(a) For the purpose of providing funds to pay preliminary expenses, to construct improvements according to the plan, or to pay for an improvement already completed, the district may borrow money in an amount not exceeding the estimated cost thereof, including interest on the money borrowed to a date six (6) months subsequent to the […]
(a) The bonds may be coupon bonds, payable to bearer, or may be registrable as to principal only or as to principal and interest, and may be made exchangeable for bonds of another denomination, may be in such form and denomination, may have such date or dates, may be stated to mature at such times, […]
The authorizing resolution may contain any of the terms, covenants, and conditions that are deemed desirable by the board including, without limitation, those pertaining to: (1) The maintenance of various funds and reserves; (2) The nature and extent of the security; (3) The issuance of additional bonds and the nature of the lien and pledge, […]
(a) The authorizing resolution may provide for the execution by the district with a bank or trust company within or without the State of Arkansas of a trust indenture. (b) The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the board including, without limitation, those pertaining to the maintenance […]
It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter, that the bonds shall be obligations only of the district, and that in no event shall they constitute any indebtedness for which the faith and credit of the municipality or any of its […]
(a) The bonds shall be sold at public sale on sealed bids. (b) Notice of the sale shall be published once a week for at least two (2) consecutive weeks in a newspaper having a general circulation throughout the State of Arkansas, with the first publication to be at least twenty (20) days prior to […]
(a) The bonds shall be executed by the manual or facsimile signature of the chairman of the board and by the manual signature of the secretary of the board. (b) The coupons attached to the bonds shall be executed by the facsimile signature of the chairman of the board. (c) In case any of the […]
The principal of and interest on, and paying agent’s fees in connection with, the bonds shall be secured by a lien on and pledge of, and shall be payable from, the assessments levied against the real property within the district.
Bonds issued under the provisions of this chapter, and the interest thereon, shall be exempt from all state, county, and municipal taxes. The exemption shall include income, inheritance, and estate taxes.
No member of the board shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this chapter unless he shall have acted with corrupt intent.
(a) In order to effectuate the plan of improvement and to maintain the improvements constructed thereunder, it may be desirable to provide additional funds for operation, maintenance, repairs, and replacements and to levy a supplemental annual assessment upon the property owners within the district in order to provide funds for such purposes. (b) The supplemental […]
