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14-125-805. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-125-805. Refunding bonds.
Refunding bonds may be issued and may be sold, exchanged, or hypothecated under the procedure provided in §§ 14-125-801 — 14-125-804.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-125-805
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:14-125-805
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: bc870e078d807188719b8ac8d90a5bb64393b74ae7744756ff65c2e77d5ca748
Source location: content.xml paragraph 33981
Stored source content
14-125-805. Refunding bonds.
Refunding bonds may be issued and may be sold, exchanged, or hypothecated under the procedure provided in §§ 14-125-801 — 14-125-804.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-125-801. Petition to borrow money or issue bonds, etc.
(a) The board of directors may petition the chancery court for authority to borrow money or issue bonds or other evidences of indebtedness.
(b) The petition of the board shall state whether it is desired that those bonds or other evidences of indebtedness shall be made payable from the proceeds of any revenues derived from the operation of the works of improvement included in the approved plan or from the proceeds of taxes levied against the land within the project area.
(c) The order of the court authorizing the issuance of the bonds or other evidences of indebtedness shall specify which sources shall be liable for the payments of the principal and interest thereon.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-125-801
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 14-125-801. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-125-804. Court order approving proceedings.
(a) After issuing any bonds or other evidences of indebtedness and before their sale, exchange, or hypothecation, the board may petition the chancery court for an order approving the legality and regularity of all proceedings leading up to the issuance of the bonds or other evidences of indebtedness. This order shall have the force and effect of a judgment from which an appeal may be taken within thirty (30) days by the board or by any owner of land against which assessments of benefits by the district have been confirmed.
(b) If the order of the court shall specify that the bonds or other evidences of indebtedness shall be made payable from revenues, the order shall declare specifically the revenues or portion thereof that shall be pledged to secure the payment of the principal and interest thereon. This order shall constitute a sufficient pledge to secure all such payments of all bonds or other evidences of indebtedness that may be issued in pursuance thereof. All revenues so designated shall be applied, except for a reasonable amount for annual operation and maintenance costs, first to the payment of such principal and interest. No tax shall be levied by or on behalf of the district against any land within the project area to pay any part of the principal or interest of the bonds or other evidence of indebtedness.
(c) If the order of the court authorizing the borrowing of money and the issuance of notes, bonds, or other evidences of indebtedness shall specify that they shall be made payable from the proceeds of assessments, that order shall provide for the levying of a tax against the benefited land within the project area in the proportion to the amount of the assessment of benefits thereon in the same manner and
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-125-804
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 14-125-804. This identifies an authority to review, not proof of applicability.