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14-138-123. Dissolution.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-138-123. Dissolution.
(a)(1)(A) If the public corporation does not have any bonds outstanding, the board may adopt a resolution, which shall be entered in its minutes, declaring that the public corporation shall be dissolved; or
(B) If directed by its governing body, the board shall adopt a resolution to dissolve the public corporation.
(2) Upon the filing for record of a certified copy of a resolution made under subdivision (a)(1) of this section in the office of the county clerk of the county in which the municipality is located, the public corporation is dissolved.
(3) After its dissolution, the title to the property of a dissolved public corporation vests in the lessee.
(b) When the principal of and the interest on all bonds payable, in whole or in part, from the revenues derived from any project shall have been paid in full, title to that project shall thereupon vest in the lessee, but such vesting of title in the lessee shall not affect the title of the corporation to any other project, the revenues from which are pledged for the payment of any other bonds then outstanding.
(c) The formation and dissolution of one (1) or more corporations under the provisions of this chapter shall not prevent the subsequent formation under this chapter of other corporations in the same municipality.
(d) By giving a written notice to the district's board, the governing body of a municipality may rescind a planning and development district's designation and authority to act as a public corporation for a municipal facility under § 14-138-105(a)(2)(B) when the district does not have any bonds outstanding.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-138-123
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:14-138-123
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: dd17e39e194242f267c4e8cc71905566e3fe1134704276a81c776ab72dac01f5
Source location: content.xml paragraph 34935
Stored source content
14-138-123. Dissolution.
(a)(1)(A) If the public corporation does not have any bonds outstanding, the board may adopt a resolution, which shall be entered in its minutes, declaring that the public corporation shall be dissolved; or
(B) If directed by its governing body, the board shall adopt a resolution to dissolve the public corporation.
(2) Upon the filing for record of a certified copy of a resolution made under subdivision (a)(1) of this section in the office of the county clerk of the county in which the municipality is located, the public corporation is dissolved.
(3) After its dissolution, the title to the property of a dissolved public corporation vests in the lessee.
(b) When the principal of and the interest on all bonds payable, in whole or in part, from the revenues derived from any project shall have been paid in full, title to that project shall thereupon vest in the lessee, but such vesting of title in the lessee shall not affect the title of the corporation to any other project, the revenues from which are pledged for the payment of any other bonds then outstanding.
(c) The formation and dissolution of one (1) or more corporations under the provisions of this chapter shall not prevent the subsequent formation under this chapter of other corporations in the same municipality.
(d) By giving a written notice to the district's board, the governing body of a municipality may rescind a planning and development district's designation and authority to act as a public corporation for a municipal facility under § 14-138-105(a)(2)(B) when the district does not have any bonds outstanding.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-138-105. Authority and procedure to incorporate.
(a)(1)(A) If three (3) or more qualified electors file with the governing body an application in writing for authority to incorporate a public corporation under this chapter, the governing body may adopt a resolution declaring that it is wise, expedient, and necessary that a public corporation be formed and the persons filing the application may proceed to form the public corporation.
(B) After the adoption of the resolution under subdivision (a)(1)(A) of this section, the persons authorized to become the incorporators of the public corporation may incorporate the public corporation in the manner provided in this chapter.
(2)(A) If approved by an ordinance of the governing body of the municipality, the board of directors of a planning and development district created under § 14-166-201 et seq. may file with the governing body of the municipality an application in writing to be designated and to act as a public corporation for one (1) or more projects.
(B)(i) If the application under subdivision (a)(2)(A) of this section is approved by an ordinance of the governing body of the municipality, the district authorized to act as a public corporation under subdivision (a)(2)(A) of this section shall maintain detailed records of its activities, including without limitation financial records.
(ii) A district that is authorized to act as a public corporation under subdivision (a)(2)(B)(i) of this section may also be designated as a public corporation by another municipality for a separate project or a joint project if the designation is approved by an ordinance of the governing body of each municipality.
(iii) Sections 14-38-105 — 14-38-109, and 14-138-123 do not apply to a district that is authorized to act as a pub
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-138-105
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 14-138-105. This identifies an authority to review, not proof of applicability.