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14-185-136. Bonds — Mortgage lien.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-185-136. Bonds — Mortgage lien.
(a) The resolution or indenture referred to in §§ 14-185-122 and 14-185-124 may, but need not, impose a foreclosable mortgage lien upon the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter.
(b) The nature and extent of the mortgage lien may be controlled by the resolution or indenture including, without limitation, provisions pertaining to:
(1) The release of all or part of the land, building, or facilities from the mortgage lien; and
(2) The priority of the mortgage lien in the event of successive bond issues as authorized by this chapter.
(c) The resolution or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this chapter 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, to compel the performance of the duties of the officials of the authority set forth in this chapter and set forth in the resolution or indenture authorizing or securing the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-185-136
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:14-185-136
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 69ba3e377aef7f872ce2722b2b0e106e2ac64ce035b48c8902b0890e56ff68fe
Source location: content.xml paragraph 43333
Stored source content
14-185-136. Bonds — Mortgage lien.
(a) The resolution or indenture referred to in §§ 14-185-122 and 14-185-124 may, but need not, impose a foreclosable mortgage lien upon the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter.
(b) The nature and extent of the mortgage lien may be controlled by the resolution or indenture including, without limitation, provisions pertaining to:
(1) The release of all or part of the land, building, or facilities from the mortgage lien; and
(2) The priority of the mortgage lien in the event of successive bond issues as authorized by this chapter.
(c) The resolution or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this chapter 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, to compel the performance of the duties of the officials of the authority set forth in this chapter and set forth in the resolution or indenture authorizing or securing the bonds.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-185-122. Bonds — Authorizing resolution.
(a) Each issue of bonds shall be authorized by resolution of the authority issuing the bonds.
(b) Priority, between and among successive issues, of the pledge of revenues and mortgage lien may be controlled by the resolutions authorizing the issuance of bonds under this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-185-122
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 14-185-122. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-185-124. Bonds — Trust indenture.
(a) Each resolution of an authority authorizing the issuance of bonds may provide for the execution of an indenture defining the rights of the holders and registered owners of the bonds and providing for the appointment of a trustee for the holders and registered owners of the bonds.
(b) The indenture may control the priority, between and among successive issues, of the pledge of revenues and mortgage lien and may control 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 collection and disposition of revenues;
(3) The maintenance of various funds and reserves;
(4) The nature and extent of the security;
(5) The rights, duties, and obligations of the authority and the trustee for the holders and registered owners of the bonds; and
(6) The rights of the holders and registered owners of the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-185-124
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 14-185-124. This identifies an authority to review, not proof of applicability.