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14-265-108. Bonds — Statutory mortgage lien — Enforcement by holder of bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-265-108. Bonds — Statutory mortgage lien — Enforcement by holder of bonds.
(a) Subject to the subsequent provisions of this section, there shall exist a statutory mortgage lien upon the land, buildings, and facilities acquired or constructed, in whole or in part, with the proceeds of the revenue bonds, which shall exist in favor of the holders of the bonds and in favor of the holders of the coupons attached to the bonds.
(b) The land, buildings, and facilities shall remain subject to the statutory mortgage lien until payment in full of the principal of and interest on the revenue bonds.
(c) The nature and extent of the mortgage lien on the land, buildings, and facilities may be controlled by the indenture referred to in § 14-265-105(b), including, without limitation, provisions pertaining to the release of all or part of the land, buildings, and facilities from the lien and the priority of the lien in the event of additional bond issues under this chapter for the purpose of reconstructing, replacing, extending, or improving the same land, buildings, and facilities.
(d) Subject to the restrictions as may be contained in the ordinance, order, or indenture authorizing and securing the bonds, any holder of bonds issued under the provisions of this chapter or of any coupons representing interest accrued thereon may enforce, either at law or in equity, the statutory mortgage lien conferred by this section and may compel, by proper suit, the performance of the duties of the officials of the issuing municipality or county as set forth in this chapter and in any ordinance, order, or indenture authorizing and securing the revenue bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-265-108
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:14-265-108
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: fc9b504cc9178946650c1eb0f44204f61a8b92b6274db7bedf60e04bb51b263b
Source location: content.xml paragraph 51449
Stored source content
14-265-108. Bonds — Statutory mortgage lien — Enforcement by holder of bonds.
(a) Subject to the subsequent provisions of this section, there shall exist a statutory mortgage lien upon the land, buildings, and facilities acquired or constructed, in whole or in part, with the proceeds of the revenue bonds, which shall exist in favor of the holders of the bonds and in favor of the holders of the coupons attached to the bonds.
(b) The land, buildings, and facilities shall remain subject to the statutory mortgage lien until payment in full of the principal of and interest on the revenue bonds.
(c) The nature and extent of the mortgage lien on the land, buildings, and facilities may be controlled by the indenture referred to in § 14-265-105(b), including, without limitation, provisions pertaining to the release of all or part of the land, buildings, and facilities from the lien and the priority of the lien in the event of additional bond issues under this chapter for the purpose of reconstructing, replacing, extending, or improving the same land, buildings, and facilities.
(d) Subject to the restrictions as may be contained in the ordinance, order, or indenture authorizing and securing the bonds, any holder of bonds issued under the provisions of this chapter or of any coupons representing interest accrued thereon may enforce, either at law or in equity, the statutory mortgage lien conferred by this section and may compel, by proper suit, the performance of the duties of the officials of the issuing municipality or county as set forth in this chapter and in any ordinance, order, or indenture authorizing and securing the revenue bonds.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-265-105. Bonds — Issuance, sale, and execution.
(a)(1) The issuance of revenue bonds shall be by an ordinance of the municipality or an order of the county court, as the case may be.
(2) The bonds shall be coupon bonds payable to bearer but subject to registration as to principal or as to principal and interest.
(3) The bonds may be:
(A) Bonds registered as to principal or as to principal and interest;
(B) Exchangeable for bonds of another denomination; and
(C) Issued in one (1) or more series.
(4) The bonds may bear such date or dates, may mature at such time or times, not exceeding forty (40) years from their respective dates, may bear interest at such rate or rates, may be in such form, may be executed in such manner, may be payable in such medium of payment and at such place or places, 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 the proceeds of the bonds, the collection and disposition of revenues, the maintenance and investment of various funds and reserves, 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.
(5) Priority between and among successive issues may be controlled by the ordinance or order.
(6) The bonds shall have all the qualities of negotiable instruments under the laws of this state, subject to the provisions for registration set forth in this section.
(b)(1) The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the r
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-265-105
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 14-265-105. This identifies an authority to review, not proof of applicability.