§ 14-235-217 — Additional bonds authorized

Arkansas § 14-235-217

• Jurisdiction: Arkansas
• Title: 14

Text

(a) The municipal council or sewer committee may provide by the ordinance authorizing the issuance of the bonds, or in the trust indenture executed in connection with it, that additional bonds may thereafter be authorized and issued, at one time or from time to time, under such limitations and restrictions as may be set forth in the ordinance or trust indenture, for the purpose of extending, improving, or bettering the works authorized under this subchapter when deemed necessary in the public interest. (b) Unless otherwise provided in the ordinance or in the trust indenture executed pursuant to it, the additional bonds will be secured and be payable from the revenues of the works equally with all other bonds issued pursuant to the ordinance, without preference or distinction between any one (1) bond and any other bond by reason of priority of issuance or otherwise. However, any provisions of the ordinance or trust indenture subordinating the lien of subsequent issues, or otherwise regulating the priorities as between successive issues, will be controlling.

Legislative History

Acts 1933, No. 132, § 9; Pope's Dig., § 9985; A.S.A. 1947, § 19-4109.