(a) Any municipality levying a tax upon the gross receipts of hotel and motel accommodations or upon the gross receipts of restaurants, cafes, cafeterias, and similar establishments is authorized to pledge all or a specified portion of the receipts of such tax to the retirement of bonds for capital improvements.
(b) However, no such pledge or the issuance of such bonds shall be effective unless the pledge or the issuance of the bonds has been approved by a majority of the electors of the municipality voting on the question at an election held substantially in the manner provided in § 14-164-328.
Structure Arkansas Code
Subtitle 10 - Economic Development And Tourism Generally
Chapter 164 - Industrial Development Bonds
Subchapter 3 - Local Government Bond Act
§ 14-164-302. Legislative intent
§ 14-164-305. Subchapter supplemental
§ 14-164-307. Financing of economic development projects
§ 14-164-308. Bonds generally — Authorizing ordinance
§ 14-164-309. Bonds generally — Election to authorize issuance
§ 14-164-310. Bonds generally — Terms and conditions
§ 14-164-311. Bonds generally — Interest rates
§ 14-164-312. Bonds generally — Trust indenture
§ 14-164-313. Bonds generally — Contents
§ 14-164-314. Bonds generally — Execution
§ 14-164-315. Bonds generally — Sale
§ 14-164-316. Bonds generally — Pledge of taxes generally
§ 14-164-317. Bonds generally — Pledge and collection of ad valorem taxes
§ 14-164-318. Bonds generally — Successive issues
§ 14-164-319. Bonds generally — Mortgage lien — Definition
§ 14-164-320. Bonds generally — Liability
§ 14-164-321. Bonds generally — Tax exemption
§ 14-164-322. Bonds generally — Multipurpose bonds
§ 14-164-323. Bonds generally — Interim borrowing
§ 14-164-325. Taxes not state revenues
§ 14-164-326. Capital improvement bonds — Hotel and restaurant tax
§ 14-164-327. Capital improvement bonds — Local sales and use tax — Levy
§ 14-164-328. Capital improvement bonds — Local sales and use tax — Election to authorize
§ 14-164-332. Capital improvement bonds — Local sales and use tax — Pledge
§ 14-164-333. Capital improvement bonds — Local sales and use tax — Administration, collection, etc
§ 14-164-334. Capital improvement bonds — Local sales and use tax — Single transactions
§ 14-164-335. Capital improvement bonds — Local sales and use tax — Reports
§ 14-164-336. Local Sales and Use Tax Trust Fund
§ 14-164-337. Pledge of preexisting sales and use tax
§ 14-164-338. Alternative to issuance of bonds
§ 14-164-339. Simultaneous pledge of local sales and use tax
§ 14-164-340. Alternative to issuance of bonds — Criminal justice projects — Definition