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14-164-341. Bonds for surface transportation projects.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-341. Bonds for surface transportation projects.
(a) The governing body of a municipality or county may pledge by ordinance all or a specified portion of the municipality's or county's share of collections of the temporary one-half percent (½%) sales and use tax levied under Arkansas Constitution, Amendment 91, to retire bonds issued for a surface transportation project.
(b)(1) An ordinance pledging revenues under subsection (a) of this section is not effective unless the issuance of the bonds is approved by a majority of the electors of the municipality or county voting on the question at an election that is held substantially in the manner provided under § 14-164-309.
(2) The ballot form in an election to issue bonds secured by the pledge of revenues under subsection (a) of this section shall contain a statement describing the extent to which the municipality's or county's share of collections of the temporary one-half percent (½%) sales and use tax levied under Arkansas Constitution, Amendment 91, may be pledged to the retirement of the bonds issued for the surface transportation project if the bonds are approved by the voters of the municipality or county.
(c) Bonds issued under this section shall not have a final maturity date later than July 1, 2023.
(d) A certified copy of the ordinance authorizing the issuance of bonds under this section shall be filed with the Secretary of the Department of Finance and Administration and the Treasurer of State as soon as practicable after the approval of the issuance of the bonds by the voters.
(e)(1) If a municipality or county has filed an ordinance with the Treasurer of State under subsection (d) of this section and the municipality's or county's share of collections of the temporary one-half percent (½%) s
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-341
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:14-164-341
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4d0b63ff54511c37c77e32fd9250992be2f70092a2e43c008c26fd2f86e64239
Source location: content.xml paragraph 37864
Stored source content
14-164-341. Bonds for surface transportation projects.
(a) The governing body of a municipality or county may pledge by ordinance all or a specified portion of the municipality's or county's share of collections of the temporary one-half percent (½%) sales and use tax levied under Arkansas Constitution, Amendment 91, to retire bonds issued for a surface transportation project.
(b)(1) An ordinance pledging revenues under subsection (a) of this section is not effective unless the issuance of the bonds is approved by a majority of the electors of the municipality or county voting on the question at an election that is held substantially in the manner provided under § 14-164-309.
(2) The ballot form in an election to issue bonds secured by the pledge of revenues under subsection (a) of this section shall contain a statement describing the extent to which the municipality's or county's share of collections of the temporary one-half percent (½%) sales and use tax levied under Arkansas Constitution, Amendment 91, may be pledged to the retirement of the bonds issued for the surface transportation project if the bonds are approved by the voters of the municipality or county.
(c) Bonds issued under this section shall not have a final maturity date later than July 1, 2023.
(d) A certified copy of the ordinance authorizing the issuance of bonds under this section shall be filed with the Secretary of the Department of Finance and Administration and the Treasurer of State as soon as practicable after the approval of the issuance of the bonds by the voters.
(e)(1) If a municipality or county has filed an ordinance with the Treasurer of State under subsection (d) of this section and the municipality's or county's share of collections of the temporary one-half percent (½%) sales and use tax levied under Arkansas Constitution, Amendment 91, is to be distributed to the municipality or county from the Municipal Aid Fund or the County Aid Fund, the Treasurer of State shall separately identify the amount of funds to be distributed to the municipality or county under Arkansas Constitution, Amendment 91.
(2) If a municipality or county has filed an ordinance with the Treasurer of State under subsection (d) of this section, the municipality or county may elect to have the funds identified by the Treasurer of State under subdivision (e)(1) of this section distributed to the bank or other depository designated in the ordinance.
(3)(A) If a municipality or county elects to have funds distributed to a bank or other depository under subdivision (e)(2) of this section, the amount identified by the Treasurer of State under subdivision (e)(1) of this section shall be distributed to the bank or other depository designated in the ordinance rather than being distributed to the municipality or county.
(B) The distribution under subdivision (e)(3)(A) of this section shall continue until the municipality or county files a signed statement with the Treasurer of State to the effect that the bonds to which the funds identified under subdivision (e)(1) of this section are pledged have been fully paid and are no longer outstanding.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-309. Bonds generally — Election to authorize issuance.
(a) The question of the issuance of such bonds shall be submitted to the electors of the county or municipality at the general election or at a special election called for that purpose in accordance with § 7-11-201 et seq., as provided in the ordinance and held in the manner provided in this subchapter.
(b) Except as otherwise provided in this subchapter, the election shall be held and conducted in the same manner as a special or general election under the election laws of the state.
(c) The ordinance shall set forth the form of the ballot question or questions, which shall include a statement of the purpose or purposes for which the bonds are to be issued and the maximum rate of any ad valorem tax to be levied for payment of bonded indebtedness.
(d) Notice of the election shall be given by the clerk of the issuer by one (1) publication in a newspaper having general circulation within the municipality or county not less than ten (10) days prior to the election. No other publication or posting of a notice by any other public official shall be required.
(e) The chief executive officer of the municipality or county shall proclaim the results of the election by issuing a proclamation and publishing it one (1) time in a newspaper having general circulation within the municipality or county.
(f)(1) The results of the election as stated in the proclamation shall be conclusive unless suit is filed in the circuit court in the county in which the issuer is located within thirty (30) days after the date of the publication.
(2) No other action shall be maintained to challenge the validity of the bonds and of the proceedings authorizing the issuance of the bonds unless suit is filed in such circuit court wit
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-309
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 14-164-309. This identifies an authority to review, not proof of applicability.