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14-238-117. Bonds may impose mortgage lien.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-238-117. Bonds may impose mortgage lien.
(a) The resolution or indenture referred to in § 14-238-114 may, or may not, impose a foreclosable mortgage lien upon or security interest in all or any portion of the lands, buildings, or 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 the mortgage lien or security interest may be controlled by the resolution or indenture, including, without limitation, provisions pertaining to the release of all or part of the lands, buildings, or facilities from the mortgage lien or security interest and the priority of the mortgage lien or security interest in the event of successive bond issues as authorized by § 14-238-114.
(b) Subject to such terms, conditions, and restrictions as may be contained in the resolution or indenture authorizing or securing the bonds, any holder or registered owner of bonds issued under the provisions of this chapter, or a trustee, on behalf of all holders and registered owners, may, either at law or in equity, enforce the mortgage lien or security interest and may, by proper suit, compel the performance of the duties of the members and employees of the issuing board as set forth in this chapter, the ordinance creating the board, and the resolution or indenture authorizing or securing the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-238-117
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:14-238-117
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d8d8ae42841187d06f52b1fe71f5b580ff1f17b387e8fe5f3df3cf31ba6b61f9
Source location: content.xml paragraph 50440
Stored source content
14-238-117. Bonds may impose mortgage lien.
(a) The resolution or indenture referred to in § 14-238-114 may, or may not, impose a foreclosable mortgage lien upon or security interest in all or any portion of the lands, buildings, or 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 the mortgage lien or security interest may be controlled by the resolution or indenture, including, without limitation, provisions pertaining to the release of all or part of the lands, buildings, or facilities from the mortgage lien or security interest and the priority of the mortgage lien or security interest in the event of successive bond issues as authorized by § 14-238-114.
(b) Subject to such terms, conditions, and restrictions as may be contained in the resolution or indenture authorizing or securing the bonds, any holder or registered owner of bonds issued under the provisions of this chapter, or a trustee, on behalf of all holders and registered owners, may, either at law or in equity, enforce the mortgage lien or security interest and may, by proper suit, compel the performance of the duties of the members and employees of the issuing board as set forth in this chapter, the ordinance creating the board, and the resolution or indenture authorizing or securing the bonds.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-238-114. Issuance of bonds — Procedure.
(a)(1) The issuance of bonds shall be by resolution of the board.
(2) As the resolution authorizing their issuance may provide, the bonds may:
(A) Be in such form and denominations;
(B) Be exchangeable for bonds of another denomination;
(C) Be issued in one (1) or more series;
(D) Bear such date or dates, and mature at such time or times, not exceeding forty (40) years from the respective dates;
(E) Bear interest at such rate or rates;
(F) Be coupon bonds payable to bearer but subject to registration as to principal or as to principal and interest;
(G) Be made payable at such places within or without the state;
(H) Be payable in such medium of payment;
(I) Be subject to such terms of redemption; and
(J) Contain such terms, covenants, and conditions, including, without limitation, those pertaining to:
(i) The custody and application of the proceeds of the bonds;
(ii) The collection and disposition of revenues;
(iii) The maintenance of various funds and reserves;
(iv) The nature and extent of the security and pledging of revenues;
(v) The rights, duties, and obligations of the board and the trustee for the holders and registered owners of the bonds; and
(vi) The rights of the holders and registered owners of the bonds.
(3)(A) There may be successive bond issues for the purpose of financing the same waterworks facilities and/or wastewater facilities project, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping waterworks facilities and/or wastewater facilities projects already in existence, whether or not originally financed by bonds issued under this subchapter, with each successive issue to
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-238-114
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 14-238-114. This identifies an authority to review, not proof of applicability.