Arkansas § 14-267-111 Bonds - Default in payment

Arkansas Statutes

§ 14-267-111 — Bonds - Default in payment

Arkansas § 14-267-111

Title14

This text of Arkansas § 14-267-111 (Bonds - Default in payment) 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. § 14-267-111 (2026).

Text

(a)In the event of a default in the payment of the principal of or interest on any bonds issued under this chapter, any court having jurisdiction may appoint a receiver to take charge of the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter, upon which land, buildings, or facilities, or any part thereof, there is a mortgage lien securing the bonds with reference to which there is a default in the payment of principal or interest.

(b)The receiver shall have the power to operate and maintain the land, buildings, or facilities, to charge and collect rates or rents sufficient to provide for the payment of the principal of and interest on the bonds after providing for

Free access — add to your briefcase to read the full text and ask questions with AI

(a) In the event of a default in the payment of the principal of or interest on any bonds issued under this chapter, any court having jurisdiction may appoint a receiver to take charge of the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter, upon which land, buildings, or facilities, or any part thereof, there is a mortgage lien securing the bonds with reference to which there is a default in the payment of principal or interest. (b) The receiver shall have the power to operate and maintain the land, buildings, or facilities, to charge and collect rates or rents sufficient to provide for the payment of the principal of and interest on the bonds after providing for the payment of all costs of receivership and operating expenses of the land, buildings, or facilities and to apply the income and revenues derived from the land, buildings, or facilities in conformity with this chapter and the ordinance, order, or indenture authorizing or securing the bonds. (c) When the default has been cured, the receivership shall be ended and the properties returned to the municipality or county. (d) The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded to the trustee for the holders and registered owners of the bonds and the holders and registered owners of the bonds in the ordinance or indenture authorizing or securing the bonds and shall be so granted and administered as to accord full recognition to priority rights of holders and registered owners of the bonds as to the pledge of revenues from, and the mortgage lien on, the land, buildings, or facilities as specified in, and fixed by, the ordinance, order, or indenture authorizing or securing successive bond issues.