§ 14-164-332 - Capital improvement bonds -- Local sales and use tax -- Pledge. - Arkansas Statutes

14-164-332. Capital improvement bonds -- Local sales and use tax -- Pledge.

(a) Any moneys collected under this subchapter by the director acting as agent for any municipality or county which, as indicated by a certified copy of an ordinance of the municipality or county previously filed with the director and the State Treasurer, are pledged to secure the retirement of bonds authorized by this subchapter shall be transmitted by the director to the State Treasurer.

(b) Notwithstanding the provisions of 26-74-201 -- 26-74-219, 26-74-221, 26-74-315 -- 26-74-317, 26-75-201 -- 26-75-221, 26-75-223, 26-75-317, and 26-75-318, in any municipality or county in which a local sales and use tax has been adopted in the manner provided for in this subchapter, and all or a portion of the tax is pledged to secure the payment of bonds as authorized by this subchapter, that portion of the tax pledged to retire the bonds shall not be repealed, abolished, or reduced so long as such bonds are outstanding and, subject to covenants entered into with owners of the bonds, the tax may be pledged as security for the issuance of additional bonds if authorized by the electors.