Browse Arkansas Code titles and sections
14-164-327. Capital improvement bonds — Local sales and use tax — Levy.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-327. Capital improvement bonds — Local sales and use tax — Levy.
(a)(1) In lieu of or in addition to the levying of an ad valorem tax to retire bonds for capital improvements or for financing economic development projects, the legislative body of a municipality or county may adopt an ordinance levying a local sales and use tax in the amount of one-eighth of one percent (0.125%), one-fourth of one percent (0.25%), one-half of one percent (0.5%), three-fourths of one percent (0.75%), one percent (1%), or any combination of these amounts to retire the bonds in accordance with the terms of this section and §§ 14-164-328 — 14-164-335.
(2)(A) The ordinance may levy multiple taxes.
(B) However, there shall not be in effect at any one (1) time taxes levied under this subchapter at an aggregate rate greater than one percent (1%).
(b) A certified copy of the ordinance or ordinances authorizing the levy of a local sales and use tax or taxes and the issuance of bonds secured by the taxes shall be provided to the Secretary of the Department of Finance and Administration and to the Treasurer of State as soon as practicable after the adoption of the taxes.
(c) Section 26-74-414(b) does not apply to a local sales and use tax levied by a county under this subchapter for the sole purpose of retiring bonds for capital improvements or economic development projects if all collections derived from the local sales and use tax are pledged by the county to pay the principal and interest of the bonds for capital improvements or economic development projects.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-327
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:14-164-327
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4cb2c9a2c8841419fbcc03661ad217b7e78b0860743cdd2dc40c6b77cba061ad
Source location: content.xml paragraph 37507
Stored source content
14-164-327. Capital improvement bonds — Local sales and use tax — Levy.
(a)(1) In lieu of or in addition to the levying of an ad valorem tax to retire bonds for capital improvements or for financing economic development projects, the legislative body of a municipality or county may adopt an ordinance levying a local sales and use tax in the amount of one-eighth of one percent (0.125%), one-fourth of one percent (0.25%), one-half of one percent (0.5%), three-fourths of one percent (0.75%), one percent (1%), or any combination of these amounts to retire the bonds in accordance with the terms of this section and §§ 14-164-328 — 14-164-335.
(2)(A) The ordinance may levy multiple taxes.
(B) However, there shall not be in effect at any one (1) time taxes levied under this subchapter at an aggregate rate greater than one percent (1%).
(b) A certified copy of the ordinance or ordinances authorizing the levy of a local sales and use tax or taxes and the issuance of bonds secured by the taxes shall be provided to the Secretary of the Department of Finance and Administration and to the Treasurer of State as soon as practicable after the adoption of the taxes.
(c) Section 26-74-414(b) does not apply to a local sales and use tax levied by a county under this subchapter for the sole purpose of retiring bonds for capital improvements or economic development projects if all collections derived from the local sales and use tax are pledged by the county to pay the principal and interest of the bonds for capital improvements or economic development projects.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-328. Capital improvement bonds — Local sales and use tax — Election to authorize.
(a)(1)(A) On the date of adoption of an ordinance levying a local sales and use tax or taxes to retire the bonds for capital improvements or economic development projects, or within thirty (30) days following the adoption of the ordinance, the municipality or county shall provide by ordinance for the calling and holding of an election on the issuance of the bonds to which the tax or taxes will be pledged as provided in § 14-164-309.
(B) The ordinance levying the tax may also call the election.
(2)(A) In addition to the requirements of § 14-164-309 and in lieu of a reference to an ad valorem tax, if none is to be levied, there shall be set forth on the ballot a statement that a local sales and use tax or taxes shall be levied and pledged to the retirement of the bonds approved by the voters.
(B) The percentage rate for each tax shall also be specified on the ballot.
(b)(1) Following the election, the chief executive of the municipality or county shall issue his or her proclamation of the results of the election with reference to the bonds.
(2) The proclamation shall be published one (1) time in a newspaper having general circulation in the municipality or county.
(c)(1) Any person desiring to challenge the results of the election as published in the proclamation shall file a challenge in the circuit court in which the municipality or county is located within thirty (30) days of the date of publication of the proclamation.
(2) Hearings of such matters of litigation shall be advanced on the docket of the courts and disposed of at the earliest feasible time.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-328
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 14-164-328. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-335. Capital improvement bonds — Local sales and use tax — Reports.
Vendors collecting, reporting, and remitting such sales and use taxes shall show sales taxes as a separate entry on the tax report form filed with the director.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-335
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 14-164-335. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-74-414. Limit on combined total sales and use tax levy.
(a) Notwithstanding any other laws granting counties authority to levy sales and use taxes, no county levying a tax pursuant to this subchapter shall have authority to levy combined total sales and use taxes at a rate greater than two percent (2%).
(b) If any county levying a one-half percent (0.5%) tax under the authority of this subchapter subsequently levies any additional sales and use taxes under authority of any other law, the net revenues derived from any such additional levy or levies shall be allocated and distributed to the county and the municipalities in the county on a per capita basis in the manner provided in § 26-74-313.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-74-414
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 26-74-414. This identifies an authority to review, not proof of applicability.