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26-78-116. Obligation of bonds — Payment.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-78-116. Obligation of bonds — Payment.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-78-116

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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Stable record: arkansas_code:legal_authorities:26-78-116
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 44a8eb44e17af5d331dccd7b4bb9288e883d3a1dbc7f2fd1be8e444fc9368268

Source location: content.xml paragraph 35827

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26-78-116. Obligation of bonds — Payment. (a) Revenue bonds issued under this chapter shall not be general obligations of the county or of the municipality but shall be special obligations, and in no event shall the revenue bonds issued under this chapter constitute an indebtedness of the county or the municipality within the meaning of any constitutional or statutory limitation. It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter and that it does not constitute an indebtedness of the county or municipality within any constitutional or statutory limitation. (b) The principal of and interest on the revenue bonds shall be payable from the net revenues derived from collections of the County and Municipality Vehicle Tax. Net revenues are defined as the revenues which are available to the county treasurer and the municipal treasurer after payment of the cost of duplicate receipts, windshield stickers, or other types of identification attached to vehicles as required under this chapter, and payment of collector's commissions, all as specified in this chapter. In this regard, provision may be made for the depositing of the net revenues into a special trust fund to be used for no other purpose than that specified in the authorizing order of the county court or the authorizing ordinance of the municipality. (c) Provision may be made in the authorizing order or the authorizing ordinance, or in any indenture provided for therein, for the pledging of all or a specified portion of the proceeds of the net revenues to a particular bond issue, with or without provision for subsequent issues payable from the net revenues on such terms and pursuant to such conditions as may be specified, or a specified portion of the net revenues may be set aside for a particular bond issue, with that bond issue having no call or pledge on the remaining portion of the net revenues which shall then be available for the purposes authorized by this chapter or for the pledging to subsequent bond issues. (d)(1) Once any bonds are issued by a county or by a municipality, then the tax, the net revenues of which are pledged to the bonds, shall constitute and be deemed to be a continuing annual tax which shall not and cannot be made to terminate and which must be collected each year thereafter, without the necessity for any further or additional action by the levying body, for as long as shall be necessary to pay in full the entire principal of and interest on all revenue bonds issued under this chapter to the payment of which the revenues are pledged. (2) In this regard, however, if a municipality has issued bonds and pledged thereto the revenues received by it under § 26-78-108(a)(1), the vehicle tax levied by the county shall be a continuing annual tax only in the municipalities that have pledged the revenues to bonds to the extent of the pledge. If the county quorum court does not levy the county tax for any year thereafter, the continuing annual tax applicable to a municipality shall by that fact become a municipal tax to be collected and handled under the applicable provisions of this chapter as though levied by the municipality under this chapter.

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Arkansas Code — all titles (historical 2020) · legal_authorities

26-78-108. Disbursement of revenues.

26-78-108. Disbursement of revenues. (a) In the case of the County and Municipality Vehicle Tax, the county treasurer not later than the tenth day next following the end of each calendar month shall distribute the revenues so received by the county treasurer as follows: (1) Each municipality shall receive by deposit with the municipal treasurer the full amount paid by a taxpayer residing at the time of payment as reflected by the address of the taxpayer on the receipt referred to in § 26-78-106 within the corporate limits of the municipality; and (2) The county shall receive the full amount paid by a taxpayer residing at the time of payment as reflected by the address of the taxpayer on the receipt referred to in § 26-78-106 in the county but outside of the corporate limits of any municipality in the county. (b) Except in the case of the issuance of bonds, as provided, proceeds of the vehicle tax shall be handled as follows: (1) Proceeds of the vehicle tax received by the county treasurer shall be credited to the county highway fund, there to be used for the maintenance, construction, and reconstruction of roads, bridges, and other public ways in the county highway system. The county treasurer shall be entitled to a commission of two percent (2%) for handling the funds; (2) Proceeds of the tax received by the treasurer of each municipality from collections pursuant to the levy by the county quorum court shall be credited to the street fund, there to be used for the maintenance, construction, and reconstruction of streets and other public ways in the municipality; and (3) Proceeds received from a levy made directly by the governing body of a municipality, pursuant to the authority and subject to the conditions set forth in this chapter, shall be credited by

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-78-108

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 26-78-108. This identifies an authority to review, not proof of applicability.