselves of the benefits of this subchapter and join together in the issuance of bonds as provided under the...

Last modified: November 15, 2016