14-116-704. Security for bonds — Delinquencies.

Arkansas Code — all titles (historical 2020) · legal_authorities

14-116-704. Security for bonds — Delinquencies.

14-116-704. Security for bonds — Delinquencies. (a) All bonds issued under the terms of this chapter that are made payable from the proceeds of assessments shall be secured by a lien on all benefited lands in each individual improvement project area unless the board shall be able to sell bonds payable out of revenue only; provided, however, that land in any district which is not part of a project improvement area shall not be assessed with respect to any costs relating to such project improvement and shall not be encumbered with any lien relating to bonds issued with respect thereto. The board shall see to it that a tax is levied annually and collected under the provisions of this chapter so long as it may be necessary to pay any bond issued under its authority. (b)(1)(A) If any bond or interest on any bond issued by the board is not paid within thirty (30) days after its maturity, it shall be the duty of the court, on the application of any holder of the bond or interest so overdue, to order the collection of the taxes aforesaid. (B) At its discretion, the court may appoint a receiver therefor. (2) The proceeds of the taxes and collections of each improvement project area shall be applied, after payment of costs, first to overdue interest and then to payment pro rata of all bonds issued for that project area which are then due and payable. (3) The board or receiver may be directed by suit to foreclose the lien of the taxes on delinquent parcels of land. (4) The suits so brought by the receiver shall be conducted in all matters as suits by the board, as herein provided, and with like effect. (5) The decrees and deeds herein shall have the same presumptions in their favor. (6) However, when all such sums have been paid, the receiver shall be discharged, a

Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-116-704

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.