14-87-109. Allocation and assumption of debt.

Arkansas Code — all titles (historical 2020) · legal_authorities

14-87-109. Allocation and assumption of debt.

14-87-109. Allocation and assumption of debt. (a) Such part of the indebtedness, principal or interest, of the original district growing out of the cost of the local improvement as has been allocated, or may be allocable, to the lands of the subsidiary district, or may, from time to time, be so allocable to and chargeable against the lands of the subsidiary district in the way of special improvement taxes, may be assumed and paid by the taxing district from a fund produced by the sale of its bonds or certificates of indebtedness. (b) In the assumption of the debts of the subsidiary district, the taxing district shall be subrogated with respect to liens, pledges, and such other provisions relating to securities for the debt assumed as belonged to the original district of which the subsidiary district was a part.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-87-109

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.