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14-142-222. Bonds generally — Mortgage lien.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-142-222. Bonds generally — Mortgage lien.
(a) The ordinance, order, or trust indenture authorized in §§ 14-142-207 and 14-142-209 may, but need not, impose a foreclosable mortgage lien upon the capital improvements financed with the proceeds of bonds issued under this subchapter.
(b) The nature and extent of such mortgage lien may be controlled by the ordinance, order, or trust indenture, including, without limitation, provisions:
(1) Pertaining to the release of all or part of the capital improvements from the mortgage lien;
(2) Pertaining to the priority of the mortgage lien in the event of successive bond issues; and
(3) Authorizing any owner of bonds, or a trustee on behalf of all owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuer set forth in this subchapter or in the ordinance, order, or trust indenture authorizing and securing the bonds.
(c) References in this section to “mortgage lien” shall include a security interest in any personal property constituting the capital improvements, or part thereof, financed with the proceeds of bonds issued under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-142-222
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:14-142-222
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3e784c9848f021afc16fee1ea86580b2aa070270c1e118a15f5fd9d36fb272ed
Source location: content.xml paragraph 35630
Stored source content
14-142-222. Bonds generally — Mortgage lien.
(a) The ordinance, order, or trust indenture authorized in §§ 14-142-207 and 14-142-209 may, but need not, impose a foreclosable mortgage lien upon the capital improvements financed with the proceeds of bonds issued under this subchapter.
(b) The nature and extent of such mortgage lien may be controlled by the ordinance, order, or trust indenture, including, without limitation, provisions:
(1) Pertaining to the release of all or part of the capital improvements from the mortgage lien;
(2) Pertaining to the priority of the mortgage lien in the event of successive bond issues; and
(3) Authorizing any owner of bonds, or a trustee on behalf of all owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuer set forth in this subchapter or in the ordinance, order, or trust indenture authorizing and securing the bonds.
(c) References in this section to “mortgage lien” shall include a security interest in any personal property constituting the capital improvements, or part thereof, financed with the proceeds of bonds issued under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-142-207. Bonds generally — Authorizing ordinance for municipalities.
(a) Whenever one hundred (100) or more tax-paying electors of any municipality shall file a petition with the mayor:
(1) Asking that an ad valorem tax on real and personal property be levied for capital improvements, which petition shall specify a rate of taxation not to exceed three (3) mills on the dollar; and
(2) Authorizing the legislative body of the municipality to issue bonds as prescribed by this subchapter for capital improvements to or construction of a public library and to pledge all or any part of the tax for the purpose of retiring the bonds, a legislative body shall authorize the issuance of the bonds by ordinance specifying the maximum principal amount of bonds to be issued, and the rate of any ad valorem tax to be levied and pledged to the retirement of the bonds as specified in Arkansas Constitution, Amendment 30, as amended by Arkansas Constitution, Amendment 72.
(b) Whenever one hundred (100) or more tax-paying electors of any county shall file a petition with the county court:
(1) Asking that an ad valorem tax on real and personal property be levied for capital improvements, which petition shall specify a rate of taxation not to exceed three (3) mills on the dollar; and
(2) Authorizing the county court to issue bonds as prescribed by this subchapter for capital improvements to or construction of county libraries for county library services or systems and to pledge all or any part of the tax for the purpose of retiring the bonds, the county court shall authorize the issuance of the bonds by order specifying the maximum principal amount of bonds to be issued, and the rate of any ad valorem tax to be levied and pledged to the retirement of the bonds as specified in Arka
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-142-207
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 14-142-207. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-142-209. Bonds generally — Terms and conditions.
(a) As the ordinance, order, or trust indenture as authorized in this subchapter may provide, the bonds may:
(1) Be in registered or other form;
(2) Be in such denominations;
(3) Be exchangeable for bonds of another denomination;
(4) Be made payable at such places within or without the state;
(5) Be issued in one (1) or more series;
(6) Bear such date or dates;
(7) Mature at such time or times;
(8) Be payable in such medium of payment;
(9) Be subject to such terms of redemption; and
(10) May contain such other terms, covenants, and conditions, including, without limitation, those pertaining to:
(A) The custody and application of the proceeds of the bonds;
(B) The collection and disposition of tax collections;
(C) The maintenance of various funds and reserves;
(D) The nature and extent of the pledge and security;
(E) The maintaining of taxes;
(F) The remedies on default;
(G) The rights, duties, and obligations of the issuer and the trustee, if any, for the owners of the bonds; and
(H) The rights of the owners of the bonds.
(b) All bonds and notes issued under the provisions of this subchapter shall be and are declared to be negotiable instruments within the meaning of the negotiable instruments law of the state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-142-209
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 14-142-209. This identifies an authority to review, not proof of applicability.