Browse Arkansas Code titles and sections
14-302-109. Bonds as special obligations payable from street and parking revenues.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-302-109. Bonds as special obligations payable from street and parking revenues.
(a) The bonds shall not be general obligations of the municipality involved but shall be special obligations payable solely from the revenues specified in § 14-302-110.
(b) The principal of and interest on all bonds issued under the authority of this chapter shall be secured solely by a pledge of, and shall be payable solely from, street and parking revenues.
(c) The ordinance authorizing the issuance of bonds together with this chapter shall constitute a contract by and between the municipality and the holders and registered owners of all bonds issued by the municipality under the authority of this chapter, which contract, and all covenants, agreements, and obligations therein, shall be promptly performed in strict compliance with the terms and provisions of the contract. The contract and all rights of the holders and registered owners of the bonds and the obligations of the municipality may be enforced by mandamus or any other appropriate proceeding at law or in equity.
(d) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-302-109
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:14-302-109
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a422f9ece0d728d77177962fffab5e98f84a529324212ad8092d4b6bfac8ee20
Source location: content.xml paragraph 55672
Stored source content
14-302-109. Bonds as special obligations payable from street and parking revenues.
(a) The bonds shall not be general obligations of the municipality involved but shall be special obligations payable solely from the revenues specified in § 14-302-110.
(b) The principal of and interest on all bonds issued under the authority of this chapter shall be secured solely by a pledge of, and shall be payable solely from, street and parking revenues.
(c) The ordinance authorizing the issuance of bonds together with this chapter shall constitute a contract by and between the municipality and the holders and registered owners of all bonds issued by the municipality under the authority of this chapter, which contract, and all covenants, agreements, and obligations therein, shall be promptly performed in strict compliance with the terms and provisions of the contract. The contract and all rights of the holders and registered owners of the bonds and the obligations of the municipality may be enforced by mandamus or any other appropriate proceeding at law or in equity.
(d) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
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.