§ 15-20-1301. Title

This subchapter shall be known and may be cited as the “Arkansas Water, Waste Disposal, and Pollution Abatement Facilities Financing Act of 2007”.

§ 15-20-1302. Definitions

As used in this subchapter: (1) “Aquatic resources” means ecological functions, services, and values provided by the waters of the United States that are subject to compensatory mitigation pursuant to United States Department of the Army permits under § 404 of the Clean Water Act, 33 U.S.C. § 1344, and §§ 9 and 10 of […]

§ 15-20-1303. Authority to issue bonds

(a) (1) The Arkansas Natural Resources Commission is hereby authorized to issue bonds of the State of Arkansas to be known as “State of Arkansas Water, Waste Disposal, and Pollution Abatement Facilities General Obligation bonds”, in total principal amount not to exceed three hundred million dollars ($300,000,000), for the purposes of this subchapter. (2) However, […]

§ 15-20-1304. Terms and characteristics of bonds

(a) The bonds shall be issued in series in amounts sufficient to finance or refinance all or any part of project costs with the respective series to be designated in alphabetical order or by the year in which issued, or both. (b) (1) Each series of bonds shall have the date as the Arkansas Natural […]

§ 15-20-1305. Purpose of bonds

Bonds issued under this subchapter shall be issued to finance on a temporary or permanent basis or to refinance and develop one (1) or more projects, and the proceeds of the bonds shall be applied to the payment of project costs and the costs and expenses of issuance of the bonds, or in connection with […]

§ 15-20-1306. Resolutions and trust indentures

(a) (1) The bonds shall be authorized by resolution of the Arkansas Natural Resources Commission. (2) Each resolution shall contain the terms, covenants, and conditions deemed desirable for the bonds, including without limitation conditions pertaining to: (A) The establishment and maintenance of funds and accounts; (B) The deposit and investment of revenues and of bond […]

§ 15-20-1307. Form of bond — Signatures

(a) Each bond shall: (1) Be signed with the manual or facsimile signatures of the Governor, the Chair of the Arkansas Natural Resources Commission, and the Treasurer of State; and (2) Have affixed, imprinted, or lithographed on the bond the Great Seal of the State of Arkansas. (b) Interest coupons attached to the bonds, if […]

§ 15-20-1308. Sale of bonds

(a) The bonds may be sold: (1) Either at public or private sale in a manner and upon such terms as the Arkansas Natural Resources Commission determines to be reasonable and expedient for the purposes for which the commission was created; and (2) At the price the commission determines acceptable, including sale at a discount. […]

§ 15-20-1309. Proceeds of bonds

(a) The proceeds from the sale of the bonds, together with all revenues derived by the Arkansas Natural Resources Commission from any project financed or refinanced under this subchapter and appropriated, allocated, or otherwise set aside by the commission for the payment of the bonds and from any other project and appropriated, allocated, or otherwise […]

§ 15-20-1310. Full faith and credit of state pledged to repay bonds

The bonds shall be the direct general obligations of the state for the payment of debt service on which the full faith and credit of the state are irrevocably pledged so long as any such bonds are outstanding. The bonds shall be payable from the general revenues of the state and the amount of general […]

§ 15-20-1311. Payment of debt service on the bonds

(a) (1) On or before the commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for payment of all or a part of the debt service on the bonds issued under this subchapter during the fiscal year and deduct from the estimated moneys to be available […]

§ 15-20-1312. Bonds exempt from state, county, and municipal taxes

Bonds and the interest on the bonds issued under this subchapter are exempt from state, county, and municipal taxes, including income taxes, inheritance taxes, and property taxes. The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of bank funds, fiduciary funds, insurance company funds, trust funds, […]

§ 15-20-1313. Refunding bonds

(a) (1) Bonds may be issued under this subchapter to refund any outstanding bonds issued under this subchapter or to refund any outstanding bonds of the Arkansas Natural Resources Commission issued pursuant to the prior act. (2) Bonds issued under this section: (A) Do not require the commission to submit a written plan to the […]

§ 15-20-1314. Additional powers of the Arkansas Natural Resources Commission

(a) In addition to powers conferred under other laws, the Arkansas Natural Resources Commission may take appropriate action to carry out the purposes of this subchapter, including the power to: (1) Develop projects; (2) Operate and maintain projects; (3) Acquire absolute title to and use for any purpose and at any place, water stored in […]

§ 15-20-1315. No impairment of bond obligations

(a) This subchapter constitutes a contract between the state and the registered owners of all bonds issued under this subchapter. (b) The contract shall never be impaired, and any violation of its terms whether under purported legislative authority or otherwise shall be enjoined by the courts at the suit of any bondholder or any taxpayer. […]

§ 15-20-1316. No obligations until bonds issued

This subchapter shall not create any right of any character unless the first series of bonds authorized by this subchapter has been sold and delivered.

§ 15-20-1317. No impairment of outstanding bonds

The issuance of bonds authorized by this subchapter shall not impair or affect any outstanding bonds of the Arkansas Natural Resources Commission issued pursuant to the prior act.

§ 15-20-1318. Election

(a) (1) Bonds shall not be issued under this subchapter except with the consent of a majority of the qualified electors of the state voting on the question in substantially the form described in this section at the 2008 General Election unless the Governor by proclamation calls a special election before the 2008 General Election. […]

§ 15-20-1319. Effect of election

(a) If a majority of the qualified electors voting on the question vote for the issuance of the bonds, the Arkansas Natural Resources Commission shall proceed with the sale and the issuance of the bonds as provided in this subchapter. (b) If a majority of the qualified electors voting on the question vote against the […]

§ 15-20-1320. No waiver of previous authority to issue bonds

This subchapter shall not constitute a waiver of the authority to issue bonds under the prior act or any other legislation authorizing the issuance of bonds for similar purposes.