Arkansas § 14-319-102 - Bonds — Default.

§ 14-319-102. Bonds — Default.

Any district organized under the laws of this state or created by special act for the purpose of building a bridge over a nonnavigable stream may issue its negotiable bonds bearing interest at a rate of interest not exceeding six percent (6%) per annum, for the purpose of raising money with which to construct approaches to the bridges, or to make repairs on the approaches and bridges, or to fund its debts, or any part thereof, or for any or all of these purposes. To secure the bonds, it may make a pledge and mortgage of its assessment of benefits and revenues. If any bond or interest coupon on any bond issued by the board of commissioners or directors of the district is not paid within thirty (30) days after its maturity, it shall be the duty of any court of competent jurisdiction, on the application of the holder of any such bond or interest coupon so overdue, or of the trustee named in the pledge or mortgage made for the security of the bonds, to appoint a receiver to collect the taxes of the bridge improvement district and an assessor to reassess the benefits, if necessary. The proceeds of the taxes and collection shall be applied, after the payment of costs, first to the overdue interest and then to the payment pro rata of all bonds issued by the board which are then due and payable. The receiver may be directed by suit to foreclose the lien of taxes on the lands, and the suits so brought by the receiver shall be conducted in all matters as suits by the board, as provided in the act creating the district, and with like effect. The receiver shall be authorized to have the taxes collected, as far as possible, by spreading the taxes upon the tax books of the county or counties where the district is situated. The decrees and deeds in such suits shall have the same presumption in their favor as in the case of suits brought by the board. When all of the delinquent sums shall have been paid, the receiver shall be discharged and the affairs of the district conducted by its board of commissioners or directors.