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14-120-106. Funding indebtedness other than bonded indebtedness.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-120-106. Funding indebtedness other than bonded indebtedness.
(a) Any levee or drainage district in Arkansas, whether created under the general law or by special act of the General Assembly, which has outstanding certificates of indebtedness, notes, warrants, or any unsatisfied judgment against it is authorized and empowered to issue funding bonds for the purpose of paying the certificates of indebtedness, notes, or unsatisfied judgment against it.
(b) The funding bonds may be issued by the commissioners or directors of any levee or drainage improvement district under the terms and provisions of §§ 14-120-107 and 14-120-108. All proceedings relating to the issuance of any such funding bonds for the purpose of paying outstanding certificates of indebtedness, notes, or for satisfying any judgment of record shall be had in the same manner as provided by §§ 14-120-107 and 14-120-108.
(c)(1) When any outstanding certificate of indebtedness, note, or judgment is paid by the issuance of the funding bonds herein authorized, the certificate of indebtedness or note shall be plainly marked “CANCELLED” and deposited by the secretary of the district with the county clerk if the district embraces only land in the county.
(2) If the district embraces land in more than one (1) county, then the certificate of indebtedness or note shall be deposited with the clerk of the circuit court for the county or judicial division of the county in which is situated the largest part of the lands in the district.
(d) If an unsatisfied judgment is paid by the issuance of the funding bonds, it shall be the duty of the owner of the judgment to satisfy the judgment within ten (10) days after the payment of the amount due, which satisfaction shall be duly noted on the judgment record in the m
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-120-106
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:14-120-106
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ac915783893d1049210169a41b5958b500cd719afa43673d5834d35bee58f229
Source location: content.xml paragraph 29297
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14-120-106. Funding indebtedness other than bonded indebtedness.
(a) Any levee or drainage district in Arkansas, whether created under the general law or by special act of the General Assembly, which has outstanding certificates of indebtedness, notes, warrants, or any unsatisfied judgment against it is authorized and empowered to issue funding bonds for the purpose of paying the certificates of indebtedness, notes, or unsatisfied judgment against it.
(b) The funding bonds may be issued by the commissioners or directors of any levee or drainage improvement district under the terms and provisions of §§ 14-120-107 and 14-120-108. All proceedings relating to the issuance of any such funding bonds for the purpose of paying outstanding certificates of indebtedness, notes, or for satisfying any judgment of record shall be had in the same manner as provided by §§ 14-120-107 and 14-120-108.
(c)(1) When any outstanding certificate of indebtedness, note, or judgment is paid by the issuance of the funding bonds herein authorized, the certificate of indebtedness or note shall be plainly marked “CANCELLED” and deposited by the secretary of the district with the county clerk if the district embraces only land in the county.
(2) If the district embraces land in more than one (1) county, then the certificate of indebtedness or note shall be deposited with the clerk of the circuit court for the county or judicial division of the county in which is situated the largest part of the lands in the district.
(d) If an unsatisfied judgment is paid by the issuance of the funding bonds, it shall be the duty of the owner of the judgment to satisfy the judgment within ten (10) days after the payment of the amount due, which satisfaction shall be duly noted on the judgment record in the manner now provided by law.
(e) The commissioners or directors of any levee or drainage district in this state may issue and sell the funding bonds authorized and use the proceeds to take up outstanding certificates of indebtedness and notes or to pay unsatisfied judgments of the district, or they may exchange new bonds for the outstanding certificates of indebtedness, notes, or in payment of the unsatisfied judgments. All proceedings with reference to the issuance or exchange of such funding bonds shall be had in accordance with the provisions of §§ 14-120-105, 14-120-107, and 14-120-108.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-120-105. Funding and refunding indebtedness evidenced by bonds or certificates.
(a) Any and all levee and drainage improvement districts of this state, whether organized and created under general law or by special act of the General Assembly, shall have power to fund and refund their outstanding indebtedness including bonded indebtedness, certificates of indebtedness, and accrued matured interest on such indebtedness, and to extend the maturity of the indebtedness on such terms as the commissioners or directors of the districts shall deem for the best interest of the districts. To that end the commissioners or directors may issue the negotiable bonds of the districts, with interest coupons attached; these refunding bonds are to run for a period of not exceeding fifty (50) years from date of issue.
(b) The commissioners or directors of the districts may exchange new bonds for outstanding bonds and certificates of indebtedness, including accrued matured interest coupons, or they may issue and sell new bonds and use the proceeds to take up any of the outstanding bonds or other indebtedness of the districts in the refunding thereof.
(c) These refunding bonds shall not be issued in a greater amount than is necessary to pay the outstanding bonds and certificate of indebtedness and accrued interest coupons then being refunded, with interest to the date such new bonds are delivered plus expenses incurred in connection with the issuance of the new bonds.
(d) The refunding bonds shall be negotiable instruments and may have coupons evidencing interest payable at annual or semiannual periods and shall have all the rights of security, including liens on assessments of benefits and levy of taxes on the lands, together with all remedies for their collection that are provide
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-120-105
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 14-120-105. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-120-107. Cancellation of old bonds.
(a) All bonds taken up by any district by funding bonds or proceeds thereof shall be plainly marked “CANCELLED” and deposited by the secretary of the district with the county clerk if the district embraces only land in the county. If the district embraces lands in more than one (1) county, then the bonds shall be deposited with the clerk of the circuit court for the county or judicial division of the county in which is situated the largest part of the lands in the district.
(b) The secretary of the district shall file with the cancelled bonds his certificate showing the number, date, place of payment, and maturity of the cancelled funding bonds including the numbers of the interest coupons, and also the numbers, date, and place of payment of maturity of the new bonds issued for the funding.
(c) The cancelled bonds shall be carefully kept by the county clerk or circuit court clerk receiving them in his office and the certificate of the secretary of the district shall be recorded in the permanent record book in his office. For his services in filing the bonds and making the record, the clerk shall receive pay on the basis of ten cents (10¢) per line for the record, to be paid by the district.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-120-107
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 14-120-107. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-120-108. Reassessment of benefits generally.
(a) In any levee or drainage district, if the original assessment of benefits was made by assessors, then the board of directors or commissioners of the district shall have the power to fill any vacancies in the board of assessors.
(b) If, however, in any such district the power of the board of assessors was exhausted on making the original assessment, the board of commissioners or directors of the district shall have the power to appoint a new board of assessors composed of the same number and with the same qualifications as the original board, the new board to have all powers to make the reassessments provided for in this section as were conferred on the original board of assessors.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-120-108
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 14-120-108. This identifies an authority to review, not proof of applicability.