Adoption of bond ordinance or order

  1. Law
  2. Arkansas Code
  3. Local Government
  4. Economic Development And Tourism Generally
  5. Industrial Development Bonds
  6. Municipalities and Counties Industrial Development Revenue Bond Law
  7. Adoption of bond ordinance or order

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  1. (a)

    1. (1) Revenue bonds authorized by this subchapter may be issued by a municipality upon the adoption of an ordinance for that purpose by the governing body of the municipality.

    2. (2) Revenue bonds authorized by this subchapter may be issued by a county upon the entry of an order of the county court of the county.

  2. (b) The ordinance or order shall state the purpose for which the revenue bonds are to be issued and the total principal amount of the issue.

  3. (c)

    1. (1) No ordinance or order shall be adopted or entered until after a public hearing is held before the governing body of the municipality or the county court of the county. However, no public hearing shall be required for the issuance of bonds for the purpose of refunding any obligations issued under this subchapter.

    2. (2) At least ten (10) days prior to the date of the hearing, notice of it shall be published one (1) time in a newspaper of general circulation in the municipality or county.

  4. (d) After the hearing, which may be adjourned from time to time, the ordinance or order as introduced or as modified or amended may be adopted or entered.

  5. (e)

    1. (1) The notice provided for in this section shall be published by the mayor, clerk, or recorder of the municipality or by the county judge or county clerk of the county.

    2. (2) It shall not be necessary that the action be taken by the governing body or county court to direct publication of the notice.

  6. (f)

    1. (1)

      1. (A) A municipal ordinance authorizing bonds shall be published one (1) time in a newspaper of general circulation in the municipality.

      2. (B) It shall not be necessary to publish a county court order authorizing bonds.

      3. (C) It shall not be necessary to comply with general provisions of other laws dealing with the publication or posting of ordinances or orders.

    2. (2)

      1. (A) Subdivision (f)(1) of this section applies to all ordinances and orders adopted or entered under this section before March 28, 2007.

      2. (B) An ordinance or order adopted or entered before March 28, 2007, shall be considered for all purposes as if adopted or entered under the authority of this subsection.

      3. (C) An ordinance adopted before March 28, 2007, shall not be held to be invalidly adopted for noncompliance with § 14-55-206.


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