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14-164-220. Statutory mortgage lien.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-220. Statutory mortgage lien.
(a)(1) The ordinance, order, or indenture referred to in §§ 14-164-209 and 14-164-211 may, but need not, impose a foreclosable mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
(2) The nature and extent of the mortgage lien may be controlled by the ordinance, order, or indenture, including, without limitation, provisions pertaining to the release of all, or part of, the land, buildings, or facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by § 14-164-215.
(b)(1) The ordinance, order, or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this subchapter, or a trustee on behalf of all holders and registered 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 issuing municipality or county set forth in this subchapter and set forth in the ordinance, order, or indenture authorizing or securing the bonds.
(2) References in this subchapter to mortgage liens shall include and mean security interest in any personal property embodied in the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-220
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:14-164-220
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3c4fcadd54842b7cfddd018c7bd911a37883bce852194555b9ce67cfbdb5af4f
Source location: content.xml paragraph 37017
Stored source content
14-164-220. Statutory mortgage lien.
(a)(1) The ordinance, order, or indenture referred to in §§ 14-164-209 and 14-164-211 may, but need not, impose a foreclosable mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
(2) The nature and extent of the mortgage lien may be controlled by the ordinance, order, or indenture, including, without limitation, provisions pertaining to the release of all, or part of, the land, buildings, or facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by § 14-164-215.
(b)(1) The ordinance, order, or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this subchapter, or a trustee on behalf of all holders and registered 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 issuing municipality or county set forth in this subchapter and set forth in the ordinance, order, or indenture authorizing or securing the bonds.
(2) References in this subchapter to mortgage liens shall include and mean security interest in any personal property embodied in the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-209. Bonds — Issuance — Authorizing resolution.
(a) The issuance of revenue bonds shall be by an ordinance of the municipality or an order of the county court, as the case may be.
(b) In the ordinance of the municipality or the order of the county court authorizing the issuance of revenue bonds, the municipality or the county may:
(1) Provide for the initial issuance of one (1) or more bonds aggregating the principal amount of the entire issue and may, in the ordinance or order, make such provisions for installment payments of the principal amount of the bonds as it may consider desirable; and
(2) Provide for the bonds to be payable to the bearer with interest coupons, or to be registrable as to principal only with interest coupons, or to be registrable as to principal and interest, and where interest accruing thereon is not represented by interest coupons, for the endorsement of payment of interest on the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-209
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 14-164-209. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-211. Bonds — Trust indenture, lease, etc.
(a) The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the rights of the bondholders and provides for the appointment of a trustee for the bondholders.
(b) The indenture may control the priority between successive issues and may contain any other items, covenants, and conditions that are deemed desirable, including, without limitation, those pertaining to:
(1) The custody and application of the proceeds of the bonds;
(2) The collection and disposition of revenues;
(3) The maintenance of various funds and reserves;
(4) The nature and extent of the security;
(5) The rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds; and
(6) The rights of the holders or registered owners of the bonds.
(c) It shall not be necessary for the municipality to publish any indenture, lease, or any other agreement if the ordinance authorizing an indenture, the ordinance authorizing a lease, or the ordinance authorizing any other agreement is published as required by the law governing the publication of ordinances of a municipality and the ordinance advises that a copy of the indenture, lease, or other agreement, as the case may be, is on file in the office of the clerk or recorder of the municipality for inspection by an interested person, and the copy of the indenture, lease, or other agreement, as the case may be, is filed with the clerk or recorder of the municipality.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-211
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 14-164-211. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-215. Bonds — Successive issues.
There may be successive bond issues for the purpose of financing the same industrial projects, including land, buildings, or facilities, involving one (1) or more industries, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping industrial projects, including land, buildings, or facilities, already in existence, whether or not originally financed by bonds issued under this subchapter, with each successive issue to be authorized as provided by this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-215
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 14-164-215. This identifies an authority to review, not proof of applicability.