§ 14-94-125 - Payment of bonds and interest. - Arkansas Statutes

14-94-125. Payment of bonds and interest.

(a) (1) All bonds issued under the terms of this chapter shall be secured by a lien on all real property in the district.

(2) The making of assessments, levies, and collections, as authorized by this chapter, may be enforced by mandamus.

(b) (1) (A) If any bond, or interest thereon, is not paid within thirty (30) days after its maturity, it shall be the duty of the chancery court, on application of any holder of the bond or any interest coupon so overdue, to appoint a receiver to collect the taxes aforesaid and an assessor to reassess the benefits, if necessary.

(B) The proceeds of the taxes and collections shall be applied, after payment of costs, first to overdue interest, and then to payment pro rata of all bonds issued by the district which are then due and payable.

(2) (A) The receiver may be directed by suit to foreclose the lien of the taxes on the real property.

(B) The suits brought by the receiver shall be conducted in all matters as suits by the board as provided in this chapter and with like effect, and the decree and deeds therein shall have the same presumption in their favor.

(C) When all the sums have been paid, the receiver shall be discharged and the affairs of the district conducted by the board as provided in this chapter.