GroundRules
Ark. Code Ann. § 14-89-302: Default in payment
Where this section sits in the code
- AR Code
- Title 14
- Chapter 89
- Subchapter 3
(a) If any bond or interest coupon on any bond issued by any municipal improvement district is not paid within sixty (60) days after its maturity, it shall be the duty of the chancery court, on application of the trustee for the bondholders or of the holder of any such bond or coupons overdue to cause the collection of the taxes of the district and appoint an assessor to reassess the benefits, if necessary.
(b) The proceeds of the taxes and collections shall be applied after payment of cost, first to overdue interest and then to payment pro rata of all bonds issued by the board, which are then due and payable.
(c) The commissioners may be directed by suit to foreclose the lien of the taxes on the land. A suit so brought by the commissioners shall be conducted in all matters as suits by the board and with like effect, and the decrees and deeds therein shall have the same presumptions in their favor.
Collected 2026-09-17T21:35:43Z. Source file · JSON
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Arkansas electronic product files were republished by Public.Resource.Org under a public-domain mark. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows. Source