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8-15-116. Bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
8-15-116. Bonds.
(a) A property assessed energy improvement district may:
(1) Issue bonds to provide the PACE program loans authorized by this chapter; and
(2) Create a debt reserve fund of legally available moneys from nonstate sources as partial security for the bonds.
(b) Bonds issued under this chapter and income from the bonds, including any profit made on the sale or transfer of the bonds, are exempt from taxation in this state.
(c) Bonds issued under this chapter shall:
(1)(A) Be authorized by a resolution of the board of directors of a district.
(B) The authorizing bond resolution may contain any terms, covenants, and conditions that the board deems to be reasonable and desirable; and
(2) Have all of the qualities of and shall be deemed to be negotiable instruments under the laws of the State of Arkansas.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 8-15-116
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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Record provenance
Stable record: arkansas_code:legal_authorities:8-15-116
Source file: gov.ar.code.title.08.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 545b64f8f3dad0ba9ac1c2d6344cd84109020912f686f10cc652ee3733683635
Source location: content.xml paragraph 11067
Stored source content
8-15-116. Bonds.
(a) A property assessed energy improvement district may:
(1) Issue bonds to provide the PACE program loans authorized by this chapter; and
(2) Create a debt reserve fund of legally available moneys from nonstate sources as partial security for the bonds.
(b) Bonds issued under this chapter and income from the bonds, including any profit made on the sale or transfer of the bonds, are exempt from taxation in this state.
(c) Bonds issued under this chapter shall:
(1)(A) Be authorized by a resolution of the board of directors of a district.
(B) The authorizing bond resolution may contain any terms, covenants, and conditions that the board deems to be reasonable and desirable; and
(2) Have all of the qualities of and shall be deemed to be negotiable instruments under the laws of the State of Arkansas.
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