(a) The ordinance, order, or trust indenture authorized in §§ 14-142-207 and 14-142-209 may, but need not, impose a foreclosable mortgage lien upon the capital improvements financed with the proceeds of bonds issued under this subchapter.
(b) The nature and extent of such mortgage lien may be controlled by the ordinance, order, or trust indenture, including, without limitation, provisions:
(1) Pertaining to the release of all or part of the capital improvements from the mortgage lien;
(2) Pertaining to the priority of the mortgage lien in the event of successive bond issues; and
(3) Authorizing any owner of bonds, or a trustee on behalf of all owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuer set forth in this subchapter or in the ordinance, order, or trust indenture authorizing and securing the bonds.
(c) References in this section to “mortgage lien” shall include a security interest in any personal property constituting the capital improvements, or part thereof, financed with the proceeds of bonds issued under this subchapter.
Structure Arkansas Code
Subtitle 8 - Public Facilities Generally
Chapter 142 - Local Government Library Bonds
Subchapter 2 - Local Government Library Bond Act
§ 14-142-202. Legislative intent
§ 14-142-205. Subchapter supplemental
§ 14-142-207. Bonds generally — Authorizing ordinance for municipalities
§ 14-142-208. Bonds generally — Election to authorize issuance
§ 14-142-209. Bonds generally — Terms and conditions
§ 14-142-210. Bonds generally — Interest rates
§ 14-142-211. Bonds generally — Trust indenture
§ 14-142-212. Bonds generally — Contents
§ 14-142-213. Bonds generally — Sale
§ 14-142-214. Bonds generally — Execution
§ 14-142-215. Bonds generally — Successive issues
§ 14-142-216. Bonds generally — Pledge of taxes generally
§ 14-142-217. Bonds generally — Liability
§ 14-142-218. Bonds generally — Pledge and collection of ad valorem taxes
§ 14-142-219. Bonds generally — Interim borrowing