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8-6-806. Bonds — Default.
Arkansas Code — all titles (historical 2020) · legal_authorities
8-6-806. Bonds — Default.
(a)(1) In the event of a default in the payment of the principal of, premium on, if any, or interest on any bonds issued under this subchapter, any court having jurisdiction may appoint a receiver to take charge of all or any part of the project in which there is a mortgage lien or security interest securing the bonds in default.
(2) The receiver shall have the power and authority to operate and maintain the project, to charge and collect rates, payments, rents, and charges sufficient to provide for the payment of the principal of, premium on, if any, and interest on the bonds, after providing for the payment of any costs of receivership and operating expenses of the project, and to apply the revenues derived from the project in conformity with this subchapter and the resolution or trust indenture authorizing or securing the bonds.
(3) When the default has been cured, the receivership shall be ended and the project returned to the regional solid waste management district.
(b) The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded the trustee for the bondholders and the bondholders in the resolution or trust indenture authorizing or securing the bonds and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from and the mortgage lien on and security interest in the project as specified in and fixed by the resolutions or trust indentures authorizing or securing successive bond issues.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 8-6-806
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:8-6-806
Source file: gov.ar.code.title.08.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 838ffe803d10d3800237d5212304769d964444396a0bc5c5a5d3f3b13e3860f2
Source location: content.xml paragraph 5403
Stored source content
8-6-806. Bonds — Default.
(a)(1) In the event of a default in the payment of the principal of, premium on, if any, or interest on any bonds issued under this subchapter, any court having jurisdiction may appoint a receiver to take charge of all or any part of the project in which there is a mortgage lien or security interest securing the bonds in default.
(2) The receiver shall have the power and authority to operate and maintain the project, to charge and collect rates, payments, rents, and charges sufficient to provide for the payment of the principal of, premium on, if any, and interest on the bonds, after providing for the payment of any costs of receivership and operating expenses of the project, and to apply the revenues derived from the project in conformity with this subchapter and the resolution or trust indenture authorizing or securing the bonds.
(3) When the default has been cured, the receivership shall be ended and the project returned to the regional solid waste management district.
(b) The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded the trustee for the bondholders and the bondholders in the resolution or trust indenture authorizing or securing the bonds and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from and the mortgage lien on and security interest in the project as specified in and fixed by the resolutions or trust indentures authorizing or securing successive bond issues.
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