Arkansas Code Title 14, Subtitle 8, Chapter 142, Subchapter 2 - Local Government Library Bond Act

• § 14-142-201 - Title.
  This subchapter shall be referred to and may be cited as the "Local Government Library Bond Act of 1993".
• § 14-142-202 - Legislative Intent.
  (a) The people of the State of Arkansas by the adoption of Arkansas Constitution, Amendment 72, which amends Arkansas Constitution, Amendments 30 and 38,...
• § 14-142-203 - Definitions.
  As used in this subchapter, unless the context otherwise requires: (1) "Bonds" means bonds issued pursuant to this subchapter; (2) "Capital improvements to or...
• § 14-142-204 - Construction.
  This subchapter shall be construed liberally to effectuate the legislative intent and the purposes of this subchapter as complete and independent authority for the...
• § 14-142-205 - Subchapter Supplemental.
  (a) It is the specific intent of this subchapter that the provisions of this subchapter are supplemental to other constitutional or statutory provisions which...
• § 14-142-206 - Venue.
  For the purposes of this subchapter, when it is necessary to determine whether publication or other activity has taken place within a municipality lying...
• § 14-142-207 - Bonds Generally -- Authorizing Ordinance for Municipalities.
  (a) Whenever one hundred (100) or more tax-paying electors of any municipality shall file a petition with the mayor: (1) Asking that an ad...
• § 14-142-208 - Bonds Generally -- Election to Authorize Issuance.
  (a) The question of the issuance of such bonds shall be submitted to the electors of the municipality or county at the general election...
• § 14-142-209 - Bonds Generally -- Terms and Conditions.
  (a) As the ordinance, order, or trust indenture as authorized in this subchapter may provide, the bonds may: (1) Be in registered or other...
• § 14-142-210 - Bonds Generally -- Interest Rates.
  Bonds for capital improvements issued pursuant to this subchapter shall not bear a rate of interest in excess of the rate provided in the...
• § 14-142-211 - Bonds Generally -- Trust Indenture.
  (a) The ordinance or order authorizing the bonds may provide for the execution by the chief executive officer of the issuer of a trust...
• § 14-142-212 - Bonds Generally -- Contents.
  It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and either...
• § 14-142-213 - Bonds Generally -- Sale.
  The bonds may be sold at public or private sale for such price, including, without limitation, sale at a discount, and in such manner...
• § 14-142-214 - Bonds Generally -- Execution.
  The bonds shall be executed in the manner provided by the Registered Public Obligations Act of Arkansas, § 19-9-401 et seq., as that subchapter...
• § 14-142-215 - Bonds Generally -- Successive Issues.
  There may be successive bond issues for the purpose of financing the same capital improvements.
• § 14-142-216 - Bonds Generally -- Pledge of Taxes Generally.
  The bonds shall be secured by, and contain a pledge of, any tax or combination of taxes authorized to pay the bonded indebtedness and...
• § 14-142-217 - Bonds Generally -- Liability.
  No officer, employee, or member of the issuer shall be personally liable on any bonds issued under the provisions of this subchapter or for...
• § 14-142-218 - Bonds Generally -- Pledge and Collection of Ad Valorem Taxes.
  (a) The ad valorem tax pledged for payment of bonds shall constitute a special fund pledged as security for the payment of such indebtedness.(b)...
• § 14-142-219 - Bonds Generally -- Interim Borrowing.
  (a) If the issuance of bonds is authorized in accordance with the provisions of this subchapter, a municipality or county is authorized to obtain...
• § 14-142-220 - Refunding Bonds.
  (a) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued hereunder.(b) (1) The refunding bonds may be...
• § 14-142-221 - Bonds Generally -- Tax Exemption.
  Bonds and notes issued under the provisions of this subchapter and the income thereon shall be exempt from all state, county, and municipal taxes,...
• § 14-142-222 - Bonds Generally -- Mortgage Lien.
  (a) The ordinance, order, or trust indenture authorized in §§ 14-142-207 and 14-142-209 may, but need not, impose a foreclosable mortgage lien upon the...

Last modified: November 15, 2016