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14-164-601. Legislative intent.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-601. Legislative intent.
(a) The General Assembly recognizes that:
(1) The continued industrial growth and development of some counties in the state is seriously threatened by the discontinuation of the operation of a railroad in these counties;
(2) These counties should be given the specific authority to issue general obligation bonds or revenue bonds to acquire the railroad and to repair and operate the railroad in order to avoid the loss of existing industry and to attract new industrial development in the area; and
(3) An adequate transportation system is essential to the industrial development of any area.
(b) The General Assembly therefore determines that:
(1) A railroad is an industrial facility, or a facility useful in securing and developing industry, as contemplated by Arkansas Constitution, Amendment 49 [repealed] and §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224;
(2) The acquisition of an existing railroad and the acquisition and operation or leasing out of it for operation is a proper industrial development project to be financed by the issuance of industrial development bonds under Arkansas Constitution, Amendment 49 and §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224; and
(3) This subchapter is designed to give contiguous counties specific authority to jointly issue bonds to be used to lease or otherwise acquire, repair, maintain, and operate, or lease out for operation, an existing railroad in these counties.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-601
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:14-164-601
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1ff2203397ca227db9d799bc81c1eb0c52a404bcf62c3f284be70f9c8ce1e67c
Source location: content.xml paragraph 38408
Stored source content
14-164-601. Legislative intent.
(a) The General Assembly recognizes that:
(1) The continued industrial growth and development of some counties in the state is seriously threatened by the discontinuation of the operation of a railroad in these counties;
(2) These counties should be given the specific authority to issue general obligation bonds or revenue bonds to acquire the railroad and to repair and operate the railroad in order to avoid the loss of existing industry and to attract new industrial development in the area; and
(3) An adequate transportation system is essential to the industrial development of any area.
(b) The General Assembly therefore determines that:
(1) A railroad is an industrial facility, or a facility useful in securing and developing industry, as contemplated by Arkansas Constitution, Amendment 49 [repealed] and §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224;
(2) The acquisition of an existing railroad and the acquisition and operation or leasing out of it for operation is a proper industrial development project to be financed by the issuance of industrial development bonds under Arkansas Constitution, Amendment 49 and §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224; and
(3) This subchapter is designed to give contiguous counties specific authority to jointly issue bonds to be used to lease or otherwise acquire, repair, maintain, and operate, or lease out for operation, an existing railroad in these counties.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-201. Title.
This subchapter shall be referred to and may be cited as the “Municipalities and Counties Industrial Development Revenue Bond Law.”
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-201
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 14-164-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-206. Authority to issue revenue bonds.
(a) Municipalities and counties are authorized to use any available revenues for the accomplishment of the purposes set forth in § 14-164-205 and are authorized to issue revenue bonds and to loan and otherwise use the proceeds thereof for the accomplishment of the purposes set forth in § 14-164-205, either alone or together with other available funds and revenues.
(b)(1) The proceeds of bonds issued may be used or loaned to pay:
(A) All or any portion of the costs of accomplishing the specified purposes;
(B) All or any portion of the costs of issuing the bonds;
(C) The amount necessary for a reserve, if desirable;
(D) The amount necessary to provide debt service on the bonds until revenues for payment of the bonds are available; and
(E) Any other costs of whatever nature necessarily incidental to the accomplishment of the specified purposes.
(2)(A) In addition, revenue bonds are authorized for the purpose of refunding any bonds issued and outstanding by a municipality or county under the provisions of Arkansas Constitution, Amendment 49 [repealed], it being declared that the refunding will be in the best interest of the municipality or county involved and will be in furtherance of the purpose of securing and developing industry in that the tax levied for Arkansas Constitution, Amendment 49 [repealed] bonds being refunded will, by virtue of the refunding, be released and thereby made available for a subsequent bond issue under Arkansas Constitution, Amendment 49 [repealed].
(B) The bonds issued under this subchapter for the purpose of refunding Arkansas Constitution, Amendment 49 [repealed] bonds may be issued solely for that purpose or may be issued for that purpose and for the accomplishment of any other p
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-206
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 14-164-206. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-208. Adoption of bond ordinance or order.
(a)(1) Revenue bonds authorized by this subchapter may be issued by a municipality upon the adoption of an ordinance for that purpose by the governing body of the municipality.
(2) Revenue bonds authorized by this subchapter may be issued by a county upon the entry of an order of the county court of the county.
(b) The ordinance or order shall state the purpose for which the revenue bonds are to be issued and the total principal amount of the issue.
(c)(1) No 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. However, no public hearing shall be required for the issuance of bonds for the purpose of refunding any obligations issued under this subchapter.
(2) At least ten (10) days prior to the date of the hearing, notice of it shall be published one (1) time in a newspaper of general circulation in the municipality or county.
(d) After the hearing, which may be adjourned from time to time, the ordinance or order as introduced or as modified or amended may be adopted or entered.
(e)(1) The notice provided for in this section shall be published by the mayor, clerk, or recorder of the municipality or by the county judge or county clerk of the county.
(2) It shall not be necessary that the action be taken by the governing body or county court to direct publication of the notice.
(f)(1)(A) A municipal ordinance authorizing bonds shall be published one (1) time in a newspaper of general circulation in the municipality.
(B) It shall not be necessary to publish a county court order authorizing bonds.
(C) It shall not be necessary to comply with general provisions of other laws dealing with the publ
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-208
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 14-164-208. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-224. No utility acquisition by municipality.
Nothing in this subchapter shall be construed to authorize any municipality to issue or sell revenue bonds, or use the proceeds thereof, to purchase, condemn, or otherwise acquire a utility plant or distribution system owned or operated by a regulated public utility.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-224
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 14-164-224. This identifies an authority to review, not proof of applicability.