§ 14-360-310 - Borrowing of funds and revenue bonds -- Mortgage lien. - Arkansas Statutes

14-360-310. Borrowing of funds and revenue bonds -- Mortgage lien.

(a) Anything herein to the contrary notwithstanding, the ordinance authorizing issuance of the bonds may impose a foreclosable mortgage lien upon the buildings, structures, or other improvements constructed under the authority of this subchapter and upon the lands upon which such improvements are located.

(b) The nature and extent of the mortgage lien may be controlled by the ordinance including, without limitation, provisions pertaining to the release of all, or part of, the lands or improvements from the mortgage lien and the priority of mortgage liens in the event of successive bond issues.

(c) Subject to such terms, conditions, and restrictions as may be contained in the ordinance, any holder of bonds issued under the authority of this subchapter or of any coupon attached thereto may, either at law or in equity, enforce the mortgage lien and may, by proper suit, compel the performance of the duties of the officials of the city or its airport commission, as set forth in this subchapter and as set forth in the ordinance authorizing the bonds.