Browse Arkansas Code titles and sections
14-167-217. Receivership.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-167-217. Receivership.
(a)(1) The ordinance or indenture referred to in § 14-167-207 or § 14-167-209 may, but need not, provide that in the event of a default in the payment of the principal of, or interest on, any bonds issued under this subchapter, any court having jurisdiction may appoint a receiver to take charge of the land, buildings, or other properties acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds.
(2) The receiver shall have the power to operate and maintain the land, buildings, or other properties and to charge and collect rates or rents sufficient to provide for the payment of the principal of and interest on the bonds, after providing for the payment of all costs of receivership and operating expenses of the land, buildings, or other properties, and to apply the income and revenues derived from the land, buildings, or other properties in conformity with this subchapter and the ordinance or indenture authorizing or securing the bonds.
(3) When the default has been cured, the receivership shall be ended and the properties returned to the municipality or county.
(b)(1) The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded to the trustee for the holders and registered owners of the bonds in the ordinance or indenture authorizing or securing the bonds.
(2) The relief shall be so granted and administered as to accord full recognition to priority rights of holders and registered owners of the bonds as to the pledge of revenues from, and the mortgage lien on, land, buildings, or other properties as specified in, and fixed by, the ordinance or indenture authorizing or securing successive bond issues.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-167-217
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:14-167-217
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e0b303ef0ab4881dda5ebd7e7405aa1f1726fc42939f31e441eaeacba9c016b1
Source location: content.xml paragraph 39113
Stored source content
14-167-217. Receivership.
(a)(1) The ordinance or indenture referred to in § 14-167-207 or § 14-167-209 may, but need not, provide that in the event of a default in the payment of the principal of, or interest on, any bonds issued under this subchapter, any court having jurisdiction may appoint a receiver to take charge of the land, buildings, or other properties acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds.
(2) The receiver shall have the power to operate and maintain the land, buildings, or other properties and to charge and collect rates or rents sufficient to provide for the payment of the principal of and interest on the bonds, after providing for the payment of all costs of receivership and operating expenses of the land, buildings, or other properties, and to apply the income and revenues derived from the land, buildings, or other properties in conformity with this subchapter and the ordinance or indenture authorizing or securing the bonds.
(3) When the default has been cured, the receivership shall be ended and the properties returned to the municipality or county.
(b)(1) The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded to the trustee for the holders and registered owners of the bonds in the ordinance or indenture authorizing or securing the bonds.
(2) The relief shall be so granted and administered as to accord full recognition to priority rights of holders and registered owners of the bonds as to the pledge of revenues from, and the mortgage lien on, land, buildings, or other properties as specified in, and fixed by, the ordinance or indenture authorizing or securing successive bond issues.
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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.