§ 14-117-418 - Default in bond payment. - Arkansas Statutes

14-117-418. Default in bond payment.

(a) If any bond, or interest coupon on any bond, issued by the board is not paid within thirty (30) days after its maturity, it shall be the duty of the circuit or chancery court of the proper county, on the application of any holder of a bond or interest coupon so overdue, to order the collection of the taxes as provided in 14-117-417. At its discretion, the court may appoint a receiver therefor.

(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 board which are then due and payable.

(c) The board or receiver may be directed by suit to foreclose the lien of the taxes on the lands.

(d) Suits so brought by a receiver shall be conducted in all matters as suits by the board, as provided in 14-117-423 -- 14-117-426, and with like effect.

(e) The decrees and deeds herein shall have the same presumptions in their favor.

(f) However, when all such sums have been paid, the receiver shall be discharged, and the affairs of the district shall be conducted by the board as provided in this subchapter.