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14-167-216. Mortgage lien.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-167-216. Mortgage lien.
(a) The ordinance or indenture referred to in § 14-167-207 or § 14-167-209 may, but need not, impose a foreclosable mortgage lien upon the land, buildings, or other properties 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 or indenture including, without limitation, provisions pertaining to:
(1) The release of all or part of the land, buildings, or other properties from the mortgage lien; and
(2) The priority of the mortgage lien in the event of successive bond issues as authorized by § 14-167-212.
(c) The ordinance 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 or indenture authorizing or securing the bonds.
(d) References in this subchapter to mortgage lien shall include and mean security interest in any personal property embodied in properties acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-167-216
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:14-167-216
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: dabbc04e1348662f421f918d038a7b1154742bed89e309b66db50a1bb6d47d10
Source location: content.xml paragraph 39103
Stored source content
14-167-216. Mortgage lien.
(a) The ordinance or indenture referred to in § 14-167-207 or § 14-167-209 may, but need not, impose a foreclosable mortgage lien upon the land, buildings, or other properties 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 or indenture including, without limitation, provisions pertaining to:
(1) The release of all or part of the land, buildings, or other properties from the mortgage lien; and
(2) The priority of the mortgage lien in the event of successive bond issues as authorized by § 14-167-212.
(c) The ordinance 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 or indenture authorizing or securing the bonds.
(d) References in this subchapter to mortgage lien shall include and mean security interest in any personal property embodied in properties acquired, constructed, reconstructed, extended, equipped, or improved, 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
14-167-207. Bonds — Issuance generally.
The issuance of bonds shall be by ordinance of the municipality or county.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-167-207
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 14-167-207. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-167-209. Bonds — Trust indenture, lease, etc.
(a) The ordinance authorizing the bonds may provide for the execution by the municipality or county of an indenture which defines the rights of the holders and registered owners of the bonds and provides for the appointment of a trustee, who may be a trustee within or without the state, for the holders and registered owners of the bonds.
(b) The indenture may control the priority between successive issues and may contain any other terms, 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 maintaining of rates and charges;
(3) The collection and disposition of revenues;
(4) The maintenance of various funds and reserves;
(5) The nature and extent of the security and pledging of revenues;
(6) The rights, duties, and obligations of the municipality or county and the trustee; and
(7) The rights of the holders and registered owners of the bonds.
(c) It shall not be necessary for the municipality or county to publish any indenture, lease, or other agreement if:
(1) The ordinance authorizing an indenture, lease, or other agreement is published as required by law governing the publication of ordinances of a municipality or county;
(2) The ordinance 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 or the county clerk of the county for inspection by any interested person; and
(3) The copy of the indenture, lease, or other agreement, as the case may be, is actually filed with the clerk or recorder of the municipality or the county clerk of the county.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-167-209
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 14-167-209. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-167-212. Bonds — Successive issues.
There may be successive bond issues for the purpose of financing the same energy project, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping energy projects 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) · 14-167-212
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 14-167-212. This identifies an authority to review, not proof of applicability.