Arkansas § 14-169-1005 Funds for acquisition

Arkansas Statutes

§ 14-169-1005 — Funds for acquisition

Arkansas § 14-169-1005

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This text of Arkansas § 14-169-1005 (Funds for acquisition) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 14-169-1005 (2026).

Text

(a)Funds for the acquisition of surplus federal properties may be provided from general revenue sources, general mortgage loans, or revenue bonds which may be issued by the county, city, or town to provide funds.

(b)(1) The revenue bonds may bear interest at such rate or rates as provided in the ordinance authorizing their issuance. Bonds so issued shall:

(A)Be negotiable;

(B)Declare that a statutory mortgage lien shall exist on the property so acquired; and (C) Be executed by the county judge and county clerk or municipal mayor and municipal clerk or recorder.

(2)The funds derived from the bonds shall be used exclusively for purposes for which they are issued.

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(a) Funds for the acquisition of surplus federal properties may be provided from general revenue sources, general mortgage loans, or revenue bonds which may be issued by the county, city, or town to provide funds. (b) (1) The revenue bonds may bear interest at such rate or rates as provided in the ordinance authorizing their issuance. Bonds so issued shall: (A) Be negotiable; (B) Declare that a statutory mortgage lien shall exist on the property so acquired; and (C) Be executed by the county judge and county clerk or municipal mayor and municipal clerk or recorder. (2) The funds derived from the bonds shall be used exclusively for purposes for which they are issued.