2015 Arkansas Code
Title 14 - Local Government
Subtitle 8 - Public Facilities Generally
Chapter 142 - Local Government Library Bonds
Subchapter 2 - Local Government Library Bond Act
§ 14-142-222 - Bonds generally -- Mortgage lien.

(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.