§ 14-185-114 - Dealings with federal government. - Arkansas Statutes

14-185-114. Dealings with federal government.

(a) (1) Port authorities are authorized to assign, transfer, lease, convey, grant, or donate to the federal government, or to the appropriate agency of it, any or all of their property, for use by the federal government, or the appropriate agency of it, for any purpose included within the purposes of this chapter.

(2) No such assignment, transfer, lease, conveyance, grant, or donation shall be made which would constitute an impairment of the covenants and obligations of any authority in connection with bonds or other certificates of indebtedness issued and outstanding by the authority or which would constitute an event of default under any indenture or similar instrument securing any indebtedness of any authority.

(3) Any assignment, transfer, lease, conveyance, grant, or donation, subject to the limitations specified, shall be upon such terms as the authority involved may deem advisable.

(b) In the event the federal government or the appropriate agency or department of it should decide to undertake the acquisition, construction, equipment, maintenance, or operation of any of the properties and facilities of any port authority and should decide to acquire the lands and properties necessarily needed in connection with it by condemnation or otherwise, authorities are further authorized to transfer and pay over to the federal government or to the appropriate agency of it such of the moneys belonging to the authorities as may be reasonably required by the federal government or the appropriate agency of it to meet and pay the amount of judgments in condemnation proceedings as may be rendered from time to time against the federal government or the appropriate agency of it or as may be reasonably necessary to permit and allow the federal government or the appropriate agency of it to acquire and become possessed of such lands and properties as are reasonably required for the acquisition, construction, and use of the properties and facilities referred to in this section.