§ 14-164-509 — Bonds - Authorizing ordinance or order - Adoption

(a) (1) (A) Revenue bonds authorized in this subchapter may be issued by a municipality upon the adoption of an ordinance therefor by the governing body of the municipality. (B) Revenue bonds authorized in this subchapter may be issued by a county upon the entry of an order of the county court of the county. (2) The ordinance or order shall state the purpose for which the revenue bonds are to be issued, and the total amount of the issue. (b) (1) No such 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. (2) The hearing may be adjourned from time to time. (c) (1) At least ten (10) days prior to the date of the hearing, notice thereof shall be filed with the Director of the Arkansas Economic Development Commission and the State Securities Commissioner and shall be published one (1) time in a newspaper of general circulation in the municipality or county. (2) The notice provided for in this subsection shall be published and filed by the clerk or recorder of the municipality or by the county clerk of the county. (3) It shall not be necessary that the action be taken by the governing body or county court directing publication and filing of the notice, and the clerk or recorder, or county clerk, as the case may be, shall publish and file notice when requested to do so by the mayor or any member of the governing body in the case of a municipality or by the county judge in the case of a county. (d) After the hearing, the ordinance or order, as introduced or as modified or amended, may be adopted or entered.

Legislative History

Acts 1985, No. 1017, § 4; A.S.A. 1947, § 13-1276; Acts 1997, No. 540, § 17.