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14-269-109. Bonds — Mortgage lien.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-269-109. Bonds — Mortgage lien.
(a) Subject to the subsequent provisions of this section, there shall exist a statutory mortgage lien upon the land, buildings, and facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of revenue bonds issued under this subchapter, which shall exist in favor of the holders of the bonds and in favor of the holders of the coupons attached to the bonds, and 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.
(b) Anything in this subchapter to the contrary notwithstanding, the ordinance or indenture referred to in § 14-269-106 may impose a forecloseable mortgage lien upon the land, buildings, and facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of revenue bonds issued under this subchapter, and the nature and extent of the mortgage lien may be controlled by the ordinance 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 § 14-269-106.
(c) Subject to such terms, conditions, and restrictions as may be contained in the ordinance or indenture authorizing or securing the bonds, any holder of bonds issued under the provisions of this subchapter, or of any coupons attached thereto, may, either at law or in equity, enforce the mortgage lien and may, by proper suit, compel the performance of the duties of the officials of the issuing municipality as set forth in this subchapter, and in any ordin
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-269-109
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:14-269-109
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cf66a308a57c3e782199c29837a4f482bd61f302458090fda91dbfd765d3b700
Source location: content.xml paragraph 52000
Stored source content
14-269-109. Bonds — Mortgage lien.
(a) Subject to the subsequent provisions of this section, there shall exist a statutory mortgage lien upon the land, buildings, and facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of revenue bonds issued under this subchapter, which shall exist in favor of the holders of the bonds and in favor of the holders of the coupons attached to the bonds, and 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.
(b) Anything in this subchapter to the contrary notwithstanding, the ordinance or indenture referred to in § 14-269-106 may impose a forecloseable mortgage lien upon the land, buildings, and facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of revenue bonds issued under this subchapter, and the nature and extent of the mortgage lien may be controlled by the ordinance 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 § 14-269-106.
(c) Subject to such terms, conditions, and restrictions as may be contained in the ordinance or indenture authorizing or securing the bonds, any holder of bonds issued under the provisions of this subchapter, or of any coupons attached thereto, may, either at law or in equity, enforce the mortgage lien and may, by proper suit, compel the performance of the duties of the officials of the issuing municipality as set forth in this subchapter, and in any ordinance or indenture authorizing or securing the bonds.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-269-106. Bonds — Issuance, sale, and execution.
(a)(1) The issuance of revenue bonds shall be by ordinance of the municipality.
(2) The bonds may be coupon bonds payable to bearer or may be made registrable as to principal only with interest coupons, or may be made registrable as to both principal and interest without interest coupons.
(3) The bonds may be exchanged for bonds of another denomination, which bonds of another denomination may, in turn, be either coupon bonds payable to bearer, coupon bonds registrable as to principal only, or bonds registrable as to both principal and interest without interest coupons.
(4) The bonds 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 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 and investment of various funds and reserves, the nature and extent of the security, the rights, duties, and obligations of the municipality and the trustee for the holders and registered owners of the bonds, and the rights of the holders and registered owners of the bonds.
(5) There may be successive bond issues for the purpose of financing the same project, including land, buildings, or facilities, and there may be successive bond issues for financing the cost of recons
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-269-106
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 14-269-106. This identifies an authority to review, not proof of applicability.