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14-267-110. Bonds — Mortgage lien.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-267-110. Bonds — Mortgage lien.
(a) The ordinance, order, or indenture referred to in § 14-267-107 may, but need not, impose a foreclosable mortgage lien upon the land, buildings, and facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter. The nature and extent of the 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 land, buildings, and facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues, as authorized by § 14-267-107.
(b) The ordinance, order, or indenture authorizing or securing the bonds may authorize 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, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuing municipality or county as set forth in this chapter and in the ordinance, order, or indenture authorizing or securing the bonds.
(c) References in this chapter to “mortgage lien” shall include a security interest in any personal property embodied in a pollution control project acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-267-110
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:14-267-110
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d201c9087eede41c61c163626441b96cfcd32ab2965061ed8c2e6f9be71824aa
Source location: content.xml paragraph 51737
Stored source content
14-267-110. Bonds — Mortgage lien.
(a) The ordinance, order, or indenture referred to in § 14-267-107 may, but need not, impose a foreclosable mortgage lien upon the land, buildings, and facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter. The nature and extent of the 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 land, buildings, and facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues, as authorized by § 14-267-107.
(b) The ordinance, order, or indenture authorizing or securing the bonds may authorize 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, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuing municipality or county as set forth in this chapter and in the ordinance, order, or indenture authorizing or securing the bonds.
(c) References in this chapter to “mortgage lien” shall include a security interest in any personal property embodied in a pollution control project acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-267-107. Bonds — Issuance, sale, and execution.
(a)(1) The issuance of bonds shall be by ordinance of the municipality or by order of the county court.
(2) The bonds may be coupon bonds payable to bearer, but subject to registration as to principal only or as to principal and interest; may be exchangeable for bonds of another denomination; may be in such form and denominations; may be made payable at such places within or without the state; may be issued in one (1) or more series; 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 payable in such medium of payment; may be subject to such terms of redemption; and may contain such terms, covenants, and conditions as the ordinance or order authorizing their issuance 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 of various funds and reserves, the nature and extent of the security and pledging of revenues, the rights, duties, and obligations of the municipality or county and the trustee for the holders and registered owners of the bonds, and the rights of the holders and registered owners of the bonds.
(3) There may be successive bond issues for the purpose of financing the same pollution control project, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping pollution control projects already in existence, whether or not originally financed by bonds issued under this chapter, with each successive issue to be authorized as provided by this chapter.
(4) Priority bet
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-267-107
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 14-267-107. This identifies an authority to review, not proof of applicability.