Browse Arkansas Code titles and sections
14-235-218. Issuance of additional bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-235-218. Issuance of additional bonds.
Nothing contained in this subchapter shall prevent the issuance of additional bonds, from time to time, if the bonds shall be authorized by law. However, all such additional bonds shall be subordinate to bonds issued pursuant to §§ 14-235-215 — 14-235-217 in respect to the application of revenues to such additional bonds unless the additional bonds consist of revenue bonds issued under this subchapter, the issuance of which was expressly authorized in the ordinance or indenture governing prior bonds of similar character. In this event, the additional bonds and such prior bonds will have a parity of lien unless the governing ordinance or indenture shall provide to the contrary.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-235-218
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:14-235-218
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: fcfa4247fd5f785313a65a6d17fa1bf2a81ba8ef85ee8d6a8b456189271c28d6
Source location: content.xml paragraph 49469
Stored source content
14-235-218. Issuance of additional bonds.
Nothing contained in this subchapter shall prevent the issuance of additional bonds, from time to time, if the bonds shall be authorized by law. However, all such additional bonds shall be subordinate to bonds issued pursuant to §§ 14-235-215 — 14-235-217 in respect to the application of revenues to such additional bonds unless the additional bonds consist of revenue bonds issued under this subchapter, the issuance of which was expressly authorized in the ordinance or indenture governing prior bonds of similar character. In this event, the additional bonds and such prior bonds will have a parity of lien unless the governing ordinance or indenture shall provide to the contrary.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-235-215. Issuance of revenue bonds and notes generally.
(a)(1) Nothing contained in this subchapter shall be so construed as to authorize or permit any municipality to make any contract or to incur any obligation of any kind or nature except such as shall be payable solely from the funds provided under the authority of this subchapter.
(2)(A)(i) Funds for the payment of the entire cost of the works and for the payment of any extraordinary expenses or liabilities arising from the ownership and operation of the works including, without limitation, liabilities to customers of the works relating to rates charged by the municipality for use of the works shall be provided by funds derived from the operation of the works, by funds of the municipality appropriated for that purpose, and by the issuance of municipal revenue bonds, the principal and interest of which shall be payable solely from the special fund provided in § 14-235-221 for payment.
(ii) The bonds shall not, in any respect, be a corporate indebtedness of the municipality within the meaning of any statutory or constitutional limitations on them.
(B) All the details of the bonds shall be determined by ordinance of the municipality.
(b)(1)(A) Any municipality owning or operating a sewage system, however constructed or acquired, and desiring to construct improvements and betterments to it, may borrow money to be used for these purposes, to refinance or retire existing indebtedness related to the sewage system, or to provide funds for preliminary expense prior to the issuance of revenue bonds or to provide interim financing pending receipt of federal or state grant-in-aid of loan disbursements.
(B) Such a loan shall be evidenced by revenue promissory notes as set out in this section.
(2) The money so b
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-235-215
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 14-235-215. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-235-217. Additional bonds authorized.
(a) The municipal council or sewer committee may provide by the ordinance authorizing the issuance of the bonds, or in the trust indenture executed in connection with it, that additional bonds may thereafter be authorized and issued, at one time or from time to time, under such limitations and restrictions as may be set forth in the ordinance or trust indenture, for the purpose of extending, improving, or bettering the works authorized under this subchapter when deemed necessary in the public interest.
(b) Unless otherwise provided in the ordinance or in the trust indenture executed pursuant to it, the additional bonds will be secured and be payable from the revenues of the works equally with all other bonds issued pursuant to the ordinance, without preference or distinction between any one (1) bond and any other bond by reason of priority of issuance or otherwise. However, any provisions of the ordinance or trust indenture subordinating the lien of subsequent issues, or otherwise regulating the priorities as between successive issues, will be controlling.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-235-217
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 14-235-217. This identifies an authority to review, not proof of applicability.