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2017 Arkansas Code
Title 8 - Environmental Law
Chapter 15 - Property Assessed Clean Energy Act
§ 8-15-116. Bonds
Universal Citation: AR Code § 8-15-116 (2017)
- (a) A district may:
- (1) Issue bonds to provide the PACE program loans authorized by this chapter; and
- (2) Create a debt reserve fund of legally available moneys from nonstate sources as partial security for the bonds.
- (b) Bonds issued under this chapter and income from the bonds, including any profit made on the sale or transfer of the bonds, are exempt from taxation in this state.
- (c) Bonds issued under this chapter shall:
- (1)
- (A) Be authorized by a resolution of the board of directors of a district.
- (B) The authorizing bond resolution may contain any terms, covenants, and conditions that the board of directors deems to be reasonable and desirable; and
- (2) Have all of the qualities of and shall be deemed to be negotiable instruments under the laws of the State of Arkansas.
- (1)
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