Arkansas § 14-121-442 Security for bonds - Levy and collection of tax - Default in payment of bonds

Arkansas Statutes

§ 14-121-442 — Security for bonds - Levy and collection of tax - Default in payment of bonds

(a)All bonds issued by commissioners under the terms of this act shall be secured by a lien on all lands, railroads, and tramroads in the district. The board of directors shall see to it that a tax is levied annually and collected under the provisions of this act, so long as it may be necessary to pay any bond issued or obligation contracted under its authority; and the making of the assessment or levy and collection may be enforced by mandamus.

(b)If any bond or interest coupon on any bond issued by the board is not paid within thirty (30) days after its maturity, it shall be the duty of the chancery court of the proper county, on the application of any holder of the bond or interest coupon so overdue, to cause the collection of the taxes set out in this chapter. The proceeds of the tax

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(a) All bonds issued by commissioners under the terms of this act shall be secured by a lien on all lands, railroads, and tramroads in the district. The board of directors shall see to it that a tax is levied annually and collected under the provisions of this act, so long as it may be necessary to pay any bond issued or obligation contracted under its authority; and the making of the assessment or levy and collection may be enforced by mandamus. (b) If any bond or interest coupon on any bond issued by the board is not paid within thirty (30) days after its maturity, it shall be the duty of the chancery court of the proper county, on the application of any holder of the bond or interest coupon so overdue, to cause the collection of the taxes set out in this chapter. The proceeds of the taxes and collections shall be applied, after payment of costs, first to overdue interest and then to payment pro rata of all bonds issued by the board which are then due and payable; and the commissioners may be directed by suit to foreclose the lien of the taxes on the lands. (c) The suits so brought by the commissioners shall be conducted in all matters as suits by the board, as provided in this chapter, and with like effect. (d) The decrees and deeds herein shall have the same presumptions in their favor.

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