2014 Arkansas Code
Title 14 - Local Government
Subtitle 3 - Municipal Government
Chapter 57 - Regulation And Taxation Of Vehicles By Municipalities
Subchapter 6 - Parking Meter Revenues
§ 14-57-609 - Default in payment of bonds.
(a) If there is a default in the payment of the principal of, or interest on, any of the revenue bonds authorized by this subchapter, any court having jurisdiction, in any proper action, may appoint a receiver to take charge of and operate the parking meters, with power to charge and collect rates sufficient to provide for the payment of the bonds, and interest thereon, after providing for the payment, if any, of the operating expenses of the property, and to apply the income and revenues derived from the property in conformity with this subchapter and the ordinance providing for the issuance of the bonds.
(b) When the default has been cured, the receivership shall be ended.
(c) This suit may be brought by the holder of any bond issued under the provisions of this subchapter or of any coupon representing interest accrued thereon.
Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
