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14-234-213. Exchange of unpaid water revenue certificates for refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-234-213. Exchange of unpaid water revenue certificates for refunding bonds.
(a) Whenever all of the holders of unpaid water revenue certificates of a particular issue, which were issued to pay the cost of constructing a waterworks system and which are payable from the revenues thereof, shall offer in writing to exchange the certificates for refunding revenue bonds to be issued under the provisions of this subchapter, the legislative body shall receive the certificates, and if they are found to be properly executed, may adopt an ordinance incorporating therein the offer, setting forth the determined value of the entire waterworks system as it then exists, the value of so much of the system as was paid for by the issue of certificates, the unpaid portion of which is proposed to be refunded, and the details in connection with the issuance of the bonds in the same manner as is provided for in the issuance of revenue bonds. The municipality may fix the minimum rate or rates to be charged for water and pledge the revenues, if and when the refunding revenue bonds are issued, to pay the bonds.
(b) The revenues shall be applied as provided in this subchapter for revenue bonds and particularly §§ 14-234-212 and 14-234-214.
(c) The amount of refunding revenue bonds shall not exceed and may be less than the par amount of certificates to be surrendered and shall not exceed and may be less than the determined value of so much of the systems as was paid for by the issue of certificates, less the amount of certificates paid.
(d)(1) The ordinance shall be published together with notice of hearing thereon in the same manner as is provided in this subchapter in case of the issuance of revenue bonds, and hearing shall be had thereon as is provided in this subchapter in case of t
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-234-213
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:14-234-213
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 37c1e4e4bef2c5955299d4a27e4db493ede18f4c832bd39eb829988dd7d2aec2
Source location: content.xml paragraph 48485
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14-234-213. Exchange of unpaid water revenue certificates for refunding bonds.
(a) Whenever all of the holders of unpaid water revenue certificates of a particular issue, which were issued to pay the cost of constructing a waterworks system and which are payable from the revenues thereof, shall offer in writing to exchange the certificates for refunding revenue bonds to be issued under the provisions of this subchapter, the legislative body shall receive the certificates, and if they are found to be properly executed, may adopt an ordinance incorporating therein the offer, setting forth the determined value of the entire waterworks system as it then exists, the value of so much of the system as was paid for by the issue of certificates, the unpaid portion of which is proposed to be refunded, and the details in connection with the issuance of the bonds in the same manner as is provided for in the issuance of revenue bonds. The municipality may fix the minimum rate or rates to be charged for water and pledge the revenues, if and when the refunding revenue bonds are issued, to pay the bonds.
(b) The revenues shall be applied as provided in this subchapter for revenue bonds and particularly §§ 14-234-212 and 14-234-214.
(c) The amount of refunding revenue bonds shall not exceed and may be less than the par amount of certificates to be surrendered and shall not exceed and may be less than the determined value of so much of the systems as was paid for by the issue of certificates, less the amount of certificates paid.
(d)(1) The ordinance shall be published together with notice of hearing thereon in the same manner as is provided in this subchapter in case of the issuance of revenue bonds, and hearing shall be had thereon as is provided in this subchapter in case of the issuance of revenue bonds.
(2) After the hearing, the refunding revenue bonds may be issued, or a less amount thereof may be issued with the consent of the certificate holders, or the ordinance may be repealed, all as the legislative body shall determine.
(e) If the refunding revenue bonds are issued, the certificates shall be surrendered and cancelled simultaneously therewith.
(f) Refunding revenue bonds issued under the provisions of this subchapter shall be payable only out of the revenues derived from the system as provided in the ordinance and according to the terms of this subchapter.
(g) Holders of refunding revenue bonds issued under the provisions of this subchapter shall have similar rights as holders of revenue bonds issued under this subchapter, including the power to apply for a receiver to operate the system, and the municipality shall be under the same obligations to the bondholders as is provided to holders of revenue bonds issued under the provisions of this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-234-212. Issuance of bonds to construct improvements.
(a)(1) If any municipality shall own or operate a waterworks system, whether or not purchased or constructed under the provisions of this subchapter, and shall desire to construct improvements, extensions, or betterments thereto, it may issue revenue bonds under the provisions of this subchapter to provide funds for those purposes. However, if the municipality deems that it has sufficient funds to construct the proposed improvements without borrowing, then it shall not be necessary to issue revenue bonds to pay for the proposed improvements.
(2) A municipality may also issue revenue bonds under the provisions of this subchapter to provide funds to pay extraordinary expenses or liabilities arising from the ownership and operation of its waterworks system including, without limitation, liabilities to customers of the waterworks system for charges collected for services of the system.
(b)(1) The procedure for the issuance of bonds and the fixing of rates shall be the same as in this subchapter provided for the issuance of bonds for the acquisition or construction of a waterworks system in a municipality which has not theretofore owned and operated a waterworks system.
(2) In the ordinance declaring the intention to issue bonds and providing details in connection therewith, the legislative body shall either:
(A) Provide, find, and declare, in addition to the other requirements set out in this subchapter, the value of the then-existing system and, in the case of financing betterments and improvements, the value of the property proposed to be constructed and that the revenues derived from the entire system when the contemplated betterments and improvements are completed shall be divided according to such value
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-234-212
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 14-234-212. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-234-214. Rates — Disposition of surplus funds.
(a) Rates for resident and nonresident consumers of a municipal waterworks system shall be fixed by the legislative body of the municipality.
(b) The rates to be charged by the municipality must be adequate to:
(1) Pay the principal of and interest on all revenue bonds and revenue promissory notes as they severally mature;
(2) Make such payments into a revenue bond sinking fund as may be required by ordinance or trust indenture;
(3) Provide an adequate depreciation fund and to provide the operating authority's estimated cost of operating and maintaining the waterworks system.
(c) Rates fixed prior to the issuance of revenue bonds or notes may be reduced if authorized by the trust indenture or ordinance pertaining to the issuance. The rates shall not be reduced below the standards prescribed in this subchapter.
(d) If a municipality subject to the provisions of this subchapter proposes to make additions to its system, which additions are to be financed by the issuance of revenue bonds or revenue promissory notes, within eighteen (18) months of the effective date of the rate, then the legislative body of the municipality shall fix a rate to be effective immediately, which will be sufficient, in addition to the above requirements, to amortize the revenue bonds or revenue promissory notes with interest as they severally mature.
(e)(1) If any surplus is accumulated in the operation and maintenance fund of the waterworks system which shall be in excess of the operating authority's estimated cost of maintaining and operating the plant during the remainder of the fiscal year then-current and the cost of maintaining and operating the plant during the fiscal year next ensuing, the excess may be by the operating aut
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-234-214
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 14-234-214. This identifies an authority to review, not proof of applicability.