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14-164-412. Bonds — Mortgage lien.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-412. Bonds — Mortgage lien.
(a) The ordinance or trust indenture authorized in §§ 14-164-405 or 14-164-407 may, but need not, impose a foreclosureable mortgage lien upon the capital improvements financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter.
(b) The nature and extent of the mortgage lien may be controlled by the ordinance or trust indenture including, without limitation, provisions pertaining to:
(1) The release of all or part of the land, buildings, or facilities from the mortgage lien;
(2) The priority of the mortgage lien in the event of successive bond issues; and
(3) Authorizing any owner of bonds, or a trustee on behalf of all owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuer set forth in this subchapter or in the ordinance or trust indenture authorizing or securing the bonds.
(c) References in this section to mortgage lien shall include a security interest in any personal property constituting the capital improvements, or part thereof, financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-412
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:14-164-412
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 72636a158224c9f44081e5e92e16bd92e233c2188c829e2efa55aec84e796f9b
Source location: content.xml paragraph 38100
Stored source content
14-164-412. Bonds — Mortgage lien.
(a) The ordinance or trust indenture authorized in §§ 14-164-405 or 14-164-407 may, but need not, impose a foreclosureable mortgage lien upon the capital improvements financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter.
(b) The nature and extent of the mortgage lien may be controlled by the ordinance or trust indenture including, without limitation, provisions pertaining to:
(1) The release of all or part of the land, buildings, or facilities from the mortgage lien;
(2) The priority of the mortgage lien in the event of successive bond issues; and
(3) Authorizing any owner of bonds, or a trustee on behalf of all owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuer set forth in this subchapter or in the ordinance or trust indenture authorizing or securing the bonds.
(c) References in this section to mortgage lien shall include a security interest in any personal property constituting the capital improvements, or part thereof, financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-405. Bonds — Issuance generally.
(a) Municipalities and counties are authorized to issue bonds for capital improvements and performance-based efficiency projects within, near, or within and near the municipality or county. These bonds shall be issued pursuant to an ordinance adopted by the legislative body specifying the principal amount of bonds to be issued, the purpose or purposes for which the bonds are to be issued, and provisions with respect to the bonds.
(b) If determined to be in the interest of the municipality or county, a portion of the bonds may be used to finance a project or a performance-based efficiency project, and expenses in connection with the issuance of the bonds and a major portion of the proceeds may be invested in consideration of a contract for the full term of the bonds or a shorter period at a rate or rates at least sufficient to provide for, alone or with other revenues that may be pledged, debt service for the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-405
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 14-164-405. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-407. Bonds — Trust indenture.
(a) The ordinance authorizing the bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture which defines the rights of the owners of the bonds and provides for the appointment of a trustee for the owners of the bonds.
(b) The trust indenture may provide for the priority between and among successive issues and may contain any of the provisions set forth in § 14-164-406 and any other terms, covenants, and conditions that are deemed desirable.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-407
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 14-164-407. This identifies an authority to review, not proof of applicability.