Arkansas Code Title 14, Subtitle 5, Chapter 94 - Municipal Property Owners' Improvement District Law

• § 14-94-101 - Title.
  This chapter may be known and cited as the "Municipal Property Owner's Improvement District Law".
• § 14-94-102 - Legislative Intent.
  It is the intent and purpose of this chapter to authorize the formation of improvement districts by the unanimous approval of the owners of...
• § 14-94-103 - Definitions.
  As used in this chapter, unless the context otherwise requires: (1) "Board" means any board of commissioners appointed pursuant to this subchapter; (2) "Clerk"...
• § 14-94-104 - Construction.
  The provisions of this chapter shall be liberally construed to accomplish the purposes of this chapter, and this chapter shall be the sole authority...
• § 14-94-105 - Petition to Form District.
  (a) Upon the petition of all the owners of the record title as reflected by the deed records in the office of the circuit...
• § 14-94-106 - Hearing on Petition and Determination.
  (a) (1) (A) Upon the filing of the petition with the clerk, it shall be the duty of the clerk to present the petition...
• § 14-94-107 - Board of Commissioners Generally.
  (a) (1) (A) Within thirty (30) days after their appointment, the commissioners shall take and file with the clerk their oath of office, in...
• § 14-94-108 - Removal of Board Members.
  (a) When the owners of two-thirds (2/3) in assessed value of the real property located within any district shall sign a petition stating that...
• § 14-94-109 - Planning by Board.
  (a) The board shall form plans relative to the acceptance, purchase, or construction of the improvement.(b) To that end, the board may employ such...
• § 14-94-110 - Powers of Districts Generally.
  (a) Any district, in furtherance of any of the purposes set forth in § 14-94-105, shall have the authority to hire managers and other...
• § 14-94-111 - Corporate Powers.
  Each district shall be a body corporate with power to sue and to be sued on its contracts, and it shall have a corporate
• § 14-94-112 - Right of Eminent Domain.
  (a) All districts organized under this chapter shall have the right of eminent domain in order that they may carry out the purposes of...
• § 14-94-113 - Sale of Land.
  Any property that may be acquired by any district organized under this chapter may be sold by the board of the district for the...
• § 14-94-114 - Priority of Cases.
  (a) All cases involving the validity of districts or the assessment of benefits and all suits to foreclose the lien or taxes shall be...
• § 14-94-115 - Assessment of Benefits and Damages.
  (a) (1) In the event that the board shall have voted to accept any offer of gift, or shall have voted to purchase any...
• § 14-94-116 - Filing and Notice of Assessment -- Hearing.
  (a) (1) The assessment shall be filed with the clerk. (2) (A) The secretary of the board shall thereupon give notice of its filing...
• § 14-94-117 - Reassessment.
  (a) The board may, not more often than one (1) time a year, require the assessor to reassess the benefits in the district. However,...
• § 14-94-118 - Levy of Tax.
  (a) (1) At the same time that the assessment of benefits is equalized or at any time thereafter, the board shall enter upon its...
• § 14-94-119 - Interest on Assessment.
  The assessment of the benefits shall bear interest at a rate equal to the lesser of the maximum rate permitted by law or the...
• § 14-94-120 - Extension and Collection of Taxes.
  (a) (1) When the board shall make the levy of taxes, it shall be the duty of the assessor to extend the amount levied...
• § 14-94-121 - Subsequent Levies.
  (a) If the tax first levied shall prove insufficient to pay the bonds, both the principal and interest, issued by the board on account...
• § 14-94-122 - Payment of Taxes -- Enforcement.
  (a) Payment. All taxes levied under the terms of this chapter shall be payable in installments at the same time as county, city, and...
• § 14-94-123 - Negotiable Notes, Bonds, or Evidence of Debt.
  (a) (1) In order to meet preliminary expenses and to finance the cost of the improvements to be accomplished, with costs incidental to them...
• § 14-94-124 - Tax Exemption.
  The bonds, and interest on them, shall be exempt from all state, county, and municipal taxes, including income, property, and inheritance taxes.
• § 14-94-125 - Payment of Bonds and Interest.
  (a) (1) All bonds issued under the terms of this chapter shall be secured by a lien on all real property in the district....
• § 14-94-126 - Dissolution of District.
  (a) (1) After all bonds or other evidences of indebtedness, plus all interest on them, shall have been paid in full, then a district...
• § 14-94-127 - Lien for Preliminary Expenses.
  If for any reason the improvement contemplated by any district organized under this chapter is not made, the preliminary expense shall be a first...
• § 14-94-128 - Continued Existence of District.
  If the petition for formation of the district provides therefor or the owners of real property in the district agree thereto, a district shall...

Last modified: November 15, 2016