§ 14-78-102. Definitions

AR Code § 14-78-102 (2018) (N/A)

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(1) "Chief executive" means the mayor of a municipality or the county judge of a county;

(2) "County" means any county in the State of Arkansas;

(3) "Issue" means, depending on the type of obligation, to issue, enter into, or incur;

(4) "Issue date" means the date on which the obligation commences to bear interest;

(5) "Issuer" means a municipality or a county;

(6) "Legislative body" means the quorum court of a county or the council, board of directors, board of commissioners, or similar elected governing body of a municipality;

(7) "Mortgage lien" means a lien on or security interest in real property or personal property, financed or refinanced, in whole or in part, with the proceeds of obligations;

(8) "Obligations" means short-term financing obligations;

(9) "Short-term financing agreement" means any loan agreement, line of credit agreement, note purchase agreement, security agreement, mortgage, trust indenture, or other agreement, other than the short-term financing obligation itself, pursuant to which a short-term financing obligation is secured, sold, or otherwise provided for; and

(10) "Short-term financing obligations" means "short-term financing obligations" within the meaning of Arkansas Constitution, Amendment 78.

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§ 14-78-103. Authorization for issuance of obligations