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14-164-520. Bonds — Mortgage lien.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-520. Bonds — Mortgage lien.
(a) The ordinance, order, or indenture referred to in §§ 14-164-508, 14-164-509, and 14-164-511 may, but need not, impose a foreclosable mortgage lien upon the facilities acquired, constructed, reconstructed, extended, equipped, or improved, 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, order, or indenture including, without limitation, provisions pertaining to the release of all or part of the land, buildings, or other facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by § 14-164-515.
(c) The ordinance, order, or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this subchapter, or a trustee on behalf of all holders and registered 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 issuing municipality or county set forth in this subchapter and set forth in the ordinance, order, or indenture authorizing or securing the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-520
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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Record provenance
Stable record: arkansas_code:legal_authorities:14-164-520
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8cf04d38428d9d000b499c15ed8b1b78afe2e4aef6066dc419c6a349206a4dcc
Source location: content.xml paragraph 38342
Stored source content
14-164-520. Bonds — Mortgage lien.
(a) The ordinance, order, or indenture referred to in §§ 14-164-508, 14-164-509, and 14-164-511 may, but need not, impose a foreclosable mortgage lien upon the facilities acquired, constructed, reconstructed, extended, equipped, or improved, 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, order, or indenture including, without limitation, provisions pertaining to the release of all or part of the land, buildings, or other facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by § 14-164-515.
(c) The ordinance, order, or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this subchapter, or a trustee on behalf of all holders and registered 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 issuing municipality or county set forth in this subchapter and set forth in the ordinance, order, or indenture authorizing or securing the bonds.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-508. Bonds — Authorizing ordinance or order generally.
In the ordinance of the municipality or the order of the county court authorizing the issuance of revenue bonds, the municipality or the county may provide for the initial issuance of one (1) or more bonds aggregating the principal amount of the entire issue and may, in the ordinance or order, make such provisions for installment payments of the principal amount of such bonds as it may consider desirable and may provide for such bonds to be payable to bearer with interest coupons, or to be registrable as to principal only with interest coupons, or to be registrable as to principal and interest, and where interest accruing thereon is not represented by interest coupons, for the indorsement of payment of interest on such bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-508
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 14-164-508. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-509. Bonds — Authorizing ordinance or order — Adoption.
(a)(1)(A) Revenue bonds authorized in this subchapter may be issued by a municipality upon the adoption of an ordinance therefor by the governing body of the municipality.
(B) Revenue bonds authorized in this subchapter may be issued by a county upon the entry of an order of the county court of the county.
(2) The ordinance or order shall state the purpose for which the revenue bonds are to be issued, and the total amount of the issue.
(b)(1) No such ordinance or order shall be adopted or entered until after a public hearing is held before the governing body of the municipality or the county court of the county.
(2) The hearing may be adjourned from time to time.
(c)(1) At least ten (10) days prior to the date of the hearing, notice thereof shall be filed with the Director of the Arkansas Economic Development Commission and the State Securities Commissioner and shall be published one (1) time in a newspaper of general circulation in the municipality or county.
(2) The notice provided for in this subsection shall be published and filed by the clerk or recorder of the municipality or by the county clerk of the county.
(3) It shall not be necessary that the action be taken by the governing body or county court directing publication and filing of the notice, and the clerk or recorder, or county clerk, as the case may be, shall publish and file notice when requested to do so by the mayor or any member of the governing body in the case of a municipality or by the county judge in the case of a county.
(d) After the hearing, the ordinance or order, as introduced or as modified or amended, may be adopted or entered.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-509
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 14-164-509. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-511. Bonds — Trust indenture.
(a) The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the rights of the bondholders and provides for the appointment of a trustee for the bondholders.
(b) The indenture may control the priority between successive issues and may contain any other items, covenants, and conditions that are deemed desirable, including, without limitation, those pertaining to:
(1) The custody and application of the proceeds of the bonds;
(2) The collection and disposition of revenues;
(3) The maintenance of various funds and reserves;
(4) The nature and extent of the security;
(5) The rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds; and
(6) The rights of the holders or registered owners of the bonds.
(c) It shall not be necessary for the municipality or county to publish any indenture, lease, or any other agreement if:
(1) The ordinance authorizing an indenture, the ordinance authorizing a lease, or the ordinance authorizing any other agreement:
(A) Is published as required by the law governing the publication of ordinances of a municipality; and
(B) Advises that a copy of the indenture, lease, or other agreement, as the case may be, is on file in the office of the clerk or recorder of the municipality for inspection by an interested person; and
(2) The copy of the indenture, lease, or other agreement, as the case may be, is filed with the clerk or recorder of the municipality or county clerk.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-511
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 14-164-511. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-515. Bonds — Successive issues.
There may be successive bond issues for the purpose of financing the same industrial facilities, involving one (1) or more industries, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping industrial facilities already in existence, whether or not originally financed by bonds issued under this subchapter, with each successive issue to be authorized as provided by this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-515
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 14-164-515. This identifies an authority to review, not proof of applicability.