Arkansas Code Title 14, Subtitle 8, Chapter 138 - Public Corporations for Municipal Facilities

• § 14-138-101 - Legislative Intent.
  It is the intent of the General Assembly by the passage of this chapter to authorize in each municipality in this state the incorporation...
• § 14-138-102 - Definitions.
  As used in this chapter, unless the context otherwise requires: (1) "Corporation" means a corporation organized pursuant to the provisions of this chapter; (2)...
• § 14-138-103 - Construction.
  (a) This chapter shall be liberally construed in conformity with its intent.(b) All acts and activities of the corporation performed pursuant to the authority...
• § 14-138-104 - Authority Generally.
  There is conferred upon the corporation the authority to take such action and to do, or cause to be done, such things as shall...
• § 14-138-105 - Authority and Procedure to Incorporate.
  (a) (1) (A) If three (3) or more qualified electors file with the governing body an application in writing for authority to incorporate a...
• § 14-138-106 - Certificate of Incorporation.
  (a) The certificate of incorporation of the corporation shall state: (1) The names of the persons forming the corporation, together with the residence of...
• § 14-138-107 - Execution and Recording of Certificate.
  (a) The certificate of incorporation shall be signed and acknowledged by the incorporators and shall have attached thereto a certified copy of the resolution...
• § 14-138-108 - Board of Directors.
  (a) The corporation shall have a board of directors composed of the number of directors provided in the certificate of incorporation. All powers of...
• § 14-138-109 - Officers.
  (a) (1) The officers of the corporation shall consist of a chairman, vice chairman, a secretary, a treasurer, and such other officers as the...
• § 14-138-110 - Powers Generally.
  The corporation shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof: (1) To have succession by...
• § 14-138-111 - Lease Agreements.
  (a) (1) The corporation and the lessee involved are respectively authorized to enter into with each other one (1) or more lease agreements whereunder...
• § 14-138-112 - Conveyance of Property by Lessee.
  Any lessee is authorized to convey to the corporation, with or without the payment of monetary consideration therefor, any property that may be owned...
• § 14-138-113 - Tax Exemption of Projects.
  Each project, and the income from all leases made with respect thereto, are determined and declared by the General Assembly to be public property...
• § 14-138-114 - Issuance of Bonds.
  (a) (1) The corporation is authorized at any time and from time to time to issue its interest-bearing revenue bonds for the purpose of...
• § 14-138-115 - Notice of Bond Resolution.
  (a) Upon the adoption by the board of any resolution providing for the issuance of bonds, the corporation may, in its discretion, cause to...
• § 14-138-116 - Execution of Bonds.
  (a) Bonds shall be executed by the manual or facsimile signature of the chairman of the corporation and by the manual signature of the...
• § 14-138-117 - Security for Bonds.
  (a) The principal of, and interest on, the bonds shall be secured by a pledge of the revenues out of which the bonds shall...
• § 14-138-118 - Eligibility of Bonds As Investment.
  (a) Revenue bonds issued under the authority of this chapter are made securities in which insurance companies, trust companies, banks, investment companies, executors, administrators,...
• § 14-138-119 - Bonds -- Tax Exemption.
  The principal of and interest on bonds issued under the authority of this chapter shall be exempt from all state, county, and municipal taxes....
• § 14-138-120 - Proceeds From Sale of Bonds.
  (a) The proceeds derived from all of the bonds other than refunding bonds may be used only to pay the costs of acquiring, constructing,...
• § 14-138-121 - Refunding Bonds.
  (a) The corporation may at any time and from time to time issue refunding bonds for the purpose of refunding the principal of and...
• § 14-138-122 - Remedies on Default.
  (a) If there is any default in the payment of the principal of or interest on any bonds issued under this chapter, then the...
• § 14-138-123 - Dissolution.
  (a) (1) (A) If the public corporation does not have any bonds outstanding, the board may adopt a resolution, which shall be entered in...

Last modified: November 15, 2016