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26-82-117. Capital improvement bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-82-117. Capital improvement bonds.
(a) All or a specific portion of the local sales and use tax under this chapter may be pledged to bonds issued under §§ 14-164-301 — 14-164-340.
(b) If pledged under the Local Government Bond Act of 1985, § 14-164-301 et seq., §§ 14-164-337 and 14-164-339 apply to the disposition of the revenues from local sales and use tax so pledged.
(c) The local sales and use tax may not be repealed, abolished, or reduced while any bonds secured by a pledge of the local sales and use tax are outstanding.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-82-117
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:26-82-117
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7131fe7499c4e9eb47f86ed51bb07be7b5b8a800759999ed6009e65381a20d91
Source location: content.xml paragraph 36722
Stored source content
26-82-117. Capital improvement bonds.
(a) All or a specific portion of the local sales and use tax under this chapter may be pledged to bonds issued under §§ 14-164-301 — 14-164-340.
(b) If pledged under the Local Government Bond Act of 1985, § 14-164-301 et seq., §§ 14-164-337 and 14-164-339 apply to the disposition of the revenues from local sales and use tax so pledged.
(c) The local sales and use tax may not be repealed, abolished, or reduced while any bonds secured by a pledge of the local sales and use tax are outstanding.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-301. Title.
This subchapter shall be referred to and may be cited as the “Local Government Bond Act of 1985.”
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-301
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 14-164-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-337. Pledge of preexisting sales and use tax.
(a) In any municipality or county which has in effect the levy of a local sales and use tax, the legislative body may, by ordinance, pledge all or a specified portion of the existing tax to retire its bonds as provided in this subchapter.
(b)(1) No pledge of an existing local sales and use tax levy shall be effective unless the issuance of bonds has been approved by the voters of the municipality or county issuing the bonds at an election as provided in § 14-164-328.
(2)(A) The ballot form in an election to issue bonds secured by the pledge of an existing local sales and use tax levy shall be limited to the question or questions concerning the proposed bonds and shall not resubmit the levy of the tax.
(B) The ballot shall contain a statement that the existing sales and use tax shall be pledged to the retirement of the bonds.
(c)(1) In any county which has in effect a county local sales and use tax, a municipality therein may, by ordinance, pledge all or any portion of such tax to which the municipality is entitled to receive to retire bonds of the municipality issued under this subchapter.
(2) As long as any bonds so authorized and issued are outstanding, the local sales and use tax shall continue to be levied and collected in such municipality until the bonds are retired, notwithstanding the repeal or abolishment of such countywide tax.
(d)(1) In any county which has in effect a county local sales and use tax, a municipality therein may, by ordinance, pledge all or a portion of its share of the county tax to retire bonds of the county issued under this subchapter.
(2) All such amounts pledged shall be used by the county as its funds to the extent necessary to pay debt service on such bonds and, if not
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-337
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 14-164-337. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-339. Simultaneous pledge of local sales and use tax.
(a)(1) A municipality levying a local sales and use tax under § 26-73-113, § 26-75-201 et seq., or § 26-75-301 et seq. may pledge, simultaneously with the levy, all or a specified portion of the tax to retire bonds for capital improvements or economic development projects.
(2) The ballot form in a municipal election to levy a local sales and use tax pursuant to the provisions of § 26-75-208, § 26-75-308, or § 26-73-113 and to simultaneously pledge all or a specified portion of such tax to retire bonds as provided in this subchapter shall be headed with the question of approval or disapproval of such tax and shall be followed by the question or questions of the issuance of the bonds.
(3)(A) The question or questions of the issuance of bonds shall also contain a statement describing the extent to which the tax, if approved, may be pledged to retire the bonds which are approved by the voters of the municipality.
(B) The local sales and use tax or taxes authorized in § 14-164-327 may also be pledged to bonds approved pursuant to this section, and in such case, the question or questions of the issuance of the bonds shall contain a statement to that effect.
(4) The election shall be conducted as provided in § 14-164-309, and the bonds shall be authorized, issued, and secured as provided in this subchapter.
(b)(1) A county levying a local sales and use tax under § 26-73-113, § 26-74-201 et seq., § 26-74-301 et seq., or § 26-74-401 et seq. may pledge, simultaneously with the levy, all or a specified portion of the tax to retire bonds for capital improvements or economic development projects.
(2) The ballot form in a county election to levy a local sales and use tax pursuant to the provisions of § 26-74-
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-339
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 14-164-339. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-340. Alternative to issuance of bonds — Criminal justice projects — Definition.
(a) In addition to the options provided for by § 14-164-338 for financing capital improvements of a public nature, if a legislative body determines that a sales and use tax of one percent (1%) or less authorized by § 14-164-327 would, if levied for no longer than thirty-six (36) months, produce sufficient revenue to finance capital improvements for criminal justice purposes without resorting to a bond issue, the legislative body may dispense with the issuance of bonds, levy the tax for no longer than the thirty-six-month period, and appropriate the resulting revenues, subject to Arkansas Constitution, Article 12, § 4, provided that:
(1) A majority of the qualified electors of the county or municipality voting on the question at a general or special election shall have approved the tax and the projects of capital improvements for criminal justice purposes; and
(2) The revenues from the tax are expended solely for the projects authorized by the electorate.
(b) Under this section, the term “capital improvements for criminal justice purposes” means, whether obtained by purchase, lease, construction, reconstruction, restoration, improvement, alteration, repair, or other means, any physical public facility, betterment, or improvement with the purpose of furthering or promoting law enforcement or the apprehension, prosecution, probation, rehabilitation, or detention of any criminals, accused defendants, suspects, or juvenile detainees, and any preliminary plans, studies, or surveys relative thereto; land or rights in land, including, without limitations, leases, air rights, easements, rights-of-way, or licenses; and any furnishings, machinery, vehicles, apparatus, or equipment for an
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-340
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 14-164-340. This identifies an authority to review, not proof of applicability.