2018 Arkansas Code
Title 8 - Environmental Law
Chapter 15 - Property Assessed Clean Energy Act
§ 8-15-116. Bonds

Universal Citation: AR Code § 8-15-116 (2018)
  • (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.

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