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14-164-339. Simultaneous pledge of local sales and use tax.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-339. Simultaneous pledge of local sales and use tax.
(a)(1) A municipality levying a local sales and use tax under § 26-73-113, § 26-75-201 et seq., or § 26-75-301 et seq. may pledge, simultaneously with the levy, all or a specified portion of the tax to retire bonds for capital improvements or economic development projects.
(2) The ballot form in a municipal election to levy a local sales and use tax pursuant to the provisions of § 26-75-208, § 26-75-308, or § 26-73-113 and to simultaneously pledge all or a specified portion of such tax to retire bonds as provided in this subchapter shall be headed with the question of approval or disapproval of such tax and shall be followed by the question or questions of the issuance of the bonds.
(3)(A) The question or questions of the issuance of bonds shall also contain a statement describing the extent to which the tax, if approved, may be pledged to retire the bonds which are approved by the voters of the municipality.
(B) The local sales and use tax or taxes authorized in § 14-164-327 may also be pledged to bonds approved pursuant to this section, and in such case, the question or questions of the issuance of the bonds shall contain a statement to that effect.
(4) The election shall be conducted as provided in § 14-164-309, and the bonds shall be authorized, issued, and secured as provided in this subchapter.
(b)(1) A county levying a local sales and use tax under § 26-73-113, § 26-74-201 et seq., § 26-74-301 et seq., or § 26-74-401 et seq. may pledge, simultaneously with the levy, all or a specified portion of the tax to retire bonds for capital improvements or economic development projects.
(2) The ballot form in a county election to levy a local sales and use tax pursuant to the provisions of § 26-74-
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-339
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:14-164-339
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e31d91eccff8e1e494d3c4b0b8199a55d9e63f416ff153704c0f032d318274e5
Source location: content.xml paragraph 37819
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14-164-339. Simultaneous pledge of local sales and use tax.
(a)(1) A municipality levying a local sales and use tax under § 26-73-113, § 26-75-201 et seq., or § 26-75-301 et seq. may pledge, simultaneously with the levy, all or a specified portion of the tax to retire bonds for capital improvements or economic development projects.
(2) The ballot form in a municipal election to levy a local sales and use tax pursuant to the provisions of § 26-75-208, § 26-75-308, or § 26-73-113 and to simultaneously pledge all or a specified portion of such tax to retire bonds as provided in this subchapter shall be headed with the question of approval or disapproval of such tax and shall be followed by the question or questions of the issuance of the bonds.
(3)(A) The question or questions of the issuance of bonds shall also contain a statement describing the extent to which the tax, if approved, may be pledged to retire the bonds which are approved by the voters of the municipality.
(B) The local sales and use tax or taxes authorized in § 14-164-327 may also be pledged to bonds approved pursuant to this section, and in such case, the question or questions of the issuance of the bonds shall contain a statement to that effect.
(4) The election shall be conducted as provided in § 14-164-309, and the bonds shall be authorized, issued, and secured as provided in this subchapter.
(b)(1) A county levying a local sales and use tax under § 26-73-113, § 26-74-201 et seq., § 26-74-301 et seq., or § 26-74-401 et seq. may pledge, simultaneously with the levy, all or a specified portion of the tax to retire bonds for capital improvements or economic development projects.
(2) The ballot form in a county election to levy a local sales and use tax pursuant to the provisions of § 26-74-208, § 26-74-308, § 26-74-403, or § 26-73-113 and to simultaneously pledge all or a specified portion of its share of such tax to retire bonds as provided in this subchapter shall be headed with the question of approval or disapproval of such tax and shall be followed by the question or questions of the issuance of the bonds.
(3)(A) The question or questions of the issuance of bonds shall also contain a statement describing the extent to which the tax, if approved, may be pledged to retire the bonds, which are approved by the voters of the county.
(B) The local sales and use tax or taxes authorized in § 14-164-327 may also be pledged to bonds approved pursuant to this section, and in such case, the question or questions of the issuance of the bonds shall contain a statement to that effect.
(4) The election shall be conducted as provided in § 14-164-309, and the bonds shall be authorized, issued, and secured as provided in this subchapter.
(c) In any municipality or county in which a local sales and use tax is adopted pursuant to § 26-75-201 et seq., § 26-75-301 et seq., §§ 26-74-201 — 26-74-220, § 26-74-301 et seq., § 26-74-401 et seq., or § 26-73-113, respectively, and pledged to secure the payment of bonds as authorized by this subchapter, that portion of the tax pledged to secure the payment of bonds shall not be repealed, abolished, or reduced so long as any of such bonds are outstanding.
(d) In any municipality or county in which a local sales and use tax is approved and the issuance of bonds disapproved in an election held pursuant to subsection (a) or subsection (b) of this section, revenues derived from such local sales and use tax may be utilized by the municipality or county for any valid governmental purpose.
(e)(1) Any moneys collected which, as indicated by a certified copy of an ordinance of the municipality or county previously filed with the Secretary of the Department of Finance and Administration and the Treasurer of State, are pledged, under the provisions of any act, to secure the retirement of bonds authorized by this subchapter, shall be transmitted by the secretary to the Treasurer of State.
(2) The Treasurer of State shall not deposit any such moneys into the State Treasury or into general revenues, but shall hold such moneys apart in trust and shall deposit such moneys as cash funds into the Local Sales and Use Tax Trust Fund established by this subchapter.
(3) The Treasurer of State shall transmit monthly to the treasurer of the municipality or county, as the case may be, or in the alternative, to a bank or other depository designated by the municipality or county, the moneys of the municipality or county held in the Local Sales and Use Tax Trust Fund established by this subchapter, subject to the charges payable and retainage authorized by §§ 26-74-201 — 26-74-219, 26-74-221, 26-74-315 — 26-74-317, 26-74-409, 26-74-413, 26-75-201 — 26-75-221, 26-75-223, 26-75-317, 26-75-318, and the Local Sales and Use Tax Economic Development Project Funding Act, § 26-82-101 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-73-113. Alternative local sales and use tax.
(a)(1)(A) In lieu of using all or a portion of its authority to levy a sales and use tax solely to pay bonded debt under § 14-164-327, the governing body of any municipality or county may adopt an ordinance levying a tax in the amount of one-fourth of one percent (0.25%), one-half of one percent (0.5%), three-fourths of one percent (0.75%), or one percent (1%) upon all taxable sales of property and services subject to the tax levied by the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., and upon the privilege of storing, using, distributing, or consuming within this state any tangible personal property which is subject to the Arkansas Compensating Tax Act of 1949, § 26-53-101 et seq. The ordinance or ordinances must specify that the tax is being levied under this law.
(B) By levying a tax under this section, the municipality or county levying a tax hereunder shall lose its authority to levy up to a one-percent sales and use tax under § 14-164-327 solely to pay bonded debt only to the extent of the tax levied hereunder.
(2) The proceeds of a tax levied under this section may be used for one (1) or more of the following:
(A) With respect to a capital improvement, solid waste management system as defined in § 8-6-203, part of a solid waste management system as defined in § 8-6-203, or any combination of a capital improvement, solid waste management system as defined in § 8-6-203, or part of a solid waste management system as defined in § 8-6-203, financing of one (1) or more of the following:
(i) Operation;
(ii) Maintenance; or
(iii) Rental expense;
(B) Securing the repayment of bonds by the municipality or county issued under §§ 14-164-301 — 14-164-339; or
(C) Acquiring or constructing capital imp
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-73-113
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 26-73-113. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-75-201. 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 city as an alternative, notwithstanding and without the necessity of compliance with any constitutional provision or any other act authorizing the city, or any commission or agency of the city, 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 for all Arkansas municipalities in addition to all other statutes authorizing municipal 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 municipality's general fund may be used or for a combination thereof.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-75-201
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 26-75-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-75-208. Special election required.
(a)(1) On the date of the filing of a petition described in § 26-75-207(b) or on the date of adoption of an ordinance levying a local sales and use tax for the benefit of the city, or within thirty (30) days following the filing of the petition described in § 26-75-207(b) or adoption of the ordinance, the city by ordinance shall provide for the calling of a special election on the question in accordance with § 7-11-201 et seq.
(2) The special election shall be called for a date no later than one hundred twenty (120) days from the date of action of the governing body in establishing the date of the special election.
(3) The date for the special election may be the same as the date for the next regular municipal election if the next regular municipal election is to be held within the one-hundred-twenty-day period.
(4) The governing body of the city shall notify the county board of election commissioners that the question has been referred to the vote of the people and shall submit a copy of the ballot title to the county board of election commissioners.
(5) The election shall be conducted in the manner provided by law for all other municipal elections unless otherwise provided in this subchapter.
(b)(1) The ballot title to be used at such election shall be substantially in the following form:
“[ ] FOR adoption of a percent ( %) local sales and use tax within (name of city).”
“[ ] AGAINST adoption of a percent ( %) local sales and use tax within (name of city).”
(2) If an expiration date as described in § 26-75-207(c) for the local sales and use tax has been provided for by the governing body of the city in the levying ordinance or the petition described in § 26-75-207(b), the ballot title shall
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-75-208
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 26-75-208. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-75-301. 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 capital improvements of a public nature.
(b) When applicable, in accordance with the provisions of this subchapter, this subchapter may be used by any city as an alternative, notwithstanding and without the necessity of compliance with any constitutional provision or any other act authorizing the city, or any commission or agency of the city, 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 for all Arkansas municipalities in addition to all other statutes authorizing municipal 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 municipality's general fund may be used or for a combination thereof.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-75-301
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 26-75-301. This identifies an authority to review, not proof of applicability.