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14-168-317. Redevelopment bonds or notes — Terms, conditions, etc.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-168-317. Redevelopment bonds or notes — Terms, conditions, etc.
(a)(1) Redevelopment bonds or notes may not be issued in an amount exceeding the estimated aggregate project costs, including all costs of issuance of the bonds or notes.
(2) The redevelopment bonds and notes shall not be included in the computation of the constitutional debt limitation of a local government.
(b)(1) The bonds or notes shall mature over a period not exceeding the date of termination of the redevelopment district, as determined pursuant to § 14-168-308.
(2) The bonds or notes may contain a provision authorizing their redemption, in whole or in part, at stipulated prices, at the option of the local government on any interest payment date and, if so, shall provide the method of selecting the bonds or notes to be redeemed.
(3) The principal and interest on the bonds and notes may be payable at any place set forth in the resolution, trust indenture, or other document governing the bonds.
(4) The bonds or notes shall be issued in registered form.
(5) The bonds or notes may be in any denominations.
(6) Each such bond or note is declared to be a negotiable instrument.
(c) The bonds or notes may be sold at public or private sale.
(d) Insofar as they are consistent with subdivision (a)(1) of this section and subsections (b) and (c) of this section, the provisions of §§ 14-169-220 and 14-169-221 relating to procedures for issuance, form, contents, execution, negotiation, and registration of municipal bonds and notes are incorporated by reference in subdivision (a)(1) of this section and subsections (b) and (c) of this section.
(e)(1) The bonds may be refunded or refinanced and refunding bonds may be issued in any principal amount.
(2) Provided, that the last maturity of the r
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-168-317
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:14-168-317
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b47d68d65fdfe2b345f648bf7a70ab980fcdc9be8adc53b9cc05808404671fca
Source location: content.xml paragraph 39504
Stored source content
14-168-317. Redevelopment bonds or notes — Terms, conditions, etc.
(a)(1) Redevelopment bonds or notes may not be issued in an amount exceeding the estimated aggregate project costs, including all costs of issuance of the bonds or notes.
(2) The redevelopment bonds and notes shall not be included in the computation of the constitutional debt limitation of a local government.
(b)(1) The bonds or notes shall mature over a period not exceeding the date of termination of the redevelopment district, as determined pursuant to § 14-168-308.
(2) The bonds or notes may contain a provision authorizing their redemption, in whole or in part, at stipulated prices, at the option of the local government on any interest payment date and, if so, shall provide the method of selecting the bonds or notes to be redeemed.
(3) The principal and interest on the bonds and notes may be payable at any place set forth in the resolution, trust indenture, or other document governing the bonds.
(4) The bonds or notes shall be issued in registered form.
(5) The bonds or notes may be in any denominations.
(6) Each such bond or note is declared to be a negotiable instrument.
(c) The bonds or notes may be sold at public or private sale.
(d) Insofar as they are consistent with subdivision (a)(1) of this section and subsections (b) and (c) of this section, the provisions of §§ 14-169-220 and 14-169-221 relating to procedures for issuance, form, contents, execution, negotiation, and registration of municipal bonds and notes are incorporated by reference in subdivision (a)(1) of this section and subsections (b) and (c) of this section.
(e)(1) The bonds may be refunded or refinanced and refunding bonds may be issued in any principal amount.
(2) Provided, that the last maturity of the refunding bonds shall not be later than the last maturity of the bonds being refunded.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-168-308. Termination of districts.
(a)(1) A redevelopment district shall not be in existence for a period longer than twenty-five (25) years, unless under the original redevelopment plan or by amendment of the original redevelopment plan bonds have been issued and the bonds would not be fully paid until after the date that is twenty-five (25) years from the date of creation of the district.
(2) In any event, a redevelopment district shall not be in existence for a period longer than forty (40) years.
(b) The local governing body may set a shorter period for the existence of the district and may also provide that bonds shall not have a final maturity on a date later than the termination date of the district.
(c) Upon termination of the district, further ad valorem tax revenues shall not be distributed to the special fund of the district.
(d)(1) The local governing body shall adopt upon the expiration of the time periods set forth in this section an ordinance terminating the redevelopment district.
(2) A district shall not be terminated so long as bonds with respect to the district remain outstanding.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-168-308
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 14-168-308. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-169-220. Authority to issue bonds.
(a)(1)(A) A housing authority shall have power to issue bonds, from time to time, in its discretion, for any of its corporate purposes.
(B) An authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it.
(2)(A) An authority may issue such types of bonds as it may determine, including bonds on which the principal and interest are payable:
(i) Exclusively from the income and revenues of the housing project financed from the proceeds of the bonds, or with such proceeds together with a grant from the federal government in aid of the project;
(ii) Exclusively from the income and revenues of certain designated housing projects, whether or not they were financed in whole or in part with the proceeds of the bonds;
(iii) From any funds received from the United States of America, or any agency thereof, pursuant to any act of Congress providing for grants or payments to housing authorities in connection with, or in anywise pertaining to, the achieving and maintaining of housing projects;
(iv) From the funds set forth in subdivision (a)(2)(A)(iii) of this section together with any or all of the revenues set forth in subdivisions (a)(2)(A)(i) and (ii) of this section; or
(v) From its revenues generally.
(B) Bonds may be additionally secured by a pledge of any revenues or a mortgage of any housing project or other property of the authority.
(b)(1) Neither the commissioners of an authority nor any person executing the bonds shall be liable personally on the bonds by reason of their issuance.
(2)(A) The bonds and other obligations of an authority, which bonds and obligations shall so state on their face, shall not be a debt of the city, the county, or the state,
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-169-220
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 14-169-220. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-169-221. Issuance of bonds.
(a)(1) Bonds of a housing authority shall be authorized by its resolution upon a vote of at least three (3) commissioners.
(2) Bonds may be issued in one (1) or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be sold in such manner and on such terms, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium, as the resolution, its trust indenture, or mortgage may provide.
(b) In case any of the commissioners or officers of the authority whose signatures appear on any bonds or coupons shall cease to be such commissioners or officers before the delivery of the bonds, their signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if the commissioners or officers had remained in office until the delivery.
(c) Any provision of any law to the contrary notwithstanding, any bonds issued pursuant to this subchapter, subject to the provisions of this section with regard to registration, shall be fully negotiable.
(d) In any suit, action, or proceeding involving the validity or enforceability of any bond of an authority or the security therefor, any bond reciting, in substance, that it has been issued by the authority to aid in financing a housing project to provide dwelling accommodations for persons of low income shall be conclusively deemed to have been issued for a housing project of such character. The project shall be conclusively deemed to have been planned, located, and construc
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-169-221
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 14-169-221. This identifies an authority to review, not proof of applicability.