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14-201-121. Use of fees and charges — Pledges — Surplus.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-201-121. Use of fees and charges — Pledges — Surplus.
(a) For so long as any bond or notes are outstanding and unpaid, the rates, fees, and charges for water and electricity charged and collected by the commission shall be fixed so as to provide revenues sufficient to pay all costs of and charges and expenses in connection with the proper operation and maintenance of the waterworks and electric light systems, respectively, and all necessary repairs, replacements, or renewals thereof; to pay when due the principal of, premium, if any, and interest on all bonds payable from such revenues; to create and maintain revenues as may be required by any resolution or trust indenture authorizing or securing bonds or notes; and to pay any and all amounts which the commission may be obligated to pay from such revenues by law or contract.
(b) Any pledge made by the commission pursuant to this subchapter shall be valid and binding from the date the pledge is made. The revenues so pledged and then held or thereafter received by the commission or any fiduciary on its behalf shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of the pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the commission without regard to whether such parties have notice thereof. The resolution, trust indenture, or other instrument by which a pledge is created need not be filed or recorded in any manner.
(c) Any surplus remaining after the expenditures authorized by this subchapter may be made available for other purposes of the city by resolution of the city council.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-201-121
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:14-201-121
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f71b2b76c8931d5d5153a613a4b7977b026da86fb0fa49796ab2807454cfe2ec
Source location: content.xml paragraph 45201
Stored source content
14-201-121. Use of fees and charges — Pledges — Surplus.
(a) For so long as any bond or notes are outstanding and unpaid, the rates, fees, and charges for water and electricity charged and collected by the commission shall be fixed so as to provide revenues sufficient to pay all costs of and charges and expenses in connection with the proper operation and maintenance of the waterworks and electric light systems, respectively, and all necessary repairs, replacements, or renewals thereof; to pay when due the principal of, premium, if any, and interest on all bonds payable from such revenues; to create and maintain revenues as may be required by any resolution or trust indenture authorizing or securing bonds or notes; and to pay any and all amounts which the commission may be obligated to pay from such revenues by law or contract.
(b) Any pledge made by the commission pursuant to this subchapter shall be valid and binding from the date the pledge is made. The revenues so pledged and then held or thereafter received by the commission or any fiduciary on its behalf shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of the pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the commission without regard to whether such parties have notice thereof. The resolution, trust indenture, or other instrument by which a pledge is created need not be filed or recorded in any manner.
(c) Any surplus remaining after the expenditures authorized by this subchapter may be made available for other purposes of the city by resolution of the city council.
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