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14-117-414. Borrowing money and issuing bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-117-414. Borrowing money and issuing bonds.
(a) The board may petition the chancery or circuit court for authority to borrow money or issue negotiable bonds, and the court shall cause a public hearing to be held with respect to the petition in accordance with the same procedure for the issuance of bonds in connection with contracts with the United States as set forth in § 14-117-402.
(b) The petition of the board shall state whether it is desired that the bonds shall be made payable from the proceeds of revenues derived from the sale or delivery of water by the district or shall be made payable from the proceeds of assessments against the real property within the district. The order of the court authorizing the issuance of the bonds shall specify which of the sources shall be liable for the payments of the principal of and interest on the bonds.
(c) If the board is authorized to do so upon the presentation of the petition to the court, and after compliance with the provisions of § 14-117-402, it may borrow money at a rate of interest determined by the board from any agency of the United States or any other available lending source, may issue promissory notes, negotiable bonds, or such other evidence of indebtedness as required by the lender therefor, signed by the members of the board, and may pledge or assign all assessments and revenues for the repayment thereof.
(d) If promissory notes are issued, the board is authorized to execute mortgages on real or personal property owned by the district or assign or pledge such revenues and assessments as may be required by the lender as security for the repayment of the loan. No promissory notes issued under the terms of this chapter shall run for more than fifty (50) years.
(e) No bonds issued under the terms of t
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-117-414
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.
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Record provenance
Stable record: arkansas_code:legal_authorities:14-117-414
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7a1a81c56efdfe337eb61a922ab9b044a6d0f357df7245e4acb2eb451212676a
Source location: content.xml paragraph 28553
Stored source content
14-117-414. Borrowing money and issuing bonds.
(a) The board may petition the chancery or circuit court for authority to borrow money or issue negotiable bonds, and the court shall cause a public hearing to be held with respect to the petition in accordance with the same procedure for the issuance of bonds in connection with contracts with the United States as set forth in § 14-117-402.
(b) The petition of the board shall state whether it is desired that the bonds shall be made payable from the proceeds of revenues derived from the sale or delivery of water by the district or shall be made payable from the proceeds of assessments against the real property within the district. The order of the court authorizing the issuance of the bonds shall specify which of the sources shall be liable for the payments of the principal of and interest on the bonds.
(c) If the board is authorized to do so upon the presentation of the petition to the court, and after compliance with the provisions of § 14-117-402, it may borrow money at a rate of interest determined by the board from any agency of the United States or any other available lending source, may issue promissory notes, negotiable bonds, or such other evidence of indebtedness as required by the lender therefor, signed by the members of the board, and may pledge or assign all assessments and revenues for the repayment thereof.
(d) If promissory notes are issued, the board is authorized to execute mortgages on real or personal property owned by the district or assign or pledge such revenues and assessments as may be required by the lender as security for the repayment of the loan. No promissory notes issued under the terms of this chapter shall run for more than fifty (50) years.
(e) No bonds issued under the terms of this chapter shall run for more than fifty (50) years. All issues of bonds may be divided so that a portion of them may mature each year as the assessments are collected, or they may all be made payable at the same time, with proper provision for a sinking fund.
(f) In all other respects, the board shall determine the form and denominations of the bonds.
(g) The board may sell, exchange, or hypothecate the bonds from time to time and at prices which best serve the interests of the district, provided that any sale or exchange of the bonds at less than ninety percent (90%) of their par value shall first have the approval of the chancery or circuit court.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-117-402. Contracts between district and United States.
(a) The board is authorized to:
(1) Cooperate with the United States or any agency or instrumentality thereof, hereinafter referred to as the United States, in the development of plans for the construction, operation, and maintenance of any facilities which the district is authorized to construct, operate, and maintain;
(2) Negotiate a contract with the United States or give such assurance as may be required by the United States for the construction, operation, and maintenance of such facilities or any part thereof by the United States.
(A) The contract or assurance may provide for the payment by the district to the United States of the agreed costs thereof in the form of construction charges, operation and maintenance charges, water rental, or service charges.
(B) The construction charges may include the cost of works of improvement for irrigation, drainage, flood control, prevention of seepage of irrigated lands, prevention of erosion, floodwater, and sediment damages, and the conservation, development, utilization, and disposal of water.
(C) The contract or assurance may provide for the repayment of the various charges by the district primarily or exclusively from revenue to be derived by the district from the sale under contract between the district and its water users from the district works, with payment to be made either in the form of agricultural products or cash. However, if sufficient revenue is not available from this source or if the district was organized primarily for purposes other than irrigation, then the board shall have authority to assess benefits against the property within the district for the purpose of repaying the obligations of the district under the terms of the contract wi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-117-402
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. The source passage cites 14-117-402. This identifies an authority to review, not proof of applicability.