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14-164-317. Bonds generally — Pledge and collection of ad valorem taxes.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-317. Bonds generally — Pledge and collection of ad valorem taxes.
(a) The ad valorem tax pledged for payment of bonds shall constitute a special fund pledged as security for the payment of such indebtedness.
(b) The ad valorem tax shall never be extended for any other purpose, nor collected for any greater length of time than necessary to retire the bonded indebtedness.
(c) Upon retirement on the bonded indebtedness, any surplus tax collections which may have accumulated shall be transferred to the general fund of the issuer.
(d) The collection of ad valorem taxes, or a portion thereof, may be suspended by the issuer when not required for the payment of the bonds, subject to any covenants with the owners of the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-317
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:14-164-317
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1b5a618284d1d3629d65eb241592b7565454af549eb6aea56faa8eba8137ea14
Source location: content.xml paragraph 37420
Stored source content
14-164-317. Bonds generally — Pledge and collection of ad valorem taxes.
(a) The ad valorem tax pledged for payment of bonds shall constitute a special fund pledged as security for the payment of such indebtedness.
(b) The ad valorem tax shall never be extended for any other purpose, nor collected for any greater length of time than necessary to retire the bonded indebtedness.
(c) Upon retirement on the bonded indebtedness, any surplus tax collections which may have accumulated shall be transferred to the general fund of the issuer.
(d) The collection of ad valorem taxes, or a portion thereof, may be suspended by the issuer when not required for the payment of the bonds, subject to any covenants with the owners of the bonds.
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