§ 19-9-701. Title
This subchapter shall be referred to as, and may be cited as, the “Taxable Bond Act of 1989”.
§ 19-9-702. Legislative findings
The General Assembly hereby finds and declares: (1) The United States Supreme Court, in the case of South Carolina v. Baker, decided April 20, 1988, 485 U.S. 505, held that no barrier exists under the United States Constitution to the imposition of federal income taxation on interest received by holders of bonds of governmental units. […]
§ 19-9-703. Definitions
As used in this subchapter, unless the content otherwise requires: (1) “Act” means this subchapter. (2) “Bonds” means any bonds, issued pursuant to the Arkansas Constitution and pursuant to an act of the General Assembly heretofore or hereafter enacted, and means all debentures, notes, warrants, tax anticipation notes, bond anticipation notes, commercial paper, or other […]
§ 19-9-704. Subchapter supplemental — Effect on other state laws or on previously issued bonds
(a) This subchapter is supplemental to all other provisions of state law governing the issuance of bonds by any governmental unit and, except as otherwise provided in this subchapter, the provisions of state law governing the issuance of bonds by any governmental unit shall continue to apply to the issuance by such governmental unit of […]
§ 19-9-705. Construction
The provisions of this subchapter shall be liberally construed in order to effectively carry out the purposes of this subchapter.
§ 19-9-706. Issuance of bonds authorized
A governmental unit is hereby authorized to issue taxable bonds for any purpose permitted by the law heretofore or hereafter enacted under authority of which such taxable bonds are issued, whether such purposes are set forth in each law by specific category or by a general authorization to accomplish public purposes.
§ 19-9-707. Ordinance, resolution, indenture, etc
The ordinance, resolution, indenture, agreement, or other instrument providing for the issuance of taxable bonds may provide for any of the following: (1) The bonds shall be in such denominations, in such form, either bearer or registered, and payable at such place or places, either within or without the United States, at such time or […]
§ 19-9-708. Sale
The bonds may be sold at public or private sale. If the governing unit shall determine that a negotiated sale of the taxable bonds is in the best interest of the governmental unit, the governmental unit may negotiate for the sale of the taxable bonds.
§ 19-9-709. Proceeds — Use
(a) The proceeds of an issue of taxable bonds and the investment earnings thereon shall be used, in the manner, and to the extent specified in the ordinance or resolution providing for the issuance of the bonds, by the governmental unit issuing the bonds for a purpose specified for the issuance of bonds in the […]
§ 19-9-710. Refunding bonds
Notwithstanding any provisions of state law relating to the investment or reinvestment of surplus funds of any governmental unit or any more restrictive provisions of the law under authority of which the bonds are issued, the proceeds of taxable bonds issued to refund or advance refund a prior issue or issues of bonds may be […]