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14-117-416. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-117-416. Refunding bonds.
Refunding bonds may be issued and may be sold, exchanged, or hypothecated under the procedure provided in §§ 14-117-414 and 14-117-415.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-117-416
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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Stable record: arkansas_code:legal_authorities:14-117-416
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: bdc71b0525e299ec3e6b2c82f858d9ab2025452f919b2d0fce5884f227e3e417
Source location: content.xml paragraph 28572
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14-117-416. Refunding bonds.
Refunding bonds may be issued and may be sold, exchanged, or hypothecated under the procedure provided in §§ 14-117-414 and 14-117-415.
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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. The source passage cites 14-117-414. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-117-415. Court order as to bonds.
(a) After issuing any bonds and before their sale, exchange, or hypothecation, the board shall petition the chancery or circuit court for an order approving the legality and regularity of all proceedings leading up to the issuance of the bonds. This order shall have the force of a judgment and shall be subject to appeal to the Supreme Court within thirty (30) days by the board or by any owner of real property against which assessments of benefits by the district have been confirmed.
(b) If the order of the court shall specify that the bonds shall be made payable from revenues from the sale or delivery of water, the order shall declare specifically the revenues or portion thereof that shall be pledged to secure the payment of the principal of and interest upon the bonds. The order of the court shall constitute a sufficient pledge to secure all payments of all bonds that may be issued in pursuance thereof, and all revenue so designated shall be applied first to the payment of the bond requirements. No tax shall be levied by or on behalf of the district against any real property within the district to pay any part of the principal or interest of such bonds.
(c) If the order of the court authorizing the issuance of bonds shall specify that they shall be made payable from the proceeds of assessments, then the order shall provide for the levying of a tax against the real property within the district in proportion to the assessment of benefits for the improvement, in the same manner and with the same effect as provided in § 14-117-413.
(d) If the order of the court authorizing the borrowing of money and the issuance of promissory notes shall specify that they shall be payable from the proceeds of assessments, then the order shall pr
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-117-415
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 14-117-415. This identifies an authority to review, not proof of applicability.