2010 Arkansas Code
Title 14 - Local Government
Subtitle 10 - Economic Development And Tourism Generally
Chapter 164 - Industrial Development Bonds
Subchapter 3 - Local Government Bond Act
§ 14-164-319 - Bonds generally -- Mortgage lien.

14-164-319. Bonds generally -- Mortgage lien.

(a) The ordinance or trust indenture authorized in 14-164-310 or 14-164-312 may, but need not, impose a foreclosable mortgage lien upon the capital improvements or industrial facilities 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 or trust indenture including, without limitation, provisions:

(1) Pertaining to the release of all or part of the land, buildings, or facilities 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 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 industrial facilities, or part thereof, financed with the proceeds of bonds issued under this subchapter.