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14-164-338. Alternative to issuance of bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-338. Alternative to issuance of bonds.
(a) If a legislative body determines that a sales and use tax of one percent (1%) or less authorized by § 14-164-327 would, if levied for no longer than twenty-four (24) months, produce sufficient revenue to finance capital improvements of a public nature without resorting to a bond issue, the legislative body may dispense with the issuance of bonds, levy the tax for no longer than twenty-four (24) months, and appropriate the resulting revenues, subject to Arkansas Constitution, Article 12, § 4, paragraphs 2-4, provided:
(1) A majority of the qualified electors of the county or municipality voting on the question at a general or special election shall have approved the tax and the purpose of the capital improvements; and
(2) The revenues from the tax are expended solely for the purpose authorized by the electorate.
(b) The portion of the tax authorized by § 14-164-327 which is not utilized under this section may be used as otherwise provided in this subchapter.
(c) This section does not preclude or affect the ability of a municipality or county to levy a sales and use tax beyond the twenty-four-month period, unless so restricted on the ballot, or for less than the twenty-four-month period, if stated on the ballot, under § 26-74-201 et seq., §§ 26-74-301 — 26-74-319, § 26-75-201 et seq., §§ 26-75-301 — 26-75-318, and the Local Sales and Use Tax Economic Development Project Funding Act, § 26-82-101 et seq., and use all or a portion of the proceeds to finance capital improvements of a public nature, with or without issuing bonds and with or without an election approving the use of the tax collections for capital improvements.
(d) This section does not limit the authority of municipalities and counties to levy taxes
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-338
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:14-164-338
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 33603c4bdeead435b73129c69b8a9995ed83e320e95960b925b65c568a4280d1
Source location: content.xml paragraph 37798
Stored source content
14-164-338. Alternative to issuance of bonds.
(a) If a legislative body determines that a sales and use tax of one percent (1%) or less authorized by § 14-164-327 would, if levied for no longer than twenty-four (24) months, produce sufficient revenue to finance capital improvements of a public nature without resorting to a bond issue, the legislative body may dispense with the issuance of bonds, levy the tax for no longer than twenty-four (24) months, and appropriate the resulting revenues, subject to Arkansas Constitution, Article 12, § 4, paragraphs 2-4, provided:
(1) A majority of the qualified electors of the county or municipality voting on the question at a general or special election shall have approved the tax and the purpose of the capital improvements; and
(2) The revenues from the tax are expended solely for the purpose authorized by the electorate.
(b) The portion of the tax authorized by § 14-164-327 which is not utilized under this section may be used as otherwise provided in this subchapter.
(c) This section does not preclude or affect the ability of a municipality or county to levy a sales and use tax beyond the twenty-four-month period, unless so restricted on the ballot, or for less than the twenty-four-month period, if stated on the ballot, under § 26-74-201 et seq., §§ 26-74-301 — 26-74-319, § 26-75-201 et seq., §§ 26-75-301 — 26-75-318, and the Local Sales and Use Tax Economic Development Project Funding Act, § 26-82-101 et seq., and use all or a portion of the proceeds to finance capital improvements of a public nature, with or without issuing bonds and with or without an election approving the use of the tax collections for capital improvements.
(d) This section does not limit the authority of municipalities and counties to levy taxes for twenty-four (24) months only under § 26-74-201 et seq., §§ 26-74-301 — 26-74-319, § 26-75-201 et seq., §§ 26-75-301 — 26-75-318, and the Local Sales and Use Tax Economic Development Project Funding Act, § 26-82-101 et seq., and use the proceeds to finance capital improvements, and the General Assembly determines that § 26-74-201 et seq., §§ 26-74-301 — 26-74-319, § 26-75-201 et seq., §§ 26-75-301 — 26-75-318, and the Local Sales and Use Tax Economic Development Project Funding Act, § 26-82-101 et seq., each provide for the levy of up to a one percent (1%) sales and use tax and the use for any purpose for which the general funds of the municipality or county may be used unless restricted on the ballot to a specified purpose.
(e) The revenues derived from this tax may also be used to retire existing bonds issued for the acquisition, renovation, or construction of capital improvements.
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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. The source passage cites 14-164-327. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-74-201. Purpose.
(a) This subchapter is intended to supplement all constitutional provisions and other acts adopted for the acquiring, constructing, and equipping of capital improvements of a public nature and the issuance of bonds for the financing of capital improvements of a public nature.
(b) When applicable, in accordance with the provisions of this subchapter, this subchapter may be used by any county as an alternative, notwithstanding and without the necessity of compliance with any constitutional provision or any other act authorizing the county, or any commission or agency of the county, to issue bonds for the purpose of financing the acquisition, construction, and equipment of capital improvements of a public nature.
(c)(1) This subchapter is intended to supplement and be levying authority in addition to all other statutes authorizing countywide sales and use taxes.
(2) Collections of a tax levied by this subchapter may be used to secure the payment of bonds or for any purpose for which the general fund of a municipality or county may be used, or a combination thereof, except as may be expressly limited by the ballot for the election at which the tax was approved or by the ballot for a subsequent election on the purposes for the tax.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-74-201
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 26-74-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-74-301. Purpose.
(a) This subchapter is intended to supplement all constitutional provisions and other acts adopted for the acquiring, constructing, and equipping of capital improvements of a public nature and the issuance of bonds for the financing of a capital improvement of a public nature.
(b) When applicable in accordance with the provisions of this subchapter, this subchapter may be used by any county as an alternative notwithstanding and without the necessity of compliance with any constitutional provision or any other act authorizing the county, or any commission or agency of the county, to issue bonds for the purpose of financing the acquisition, construction, and equipment of capital improvements of a public nature.
(c)(1) This subchapter is intended to supplement and be levying authority in addition to all other statutes authorizing countywide sales and use taxes.
(2) Collections of a tax levied by this subchapter may be used to secure the payment of bonds or for any purpose for which the general fund of a municipality or county may be used, or a combination thereof, except as may be expressly limited by the ballot for the election at which the tax was approved or by the ballot for a subsequent election on the purposes for the tax.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-74-301
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 26-74-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-74-319. Levy of compensating use tax.
(a) In all counties which adopt a local sales tax under the provisions of this subchapter or § 26-74-201 et seq., or which prior to September 4, 1987, have adopted a local sales tax under the provisions of this subchapter or § 26-74-201 et seq., there is also levied a local compensating use tax. The rate of use tax levied by this section shall be the same as that of the sales tax in the county.
(b) No additional tax shall be levied by this section when a use tax is otherwise levied under the provisions of §§ 26-74-201 — 26-74-219, 26-74-221, 26-74-315 — 26-74-317, 26-75-223, and 26-75-318.
(c) Any tax levied under the provisions of this section shall be levied, collected, and administered in accordance with the provisions of §§ 26-74-201 — 26-74-219, 26-74-221, 26-74-315 — 26-74-317, 26-75-223, and 26-75-318.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-74-319
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 26-74-319. This identifies an authority to review, not proof of applicability.