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14-199-505. Outstanding bond indebtedness — Cross-pledging.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-199-505. Outstanding bond indebtedness — Cross-pledging.
(a) If any city of the first class subject to this subchapter shall have outstanding, on the date of enactment of this subchapter, any revenue bonds issued under the authority of § 14-199-101, or the general laws of the state wherein electric utility revenues or surplus electric utility revenues are pledged, then, in that event, the ordinance authorizing the creation of the commission envisioned within this subchapter shall specifically provide all of the terms and provisions of ordinances and laws authorizing such bonded indebtedness shall be fully complied with. The ordinance creating the commission provided for in this subchapter shall make specific provisions limiting the authority of the commission so as not to cause a default under any existing bond issue. If the city council deems it appropriate, the authorizing ordinance shall provide for separate accountings and audits as is required by such bond issues.
(b) Nothing contained in this section shall either prohibit or authorize the cross-pledging of sewer, electric, and water revenues as may be now allowed by law or § 14-199-101.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-199-505
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:14-199-505
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 651a8981f68465a868bc006fe4c3bd2ddc9b14a34a535030ee1f38dae377f03b
Source location: content.xml paragraph 44684
Stored source content
14-199-505. Outstanding bond indebtedness — Cross-pledging.
(a) If any city of the first class subject to this subchapter shall have outstanding, on the date of enactment of this subchapter, any revenue bonds issued under the authority of § 14-199-101, or the general laws of the state wherein electric utility revenues or surplus electric utility revenues are pledged, then, in that event, the ordinance authorizing the creation of the commission envisioned within this subchapter shall specifically provide all of the terms and provisions of ordinances and laws authorizing such bonded indebtedness shall be fully complied with. The ordinance creating the commission provided for in this subchapter shall make specific provisions limiting the authority of the commission so as not to cause a default under any existing bond issue. If the city council deems it appropriate, the authorizing ordinance shall provide for separate accountings and audits as is required by such bond issues.
(b) Nothing contained in this section shall either prohibit or authorize the cross-pledging of sewer, electric, and water revenues as may be now allowed by law or § 14-199-101.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-199-101. Surplus revenues — Definitions.
(a) As used in this section, unless the context otherwise requires:
(1) “Surplus revenues” means revenues remaining after adequate provision shall have been made for expenses of operation, maintenance, and depreciation of the utilities and all requirements pertaining to the payment of principal, interest, and fees in connection with bonds and establishing and maintaining reserves of ordinances or indentures securing bonds issued to finance the cost of constructing, reconstructing, extending, improving, or equipping the utilities have been fully met and complied with; and
(2) “Utilities” means the utility or utilities involved in the pledging and use of surplus utility revenues pursuant to this section for the payment of the principal of, interest on, and paying agent's fees in connection with any bonds issued by the municipality.
(b) Any municipality in this state is authorized to pledge and use surplus revenues derived from one (1) or more of the water, sewer, gas, or electric utilities already owned at the time of any such pledge or use by the municipality for any of the following purposes only:
(1) Off-street parking facilities;
(2) Sanitation facilities;
(3) Hospital buildings and facilities;
(4) Public park buildings, improvements, and facilities;
(5) Auditoriums;
(6) Convention centers;
(7) Streets and roadways;
(8) Airport improvements and facilities;
(9) City halls and municipal administration buildings;
(10) Public ports, harbors, and industrial or other facilities related thereto, whether owned by the municipality or another public body;
(11) Fire and emergency equipment;
(12) Assistance for low-income customers under subsection (d) of this section; or
(13) Any combination of the abo
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-199-101
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 14-199-101. This identifies an authority to review, not proof of applicability.