Arkansas § 14-72-701 Disposition of principal and interest

Arkansas Statutes

§ 14-72-701 — Disposition of principal and interest

Arkansas § 14-72-701

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This text of Arkansas § 14-72-701 (Disposition of principal and interest) 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. § 14-72-701 (2026).

Text

In instances where bonds were issued by a municipality under Arkansas Constitution, Amendment 13 [repealed], and the project for which the bonds were issued has not been commenced within ten (10) years after the bonds were issued, all interest accrued and accruing on the bond principal may be transferred into the general fund of the city upon a two-thirds (2/3) vote of its governing body. The principal balance shall be refundable to the taxpayers under the procedure prescribed by this subchapter.

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In instances where bonds were issued by a municipality under Arkansas Constitution, Amendment 13 [repealed], and the project for which the bonds were issued has not been commenced within ten (10) years after the bonds were issued, all interest accrued and accruing on the bond principal may be transferred into the general fund of the city upon a two-thirds (2/3) vote of its governing body. The principal balance shall be refundable to the taxpayers under the procedure prescribed by this subchapter.