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14-204-109. Mortgage lien — Default — Receiver.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-204-109. Mortgage lien — Default — Receiver.
(a) The ordinance, order, or indenture referred to § 14-204-106 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, and the nature and extent of such 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 facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by § 14-204-106.
(b) The ordinance, order, or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under 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 issuing municipality or county set forth in this chapter and set forth in the ordinance, order, or indenture authorizing or securing the bonds.
(c) Subject to the provisions of the ordinance, order, or indenture referred to in § 14-204-106, in the event of a default in the payment of the principal of or interest on any revenue bonds issued under this chapter any court having jurisdiction may appoint a receiver to take charge of the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of such bonds. The receiver shall have the power to operate and maintain the facilities and to charge and collect rates and rents sufficient to provide for the payment of the principal of and interest on the bon
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-204-109
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:14-204-109
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1b443fc489a58ebd87fa1f91350746e21e6dc0b325dfd9e319cd23930281201c
Source location: content.xml paragraph 46112
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14-204-109. Mortgage lien — Default — Receiver.
(a) The ordinance, order, or indenture referred to § 14-204-106 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, and the nature and extent of such 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 facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by § 14-204-106.
(b) The ordinance, order, or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under 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 issuing municipality or county set forth in this chapter and set forth in the ordinance, order, or indenture authorizing or securing the bonds.
(c) Subject to the provisions of the ordinance, order, or indenture referred to in § 14-204-106, in the event of a default in the payment of the principal of or interest on any revenue bonds issued under this chapter any court having jurisdiction may appoint a receiver to take charge of the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of such bonds. The receiver shall have the power to operate and maintain the facilities and to charge and collect rates and rents sufficient to provide for the payment of the principal of and interest on the bonds, after providing for the payment of any cost of receivership and operating expenses of the facilities, and to apply the income and revenues derived from the facilities in conformity with this chapter and the ordinance or indenture authorizing or securing the bonds. When the default has been cured, the receivership shall be ended and the properties returned to the municipality or county.
(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, order, or indenture authorizing or securing the bonds and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from, and mortgage lien on, the facilities, as specified in and fixed by the ordinances, orders, or indentures authorizing or securing successive bond issues.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-204-106. Revenue bonds generally.
(a)(1) Revenue bonds authorized in this chapter may be issued by a municipality upon the adoption of an ordinance therefor by the governing body of the municipality. Revenue bonds authorized by this chapter may be issued by a county upon order of the county court of the county.
(2) The ordinance or order shall state the purpose for which the revenue bonds are to be issued and the total amount of the issue.
(3) The bonds may be in such form, may be issued in one (1) or more series, may bear such date or dates, may mature at such time or times, not exceeding thirty (30) years from their respective dates, may bear interest at such rate or rates, may be executed in such manner, may be payable in such medium of payment, at such place or places, within or without this state, may be subject to such terms of redemption, and may contain such terms, covenants, and conditions as the ordinance or order may provide including, without limitation, those pertaining to the custody and application of proceeds of the bonds, the collection and disposition of revenues, the maintenance of various funds and reserves, the investment of moneys held thereunder, the nature and extent of the security, the rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds, and the rights of the holders or registered owners of the bonds.
(4) There may be successive bond issues for the purpose of financing the same project, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping projects already in existence, whether or not originally financed by bonds issued under this chapter, with each successiv
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-204-106
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 14-204-106. This identifies an authority to review, not proof of applicability.