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14-164-342. Net casino gaming receipts tax bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-342. Net casino gaming receipts tax bonds.
(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 net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, to retire bonds issued for capital improvements or economic development projects.
(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 net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, may be pledged to the retirement of the bonds, if the bonds are approved by the voters of the municipality or county.
(c) 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 adoption of the ordinance under this section.
(d)(1) If a municipality or county has filed an ordinance with the Treasurer of State under subsection (c) of this section, the municipality or county may elect to have its share of collections of the net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment o
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-342
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:14-164-342
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 775b4c26e25004df728348b5ac23cfe247f141560cde3577fa75f3fc6d0efcd7
Source location: content.xml paragraph 37880
Stored source content
14-164-342. Net casino gaming receipts tax bonds.
(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 net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, to retire bonds issued for capital improvements or economic development projects.
(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 net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, may be pledged to the retirement of the bonds, if the bonds are approved by the voters of the municipality or county.
(c) 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 adoption of the ordinance under this section.
(d)(1) If a municipality or county has filed an ordinance with the Treasurer of State under subsection (c) of this section, the municipality or county may elect to have its share of collections of the net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, distributed to a bank or other depository designated in the ordinance adopted under this section.
(2)(A) If a municipality or county elects to have funds distributed to a bank or other depository under subdivision (d)(1) of this section, the net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, shall be distributed to the bank or other depository designated in the ordinance rather than to the municipality or county.
(B) The distribution under subdivision (d)(2)(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 net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, is pledged have been fully paid or 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.