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14-93-124. Negotiable notes, bonds, or evidences of debt.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-93-124. Negotiable notes, bonds, or evidences of debt.
(a)(1) In order to meet preliminary expenses and to finance the cost of the improvements to be accomplished with cost incidental to the improvements and to the issuance of the bonds, the board may issue negotiable notes or bonds of the district and may pledge and mortgage all assessments of benefits to the district and all or any part of the profits of the district derived from its operation of any improvements of the district to the payment of the notes and bonds.
(2) The board may also issue to the contractors who do the work negotiable evidences of debt to bear interest at the rates prescribed by the board and secure them in the same manner.
(3) As for the security for the payment of any such indebtedness, the members of the board may, by resolution, establish the rates for use of the improvements to be collected from the users of such improvements and may mortgage any or all of its property, including improvements.
(b)(1) Bonds and notes issued under the authority of this chapter shall bear interest at such rate or rates, shall mature at such time or times, shall be payable, as to principal, premium, if any, and interest, at such places, within or without the State of Arkansas, shall be in such form, whether bearer or registered, shall be subject to such exchange privileges, and shall have such other details as may be set forth in the resolution of the board authorizing their issuance.
(2) The resolution may provide for the execution and delivery of a trust indenture or like instrument by the board securing the bonds and for the execution and delivery of other writings pertaining thereto.
(3) The bonds, and coupons, if any, may be executed by the manual or facsimile signatures of the members of th
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-93-124
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:14-93-124
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: fad809d51680c1424a358339f84efb475a828203574ce38633461368ce86142b
Source location: content.xml paragraph 26427
Stored source content
14-93-124. Negotiable notes, bonds, or evidences of debt.
(a)(1) In order to meet preliminary expenses and to finance the cost of the improvements to be accomplished with cost incidental to the improvements and to the issuance of the bonds, the board may issue negotiable notes or bonds of the district and may pledge and mortgage all assessments of benefits to the district and all or any part of the profits of the district derived from its operation of any improvements of the district to the payment of the notes and bonds.
(2) The board may also issue to the contractors who do the work negotiable evidences of debt to bear interest at the rates prescribed by the board and secure them in the same manner.
(3) As for the security for the payment of any such indebtedness, the members of the board may, by resolution, establish the rates for use of the improvements to be collected from the users of such improvements and may mortgage any or all of its property, including improvements.
(b)(1) Bonds and notes issued under the authority of this chapter shall bear interest at such rate or rates, shall mature at such time or times, shall be payable, as to principal, premium, if any, and interest, at such places, within or without the State of Arkansas, shall be in such form, whether bearer or registered, shall be subject to such exchange privileges, and shall have such other details as may be set forth in the resolution of the board authorizing their issuance.
(2) The resolution may provide for the execution and delivery of a trust indenture or like instrument by the board securing the bonds and for the execution and delivery of other writings pertaining thereto.
(3) The bonds, and coupons, if any, may be executed by the manual or facsimile signatures of the members of the board.
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