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Arkansas Code Title 14. Local Government § 14-164-814. Bonds--Energy efficiency project liens

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) An ordinance or trust indenture authorized under § 14-164-808 or § 14-164-810 may impose a financing lien on an energy efficiency project financed or refinanced, in whole or in part, with the proceeds of bonds.

(b) The nature and extent of a lien imposed under this section may be controlled by the ordinance or trust indenture, including without limitation provisions pertaining to:

(1) The release of all or part of the land, buildings, or facilities from the lien;

(2) The priority of the lien in the event of successive bond issues; and

(3) The authorization of any owner of bonds, or a trustee on behalf of all owners, to enforce the lien and, by proper suit, compel the performance of the duties of the officials of the issuer stated in this subchapter or in the ordinance or trust indenture authorizing or securing the bonds.

(c) As used in this section, “lien” includes a security interest in any personal property constituting an energy efficiency project and any part of an energy efficiency project financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter.

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Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-164-814. Bonds--Energy efficiency project liens - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-164-814/

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