Arkansas § 14-164-504 - Definitions.

§ 14-164-504. Definitions.

As used in this subchapter, unless the context otherwise requires: “County” means a county of this state, or where a county is divided into two (2) districts the term “county” shall mean the entire county or either district of the county, in order that either district of a county so divided may issue revenue bonds and do all other acts in the manner and for the purposes authorized in this subchapter; “Governing body” means the council, board of directors, or city commission of any municipality; “Municipality” means a city of the first or second class or an incorporated town; “Equip” means to install or place on or in any building or structure equipment of any and every kind, whether or not affixed, including, without limiting the generality of the foregoing, building service equipment, fixtures, heating equipment, air conditioning equipment, machinery, furniture, furnishings, and personal property of every kind; “Sell” means to sell for such price, in such manner, and upon such terms as the municipality or county shall determine, including, without limiting the generality of the foregoing, private or public sale, and if public pursuant to such advertisement as the municipality or county shall determine, sell for cash or credit payable in lump sum or in installments over such period as the municipality or county shall determine, and if on credit with or without interest and at such rate or rates as the municipality or county shall determine; “Lease” means to lease for such rentals, for such period or periods, and upon such terms and conditions as the municipality or county shall determine, including, without limiting the generality of the foregoing, the granting of such renewal or extension options for such rentals, for such period or periods, and upon such terms and conditions as the municipality or county shall determine and the granting of such purchase options for such prices and upon such terms and conditions as the municipality or county shall determine; “Facilities” or “industrial facilities” means land, interests in land, buildings, facilities, equipment, or related improvements necessary or useful for the securing, developing, preserving, or maintaining of economic activity within or near the municipality or county, including, but not limited to, manufacturing facilities; warehouse and storage facilities; distribution facilities; repair and maintenance facilities; communications facilities; facilities for computer and data processing equipment and related services; agricultural storage, processing, packaging, shipping, and other agricultural facilities; transportation facilities; corporate and management offices for industry; sewage collection systems and treatment plants; and industrial parks; “Construct” means to acquire or build, in whole or in part, in such manner and by such method, including contracting therefor, and if the latter, by negotiation or bidding upon such terms and pursuant to such advertising as the municipality or county shall determine to be in the public interest and necessary, under the circumstances existing at the time, to accomplish the purposes of and authorities set forth in this subchapter; “Surplus revenues” means revenues remaining after adequate provision shall have been made for expenses of operation, maintenance, and depreciation and all requirements of ordinances, orders, or indentures securing bonds, theretofore, or thereafter issued to finance the cost of acquiring, constructing, reconstructing, extending, or improving the lands, buildings, or facilities for developing and securing industry have been fully met and complied with; “Mortgage lien” means and includes security interest in any personal property embodied in the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.