Browse Arkansas Code titles and sections
14-362-111. Issuance of revenue bonds — Resolution of authority — Nature of bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-362-111. Issuance of revenue bonds — Resolution of authority — Nature of bonds.
(a) The issuance of revenue bonds shall be by resolution of the authority.
(b) The bonds of each issue may:
(1) Be coupon bonds payable to bearer or may be registrable as to principal only or as to both principal and interest;
(2) Be in such form and denominations;
(3) Be made payable at such places within or without the state;
(4) Be issued in one (1) or more series;
(5) Bear such date or dates;
(6) Mature at such time or times, not exceeding forty (40) years from their respective dates;
(7) Bear interest at such rate or rates;
(8) Be payable in such medium of payment;
(9) Be subject to such terms of redemption; and
(10) Contain such terms, covenants, and conditions as the resolution authorizing their issuance may provide including, without limitation, those pertaining to:
(A) The custody and application of the proceeds of the bonds;
(B) The collection and disposition of revenues;
(C) The maintenance and investment of various funds and reserves;
(D) The imposition and maintenance of rates and charges for the use of airport facilities;
(E) The nature and extent of the security;
(F) The rights, duties, and obligations of the authority and the trustee for the holders and registered owners of the bonds; and
(G) The rights of the holders and registered owners of the bonds.
(c)(1) There may be successive bond issues for the purpose of financing the same project. There may also be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping projects already in existence, whether or not originally financed by bonds issued under this chapter, with each successive issue to be autho
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-362-111
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:14-362-111
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 739ed172ae73f3c3a0fab2e4654b424a6ed12cc11405d68418073529ea0eecda
Source location: content.xml paragraph 58835
Stored source content
14-362-111. Issuance of revenue bonds — Resolution of authority — Nature of bonds.
(a) The issuance of revenue bonds shall be by resolution of the authority.
(b) The bonds of each issue may:
(1) Be coupon bonds payable to bearer or may be registrable as to principal only or as to both principal and interest;
(2) Be in such form and denominations;
(3) Be made payable at such places within or without the state;
(4) Be issued in one (1) or more series;
(5) Bear such date or dates;
(6) Mature at such time or times, not exceeding forty (40) years from their respective dates;
(7) Bear interest at such rate or rates;
(8) Be payable in such medium of payment;
(9) Be subject to such terms of redemption; and
(10) Contain such terms, covenants, and conditions as the resolution authorizing their issuance may provide including, without limitation, those pertaining to:
(A) The custody and application of the proceeds of the bonds;
(B) The collection and disposition of revenues;
(C) The maintenance and investment of various funds and reserves;
(D) The imposition and maintenance of rates and charges for the use of airport facilities;
(E) The nature and extent of the security;
(F) The rights, duties, and obligations of the authority and the trustee for the holders and registered owners of the bonds; and
(G) The rights of the holders and registered owners of the bonds.
(c)(1) There may be successive bond issues for the purpose of financing the same project. There may also be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping 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.
(2) Priority between and among issues and successive issues as to security, the pledge of revenues and lien on and security interest in the land, buildings, and facilities involved, may be controlled by the resolutions authorizing the issuance of bonds under this chapter.
(d) Subject to the provisions of this section and §§ 14-362-110 and 14-362-112 — 14-362-118, pertaining to registration, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-362-110. Issuance of revenue bonds — Authorization.
(a) Authorities are authorized to use any available revenues for the accomplishment of the purposes and the implementation of the powers authorized by this chapter, including the proceeds of revenue bonds issued from time to time pursuant to the provisions of this chapter, either alone or together with other available funds and revenues.
(b) The amount of each issue of bonds issued may be sufficient to pay:
(1) The costs of accomplishing the purposes for which it is being issued;
(2) The cost of issuing the bonds;
(3) The amount necessary for a reserve, if it is determined to be desirable in favorably marketing the bonds;
(4) The amount, if any, necessary to provide for debt service on the bonds until revenues for the payment thereof are available; and
(5) Any other costs and expenditures of whatever nature incidental to the accomplishment of the specified purposes.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-362-110
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 14-362-110. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-362-112. Issuance of revenue bonds — Indenture.
(a) The resolution authorizing the bonds may provide for the execution by the authority of an indenture which defines the rights of the holders and registered owners of the bonds and provides for the appointment of a trustee for the holders and registered owners of the bonds.
(b) Indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable, including, without limitation, those pertaining to:
(1) The custody and application of the proceeds of the bonds;
(2) The collection and disposition of revenues;
(3) The maintenance of various funds and reserves;
(4) The imposition and maintenance of rates and charges for the use of airport facilities;
(5) The nature and extent of the security;
(6) The rights, duties, and obligations of the authority and the trustee; and
(7) The rights of the holders and registered owners of the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-362-112
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 14-362-112. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-362-118. Issuance of revenue bonds — Default.
(a)(1) In the event of a default in the payment of the principal of or interest on any bonds issued under this chapter any court having jurisdiction may appoint a receiver to take charge of any facilities upon or in which there is a mortgage lien or security interest securing the bonds in default.
(2) The receiver shall have the power to operate and maintain the facilities in receivership and to charge and collect rates and rents sufficient to provide for the payment of any costs of receivership and operating expenses of the facilities in receivership and to apply the revenues derived from the facilities in receivership in conformity with this chapter and the resolution or indenture securing the bonds in default.
(3) When the default has been cured, the receivership shall be ended and the facilities returned to the authority.
(b) The relief provided for in this section shall be construed to be in addition and as supplemental to the remedies that may be provided for in the resolution or indenture securing the bonds and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from, mortgage lien on, and security interest in facilities as specified in and fixed by the resolution or indenture securing successive issues of bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-362-118
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 14-362-118. This identifies an authority to review, not proof of applicability.