14-302-104. Definitions.

Arkansas Code — all titles (historical 2020) · legal_authorities

14-302-104. Definitions. As used in this chapter, unless the context otherwise requires: (1) “Bonds” means bonds issued under the authority of this chapter; (2) “Municipalities” means first-class cities, second-class cities, and incorporated towns; (3) “Street and parking revenues” means special revenues specified in § 14-302-110.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-302-104

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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Arkansas Code — all titles (historical 2020) · legal_authorities

14-302-110. Use of street and parking revenues for the payment of bonds issued.

14-302-110. Use of street and parking revenues for the payment of bonds issued. The municipality involved may pledge and use all or any part of the following street and parking revenues for the payment of bonds issued by it as follows: (1) In the case of a parking project or of a street and parking project, the municipality is authorized to fix charges for the use of the off-street parking facilities and to pledge to, and use the net revenues derived therefrom for, the payment of the principal of and interest on the bonds. In that event, the municipality shall include a covenant in its contract with the bondholders that it will always operate the off-street parking facilities as a revenue-producing undertaking so long as any bonds issued by it under the authority of this chapter shall be outstanding, and that it will fix and collect charges for the use of the off-street parking facilities which will produce revenues at least sufficient to provide for the payment of any operation and maintenance expenses of the off-street parking facilities and leave a balance of funds which, together with other street and parking revenues specified in this section which it may pledge, will provide for the payment of the principal of, interest on, and paying agent's fees in connection with the bonds as they become due, and for the maintenance, at the required level, of a debt service reserve, if one is provided for. (2)(A) In the case of a street project or of a street and parking project, the municipality is authorized to pledge and use all, or any part, of the net parking meter revenues derived from any or all parking meters in the municipality. As used in this section, “net parking meter revenues” means gross revenues derived from the operation of the parking meters, less the tot

Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-302-110

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. The source passage cites 14-302-110. This identifies an authority to review, not proof of applicability.