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14-170-210. Statutory mortgage lien.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-170-210. Statutory mortgage lien.
(a)(1) Subject to the provisions of this section, there shall exist a statutory mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter which shall exist in favor of the holders and registered owners of the bonds, and in favor of the holders of the coupons attached to the bonds.
(2) The land, buildings, or facilities shall remain subject to the statutory mortgage lien until payment in full of the principal of, and interest on, the bonds.
(b)(1) Anything in this section to the contrary notwithstanding, the ordinance, order, or indenture referred to in § 14-170-207 may impose a foreclosable mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
(2) The nature and extent of the mortgage lien may be controlled by the ordinance, order, or indenture including, without limitation, provisions pertaining to the release of all, or part of, the land, buildings, or facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by § 14-170-207.
(c) Subject to such terms, conditions, and restrictions as may be contained in the ordinance, order, or indenture authorizing or securing the bonds, any holder or registered owner of bonds issued under the provisions of this subchapter, or of any coupon attached to them, may, either at law or in equity, enforce the mortgage lien and may, by proper suit, compel the performance of the duties of the officials of the issuing municipality or county set
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-170-210
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:14-170-210
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cdf92a30ae17410ed6cd8f3ea4b382425b80b18103c8275109ac5b5ca0cdc1a7
Source location: content.xml paragraph 41297
Stored source content
14-170-210. Statutory mortgage lien.
(a)(1) Subject to the provisions of this section, there shall exist a statutory mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter which shall exist in favor of the holders and registered owners of the bonds, and in favor of the holders of the coupons attached to the bonds.
(2) The land, buildings, or facilities shall remain subject to the statutory mortgage lien until payment in full of the principal of, and interest on, the bonds.
(b)(1) Anything in this section to the contrary notwithstanding, the ordinance, order, or indenture referred to in § 14-170-207 may impose a foreclosable mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
(2) The nature and extent of the mortgage lien may be controlled by the ordinance, order, or indenture including, without limitation, provisions pertaining to the release of all, or part of, the land, buildings, or facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by § 14-170-207.
(c) Subject to such terms, conditions, and restrictions as may be contained in the ordinance, order, or indenture authorizing or securing the bonds, any holder or registered owner of bonds issued under the provisions of this subchapter, or of any coupon attached to them, may, either at law or in equity, enforce the mortgage lien and may, 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 any ordinance, order, 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 a tourism project 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
14-170-207. Bonds generally.
(a)(1) The issuance of bonds shall be by ordinance of the municipality or order of the county court.
(2) As the ordinance or order authorizing their issuance may provide, the bonds may:
(A) Be coupon bonds payable to bearer, but subject to registration as to principal or as to principal and interest;
(B) Be exchangeable for bonds of another denomination;
(C) Be in such form and denominations;
(D) Be made payable at such place or places within or without the state;
(E) Be issued in one (1) or more series;
(F) Bear such date or dates;
(G) Mature at such time or times, not exceeding forty (40) years from their respective dates;
(H) Bear interest at such rate or rates;
(I) Be payable in such medium of payment;
(J) Be subject to such terms of redemption; and
(K) Contain such terms, covenants, and conditions including, without limitation, those pertaining to:
(i) The custody and application of the proceeds of the bonds;
(ii) The collection and disposition of revenues;
(iii) The maintenance and investment of various funds and reserves;
(iv) The nature and extent of the security and pledging of revenues;
(v) The rights, duties, and obligations of the municipality or county and the trustee for the holders and registered owners of the bonds; and
(vi) The rights of the holders and registered owners of the bonds.
(3) There may be successive bond issues for the purpose of financing the same tourism project. There may also be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping tourism projects already in existence, whether or not originally financed by bonds issued under this subchapter, with each successive issue to be authorized
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-170-207
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 14-170-207. This identifies an authority to review, not proof of applicability.