Browse Arkansas Code titles and sections
14-203-112. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-203-112. Refunding bonds.
(a)(1) Bonds may be issued for the purpose of refunding any bonds issued under this chapter. Any bonds issued under other applicable legislation payable from and secured by, in whole or in part, a pledge of revenues derived from the municipality's electric system.
(2) The refunding bonds may be combined with bonds issued under the provisions of §§ 14-203-104, 14-203-110, 14-203-113, and 14-203-114 into a single issue.
(b) When refunding bonds are issued, such bonds may either be sold or delivered in exchange for the bonds being refunded. If sold, the proceeds may be either applied to the payment of the bonds being refunded or deposited in escrow for the retirement thereof.
(c) All refunding bonds shall in all respects be issued and secured in the manner provided for other bonds issued under this chapter and shall have all the attributes of such bonds.
(d) The ordinance or trust indenture under which such refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on and security interest in electric system revenues and the electric system as was enjoyed by the bonds refunded thereby.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-203-112
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:14-203-112
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2064452893a1497d3e4e59a3ad6207b86f0d4c3fdefb09b8bf03e08833626348
Source location: content.xml paragraph 45972
Stored source content
14-203-112. Refunding bonds.
(a)(1) Bonds may be issued for the purpose of refunding any bonds issued under this chapter. Any bonds issued under other applicable legislation payable from and secured by, in whole or in part, a pledge of revenues derived from the municipality's electric system.
(2) The refunding bonds may be combined with bonds issued under the provisions of §§ 14-203-104, 14-203-110, 14-203-113, and 14-203-114 into a single issue.
(b) When refunding bonds are issued, such bonds may either be sold or delivered in exchange for the bonds being refunded. If sold, the proceeds may be either applied to the payment of the bonds being refunded or deposited in escrow for the retirement thereof.
(c) All refunding bonds shall in all respects be issued and secured in the manner provided for other bonds issued under this chapter and shall have all the attributes of such bonds.
(d) The ordinance or trust indenture under which such refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on and security interest in electric system revenues and the electric system as was enjoyed by the bonds refunded thereby.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-203-104. Authorization to finance electric system.
Municipalities are authorized to use any available funds and reserves to pay and provide for costs and expenses of owning and operating an electric system and, for the purpose of paying electric system costs, a municipality may issue revenue bonds as provided in this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-203-104
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 14-203-104. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-203-110. Bonds — Priority among issues.
Priority between successive issues may be controlled by the ordinance.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-203-110
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 14-203-110. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-203-113. Bonds — Mortgage lien.
(a) The ordinance or trust indenture authorizing or securing any bonds issued under this chapter may impose a foreclosable mortgage lien upon all or any part of the electric system of the municipality.
(b) The nature and extent of the mortgage lien may be controlled by the ordinance or trust indenture including, without limitation, provisions pertaining to the release of all or part of the electric system from the mortgage lien and the priority of the mortgage lien in the event of the issuance of additional bonds.
(c) Subject to such terms, conditions, and restrictions as may be contained in the ordinance or trust indenture, any holder or registered owner of bonds issued under this chapter, or of any coupon attached thereto, 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 municipality set forth in the ordinance or trust indenture authorizing or securing the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-203-113
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 14-203-113. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-203-114. Bonds — Default — Receiver.
(a) In the event of a default in the payment of the principal of, premium, if any, or interest on any bonds issued under this chapter, any court having jurisdiction may appoint a receiver to take charge of all or any part of the electric system of the municipality.
(b) The receiver shall have the power to operate and maintain the electric system and to charge and collect rates, fees, and charges sufficient to provide for the payment of the principal of, premium, if any, and interest on the bonds, after providing for the payment of any costs of receivership and operating expenses of the electric system, and to apply the revenues derived from the electric system in conformity with this chapter and the ordinance or trust indenture authorizing or securing the bonds.
(c) When the default has been cured, the receivership shall be ended and the electric system shall be returned to the municipality.
(d) The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded the trustee for the bondholders and the bondholders in the ordinance or trust indenture authorizing or securing the bonds and shall be so granted and administered as to accord full recognition to priority rights of bondholders as the pledge of revenues from, and the mortgage lien on, the electric system as specified in and fixed by the ordinances or trust indentures authorizing or securing successive bond issues.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-203-114
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 14-203-114. This identifies an authority to review, not proof of applicability.