§ 14-164-601 - Legislative intent. - Arkansas Statutes

14-164-601. Legislative intent.

(a) The General Assembly recognizes that:

(1) The continued industrial growth and development of some counties in the state is seriously threatened by the discontinuation of the operation of a railroad in these counties;

(2) These counties should be given the specific authority to issue general obligation bonds or revenue bonds to acquire the railroad and to repair and operate the railroad in order to avoid the loss of existing industry and to attract new industrial development in the area; and

(3) An adequate transportation system is essential to the industrial development of any area.

(b) The General Assembly therefore determines that:

(1) A railroad is an industrial facility, or a facility useful in securing and developing industry, as contemplated by Arkansas Constitution, Amendment 49 [repealed] and 14-164-201 -- 14-164-206 and 14-164-208 -- 14-164-224;

(2) The acquisition of an existing railroad and the acquisition and operation or leasing out of it for operation is a proper industrial development project to be financed by the issuance of industrial development bonds under Arkansas Constitution, Amendment 49 and 14-164-201 -- 14-164-206 and 14-164-208 -- 14-164-224; and

(3) This subchapter is designed to give contiguous counties specific authority to jointly issue bonds to be used to lease or otherwise acquire, repair, maintain, and operate, or lease out for operation, an existing railroad in these counties.