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14-164-814. Bonds — Energy efficiency project liens.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-814. Bonds — Energy efficiency project liens.
(a) An ordinance or trust indenture authorized under § 14-164-808 or § 14-164-810 may impose a financing lien on an energy efficiency project financed or refinanced, in whole or in part, with the proceeds of bonds.
(b) The nature and extent of a lien imposed under this section 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 lien;
(2) The priority of the lien in the event of successive bond issues; and
(3) The authorization of any owner of bonds, or a trustee on behalf of all owners, to enforce the lien and, by proper suit, compel the performance of the duties of the officials of the issuer stated in this subchapter or in the ordinance or trust indenture authorizing or securing the bonds.
(c) As used in this section, “lien” includes a security interest in any personal property constituting an energy efficiency project and any part of an energy efficiency project 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) · 14-164-814
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:14-164-814
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a308e69d154d22b63ee12157137b24bbc40475b5cd2793c7a7bd7721b2658755
Source location: content.xml paragraph 38708
Stored source content
14-164-814. Bonds — Energy efficiency project liens.
(a) An ordinance or trust indenture authorized under § 14-164-808 or § 14-164-810 may impose a financing lien on an energy efficiency project financed or refinanced, in whole or in part, with the proceeds of bonds.
(b) The nature and extent of a lien imposed under this section 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 lien;
(2) The priority of the lien in the event of successive bond issues; and
(3) The authorization of any owner of bonds, or a trustee on behalf of all owners, to enforce the lien and, by proper suit, compel the performance of the duties of the officials of the issuer stated in this subchapter or in the ordinance or trust indenture authorizing or securing the bonds.
(c) As used in this section, “lien” includes a security interest in any personal property constituting an energy efficiency project and any part of an energy efficiency project 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
14-164-808. Bonds — Issuance generally.
(a)(1) A municipality or county may issue bonds for an energy efficiency project within, near, or within and near the municipality or county.
(2) Bonds shall be issued pursuant to an ordinance adopted by the legislative body specifying:
(A) The principal amount of bonds to be issued;
(B) The purpose or purposes for which the bonds are to be issued; and
(C) Any other provisions deemed important with respect to the bonds.
(b) A legislative body shall not adopt an ordinance regarding the issuance of bonds unless the legislative body has determined that:
(1) All of the work on the energy efficiency project will be performed by a qualified provider; and
(2) The qualified provider has provided a guarantee of the operating cost savings to be realized from the energy efficiency project that:
(A) The energy cost savings and operating cost savings to be realized over the term of the guaranteed energy cost savings contract meet or exceed the costs of the energy efficiency project; and
(B) If the annual energy or operating cost savings fail to meet or exceed the annual costs of the energy efficiency project as required by the guaranteed energy cost savings contract, the qualified provider shall reimburse the issuer for any shortfall of guaranteed energy cost savings over the term of the guaranteed energy cost savings contract.
(c) The maximum term of the bonds may not exceed the shorter of:
(1) The useful life of the energy efficiency project; or
(2) Twenty (20) years.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-808
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 14-164-808. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-810. Bonds — Trust indenture.
(a) The ordinance authorizing bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture that:
(1) Defines the rights of the owners of the bonds; and
(2) Provides for the appointment of a trustee for the owners of the bonds.
(b) A trust indenture executed under this section may:
(1) Provide for the priority between and among successive issues; and
(2) Contain one (1) or more of the provisions stated in § 14-164-809 and any other terms, covenants, and conditions that are deemed desirable.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-810
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 14-164-810. This identifies an authority to review, not proof of applicability.