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20325I ORDINANCE NO. 20,325 2 3 AN ORDINANCE -TO AUTHORIZE THE MAYOR, CITY MAN - 4 AGER, AND CITY CLERK TO ENTER INTO AN AGREEMENT 5 FOR THE CREATION OF A CENTRAL ARKANSAS TECHNOL- 6 OGY PARK AUTHORITY; TO PERMIT THE CITY TO PARTICI- 7 PATE IN THE CREATION AND MAINTENANCE OF SUCH AN s AUTHORITY; TO APPROVE THE AGREEMENT; TO DECLARE 9 AN EMERGENCY; AND FOR OTHER PURPOSES. 10 11 WHEREAS, the General Assembly approved, and the Governor signed into law, Act 2007 of 12 1045 ( "the Act ") which authorized the creation of a research park authority; and, 13 WHEREAS, the intent of the Act is to maximize the benefits from Arkansas's institutions of 14 higher education through the establishment of an environment conducive to the creation and re- 15 tention of businesses; and, 16 WHEREAS, the Act requires an ordinance for a local government to be involved in such an 17 enterprise; and, 1s WHEREAS, the University of Arkansas at Little Rock, and the University of Arkansas Medi- 19 cal Sciences, have approved a Memorandum of Agreement with the City of Little Rock, Arkansas 20 ( "the City "), as set forth in Ordinance Exhibit A to this ordinance, to establish the Central Arkan- 21 sas Technology Park Authority; 22 NOW, THEREFORE BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE 23 CITY OF LITTLE ROCK, ARKANSAS: 24 Section 1. The Board of Directors authorizes the Mayor, City Manager, and City Clerk, to 25 execute any documents in substantially the same form as that attached as Ordinance Exhibit A to 26 enter into an agreement with the University of Arkansas at Little Rock, and the University of Ar- 27 kansas for Medical Sciences, and to participate in the creation and maintenance of a Central Ar- 2a kansas Technology Park Authority pursuant to the provisions of the Act. 29 Section 2. Severability. In the event any section, subsection, subdivision, paragraph, sub- 30 paragraph, item, sentence; clause, phrase, or word of this ordinance is declared or adjudged to be 31 invalid or unconstitutional, such declaration or adjudication shall not affect the remaining provi- (PAGE 1 OF 61 Ordinance to authorize entry into agreement for Ne Central Arkansas Tech ioh,U Park An lhority 1 2 3 4 5 6 7 s 9 10 11 12 13 14 15 16 17 1s 19 20 21 22 23 24 25 26 27 28 29 30 31 32 sions of this ordinance, of this ordinance. Section 3. Repealer. this ordinance are hereb} Section 4. Emergen, at Little Rock, and the L authority pursuant to stt related to the resources and welfare; an emerge force and effect from ant DATE: September 2 ATTEST: APPROVED AS TO�L�E/ !/VI Thomas M. Carpenter, 1 Ordinance to authorize entry into agreement fo Central Ark ..a, Technology Park Authority 's if such invalid or provision were not originally a part .11 ordinances, resolutions, bylaws, and other matters inconsistent with -pealed to the extent of such inconsistency. Clause. The entry into an agriement with the University of Arkansas versity of Arkansas for Medica Sciences, to create a technology park law, and to create an environ ent for the development of businesses id mission of these institutions essential to the public health, safety y, therefore, is declared to ex'st and this ordinance shall be in full fter the date of its passage. 2010 1 190 [PAGE 2 of 6] Stodola, 1 2 3 4 s 6 7 8 9 10 11 12 13 14 1s 16 17 18 19 20 21 22 23 24 2s 26 27 28 29 30 This Memorandum o 2010, by and among the F Arkansas at Little Rock (` and the City of Little Rocl WITNESSETH: WHEREAS, the 86'x' l thority Act, Act 1045 of 2 and identified as the "AC" thorities; WHEREAS, the ACT tution of higher education, WHEREAS, the ACT that requirement. NOW, THEREFORE, 1. The Sponsors ferred to as the Central Ark equal voice with the other 2. As required b: CATPA is hereby (a) CATPA sh (b) The organi (c) CATPA is search facil preneurs (d) the finan timately and Orainanre to authorize Ceno, Arkansas T,c 11:1jVV.V Bement ( "Agreement ") is in o;f Trustees of the Universit R ") and the University of A CITY ") (collectively the " A de effective this day of September, of Arkansas acting for the University of cansas for Medical Sciences ( "UAMS ") ,ral Assembly of the State of Arkansas adopted the Research Park Au- codified as Ark. Code §§ 14-144- 101 et seq. (attached as EXHIBIT A which ACT authorizes the ere ition and operation of research park au- tires that at least one Sponsor o such an authority be an accredited insti- each of UALR and UAMS met that requirement; nits a municipality to be a Sponsor of such an authority, and LR meets Sponsors agree as follows: by form a research park auth as Technology Park Authority authorized by the ACT, initially re- TPA"), with each Sponsor having an Ark. Code Ann. § 14- 144 - 201(o), the following information regarding [I have perpetual succession; ation, composition and nature of and the powers of CATPA are as binned for the primary purpose i ies and making the same availab] aged in research; for CATPA shall initially be as ude the issuance of bonds as coi [PAGE 3 OF 61 'ATPA shall be as is described in this ,t forth at Section 7 below; 'developing, funding and operating re- to businesses that are founded by entre- forth at Section 5 below and may ul- iplated by Subchapter 3 of the ACT; 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 (e) If ever too of property the CAM 3. CATPA shall hav president or chancellor (as In furtherance of the pure initially by a representativ CITY whose primary mis and the holder of such sev of the mayor or president (7) CATPA Board membe' the Board. In addition to mi that CATPA Board membil with some previous expert pity reputation, (3) commut and local government, part economic development. I 4. The members of § 14- 144- 203(c). No me years. 5. Subject to future a J of each of the three Spons to a total financial contribu requested by CATPA, su vances have already been such advances, being $25, credited against their respe ment, each Sponsor shall c of CATPA. Ordinance to authorae entry into agreement ti Central Arkansas Technology Park Authonly ,ur, the partial or complete temiin rpon the partial or complete term Board (described herein). a seven (7) member Board. Eali ie case may be) as required by the es of the ACT, the seventh (7th) II 1f a non -profit organization locati in is economic and business deva ith (7t') Board seat shall be a natu chancellor (as the case may be) g shall have one vote on all matte eting the mandatory qualifications rs should possess the following q ice in managing or working with l ity influence, (4) business plann ularly including governmental and CATPA Board shall serve stagl ler of the Board shall serve for of this Agreement and for disposing in thereof shall be as determined by ;h Sponsor, acting through its mayor or ACT, shall appoint two Board members. 3oard seat to be appointed shall be filled d within the municipal boundaries of the lopment in the Central Arkansas region, ral person as determined by the majority if the three Sponsors. Each of the seven s required or permitted to be acted on by set forth in the ACT, the Sponsors agree .dities: (1) business acumen, preferably technological development, (2) commu- g experience and (5) knowledge of state 3 non - governmental agencies supporting terms as required by Ark. Code Ann. than a total of ten (10) consecutive ropriation for any multi-year co tment, the initial financial contribution s shall be $25,000, for a total of $75,000. Each Sponsor shall also commit on of not less than $125,000, with the contribution amount to be funded as -et to future appropriation. Thel Sponsors acknowledge that certain ad- ovided in furtherance of initial pl inning activities relating to CATPA, and 0 from DAMS, $10,000 from U LR and $15,000 from the CITY, shall be ive initial financial contributions. In addition to its total financial commit - nmiit its leadership time and its institutional stature to the implementation [PAGE 4 or 61 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 6. Once formed, the cers of CATPA, with apl chairman, secretary and In 7. The CATPA Boas Code Ann. § 14- 144 -204( adopt by -laws for CAPTA the ACT as set forth at Ai time. CATPA shall have Ann. § 14- 144- 204(c), an( tional powers in furtheram § 14- 144- 204(d). This Memorandum of the case that each Sponsor dinance by the Board of Di due approval of a resolutic spective participation of U executed, a copy of this l State. Ordinance to o tthorize eutry iota agreement fa Central Arkansas Technology Park Authority Board shall appoint four ( duties to be assigned to i shall have all of the powers em I, as the same may be amended f governance, and CATPA may e1 Code Ann. § 14- 144- 204(b), as 3e power to engage in additional the CATPA Board and CATPA of accomplishing its broad objec �greement shall be effective on th bas previously resolved to particii ectors of the CITY approving the by the Board of Trustees of the �MS and UALR in CATPA, all Eemorandum of Agreement shall F its members to serve as the initial offi- 1e respective offices of chairman, vice- rated in the ACT as set forth at Ark. I time to time, including the power to ;e in all of the activities enumerated in same may be amended from time to ivities as contemplated by Ark. Code the case may be) may exercise addi- s as contemplated by Ark. Code Ann. date of the last execution below; it being 1te in CATPA by due adoption of an or- articipation of the CITY in CATPA, and Jniversity of Arkansas approving the re- ; contemplated by the ACT. Once fully 1e filed with the Arkansas Secretary of City of Little Rock, Arkansas Mark Stodbla, Mayor Emil Ann Kemp, Vice President for Administration [PACE 5 OR 61 1 2 3 4 5 6 7 s 9 10 11 12 13 14 is 16 17 WITNESS: 1a 19 Susan Langley 20 City Clerk 21 22 DATE: 23 24 25 OAM 27 2s 29 30 31 32 // 33 // 34 35 / Approved: Joel E. Anderson, Chancellor Universl of Arkansas at Little Rock Daniel WRahn, MD, Chancellor UniversiN of Arkansas for Medical Science DATE: EXHIBIT A (to Memorandun [ C O' Y O F RESEARCH PARK A [PAGE 6 OF 61 Ordnance anthorixe entry lam agreement for ki e Central Akrkansas Tecknology Park Authority 'I, of Agreement) ACT] MEMORANDUM OF AGREEMENT This Memorandum of Agreement ( "Agreement') is made effective this 34 day of 56P-M 464 2010, by and among the Board of Trustees of the University of Arkansas acting for the University of Arkansas at Little Rock ( "UALRJ and the University of Arkansas for Medical Sciences ( "UAMS j and the City of Little Rock ( "LR ") (collectively the "Sponsors "). WITNESSETH: WHEREAS, the 86th General Assembly of the State of Arkansas adopted the Research Park Authority Act, Act 1045 of 2007, codified as Ark. Code §§ 14- 144101 et seq. (attached as EXHIBIT A and identified as the "ACT'), which ACT authorizes the creation and operation of research park authorities; WHEREAS, the ACT requires that at least one Sponsor of such an authority be an accredited institution of higher education, and each of UALR and UAMS meet that requirement; WHEREAS, the ACT permits a municipality to be a Sponsor of such an authority, and LR meets that requirement. NOW, THEREFORE, the Sponsors agree as follows: The Sponsors hereby form a research park authority authorized by the ACT, initially referred to as the Central Arkansas Technology Park Authority ("CATPA:'), with each Sponsor having an equal voice with the other Sponsors. 2. As required by Ark. Code Ann. § 14- 144- 201(e), the following information regarding CATPA is hereby specified: (a) CATPA shall have perpetual succession; (b) the organization, composition and nature of CATPA shall be as is described in this Agreement, and the powers of CATPA are as set forth at Section 7 below; (c) CATPA is formed for the primary purpose of developing, funding and operating research facilities and making the same available to businesses that are founded by entrepreneurs engaged in research; (d) the financing for CATPA shall initially be as set forth at Section 5 below and may ultimately include the issuance of bonds as contemplated by Subchapter 3 of the ACT; and (e) if ever to occur, the partial or complete termination of this Agreement and for disposing of property upon the partial or 4838- 7498- 2662.7 complete termination thereof shall be as determined by the CATPA Board (described herein). 3. CATPA shall have a seven (7) member Board. Each Sponsor, acting through its mayor or president or chancellor (as the case may be) as required by the ACT, shall appoint two Board members. In furtherance of the purposes of the ACT, the seventh (7u') Board seat to be appointed shall be filed initially by a representative of a non -profit organization located within the municipal boundaries of LR whose primary mission is economic and business development in the Central Arkansas region, and the holder of such seventh (7th) Board seat shall be a natural person as determined by the majority of the mayor or president or chancellor (as the rase may be) of the three Sponsors. Each of the seven (7) CATPA Board members shall have one vote on all matters required or permitted to be acted on by the Board. In addition to meeting the mandatory qualifications set forth in the ACT, the Sponsors agree that CATPA Board members should possess the following qualities: (1) business acumen, preferably with some previous experience in managing or working with technological development, (2) community reputation, (3) community influence, (4) business planning experience and (5) knowledge of state and local government, particularly including govemmental and non- governmental agencies supporting economic development. 4. The members of the CATPA Board shall serve staggered terms as required by Ark. Code Ann. § 14- 144- 203(c). No member of the Board shall serve for more than a total of ten (10) consecutive years. 5. Subject to future appropriation for any multi -year commitment, the initial financial contribution of each of the three Sponsors shall be $25,000, for a total of $75,000. Each Sponsor shall also commit to a total financial contribution of not less than $125,000, with the contribution amount to be funded as requested by CATPA, subject to future appropriation. The Sponsors acknowledge that certain advances have already been provided in furtherance of initial planning activities relating to CATPA, and such advances, being $25,000 from UAMS, $10,000 from UALR and $15,000 from LR, shall be credited against their respective initial financial contributions. In addition to its total financial commitment, each Sponsor shall commit its leadership time and its institutional stature to the implementation of CATPA. 6. Once formed, the CATPA Board shall appoint four of its members to serve as the initial officers of CATPA, with appropriate duties to be assigned to the respective offices of chairman, vice - chairman, secretary and treasurer. 7. The CATPA Board shall have all of the powers enumerated in the ACT as set forth at Ark. Code Ann. § 14- 144- 204(a), as the same may be amended from time to time, including the power to adopt by -laws for CATPA's governance, and CATPA may engage in all of the activities enumerated in the ACT as set forth at Ark. Code Ann. § 14- 144- 204(b), as the same may be amended from 4838- 7498 - 2662.7 time to time. CATPA shall have the power to engage in additional activities as contemplated by Ark. Code Ann. § 14144- 204(c), and the CATPA Board and CATPA (as the case may be) may exercise additional powers in furtherance of accomplishing its broad objectives as contemplated by Ark. Code Ann. § 14- 144- 204(d). This Memorandum of Agreement shall be effective on the date of the last execution below; it being the case that each Sponsor has previously resolved to participate in CATPA by due adoption of an ordinance by the Board of Directors of LR approving the participation of LR in CATPA, and due approval of a resolution by the Board of Trustees of the University of Arkansas approving the respective participation of UAMS and UALR in CATPA, all as contemplated by the ACT. Once fully executed, a copy of this Memorandum of Agreement shall be filed with the Arkansas Secretary of State. Date: 'Q 'ok o Date:Y City of Little Rock Bruce Mire, C Manager Mark Stod6la, Mayor Unive f Arkansas Date: 3 b vzdlo Ann Kemp, Vice President foyAdministration Approved: Date: (Je-C 1, ��' 1� JooE. Anderson, Chancellor UnWersity of Arkansas at Little Rock Date: �►� Daniel W. Rahn, MD, Chancellor University of Arkansas for Medical Sciences CATPA Memo of Agmt 9-23-10 4838- 7498- 2662.7 EXHIBIT A COPY OF RESEARCH PARK AUTHORITY ACT 4838 -7498- 2662.7 14-144 -101 LOCAL GOVERNMENT 46 RESEARCH RUIMENCE9 U., Ark. Little Rock L. Rev. Survey of Intermodal, 26 U. Ark.. Little Rock L. R,ev. Legislation, 2003 Arkansas' General As- 434. sembly, Local Government; `Definition 'of CHAPTER 144 RESEARCH PARK AUTHORITY ACT sUHCSAMs 1. IrrrErrr.Am DmmnnoNs. 2. PowFm of REsEmxcH PAm AuTHowy.. . 3. FiNANcE. Effective Dates. Acts 2007, No. 1045, State of Arkansas creating an environ- $ 8: Apr. 4, 2007. Emergency clause pro- meat that allows these new businesses to vided: .'It is found and :determined by grow and succeed in Arkansas; and that ':. General Assembly of the State.. of Arkan - this act is immediately: necessary to de- sas that the development of products and velop . and retain these knowledge -based S. rvices derived from research'activities involving Arkansas institutions of Higher businesses in. the State of Arkansas education and businesses and entrepre- Therefore, an emergency is .declared. to neurs. involved in these research activities exist and this act being necessary for the form the basis,for much needed economic reservation of the public , p P peace; health, development that capitalizes on knowl- and safety shall become efi'ective on: (1) edge acquired through research; that the The date of its approval by the' Governor; resulting intellectual property that is the (2): If the bill is. neither : approved .nor foundation for business development pre-. vetoed by the Governor, the, expiration of serfs opportunities. for the State ofArkan- the period of time during which the Gov sas to compete effectively in the changing error may veto the bill; or (3) If the bill is global' economy; that the opportunities vetoed by the Governor and the veto is i available for the growth of knowledge - overridden, the date the last house over - based businesses are dependent upon the rides the veto." SvscHAPT=1- lmwgT AND DEFiz4moxs l SWn0N. 9EMON. 14- 144 -101. Title. 14- 144103. Definitions. 147144 -102.. Legislative intent. 14144 -104. Construction, 14 -144 -101. Title. This chapter may be cited as the "Research Park Authority Act".. History. Acts 2007, No. 1045, § 1. 14 -144 -102. Legislative intent. (a)(1) It is the intent of the General Assembly to maximize. the benefits to be derived from Arkansas's institutions of higher education. Therefore it is necessary to provide an environment conducive to the 47 REMAX0 R PAIN AUTHORITY ACT 14444-103 creation -and reteution -of businesses-. thaf develop through Arkansas's colleges -and. universities: -(.2) these businesses - -an founded by entrepre- neurs engaged in research, and it is imperative that research facilities be made available in the State of Arkansas to encourage, house, and support these developing entrepreneurs and businesses., - (3) This 'chapter is intended to provide a mechanism -by which appropriate research facilities may be developed, funded,- and. operated for the purpose of supporting and retaining Arkansas - entzwreheurs and businesses dependent upon research for their Antlier development. (b) 'It is further'intended that the research parks cre4W under this -chapter shall serve as a catalyst for community. growth -and &"dor- mation and as centers for community planning and improvoment, 10 Matory 4 W,. No. 4. 1. �cA i444440i Dbfinition& As used in this chapter: W. Mccredited - n Wtution of higher education" means a four -year public college or university that offers bachelors degrees and is.recog- Wzed-'by,the Department of Higher Education for credit; (2) "Construct" means to acquire 6r, build, In whole -or in part, in the manner-and by the- method, including contracting fair -the .acquisition or building, and if the latter, by negotiation br bids upon the terms and pursuant to the advertising, as' the � research piik -authority shall determine to be in the public interest and nbcas j "ry - lu;, d er the idreum- stificim existing at the -time accomplish the purposes of and auth6ri- - ties under this chapter, (8) "County" means any county in'this statd- .(4)(A ) `D6velopmene means the thinsl6tidii' of research findings.1or other knowledge esign for' a new product or Proposs or gieIiito a plan or .'to an wasU4 produtt'or a 'significant improvement process whether intended for sale or us . e. ' MY "Development". includes ' the ..conbepbml'formulation, design, and testing Of all 6=6 'of software *content,. product alternatives, construction of prototypes, and operation of pilot plants; .(5) "Equip" means to install or place on or in any building or structure, equipment of any and.'every kind, whether or not affix ed, including without limitation:: (A) Air conditioning equipment, (B); service equipment; (C) Fixtures; (D) Furnishings; (R) Furniture, M - Heating -e;uipment, (G) Machinery; and- (H) Personal property of every kind; 1. 14�44-108 . LOCAL GOVERNMENT .. . M means -any real property, personal propoft, or mixed property of any kind that can be used or.. -that •wil _ be-:'uwW to asx:oaonpltsh, the :purposes rif this chapter, including vdthout- limitation: (AJ< pment; Et+,D),- �.ia�1.+�ure ;+e;Fib° :.(. c; (W Right"Pway; •(I) Roada grid -streets; lYtilitia -arid Ems' f (M Other real, personal, or mixed property, (7) "Governing body" means the council; board''of directors; 'of° city commission of any municipality, the quorum court of any �� ,. or the board of trustees of an accredited institution oP eduon; 0) "Lease" means to lease for rental, for:periodp; and;upon term an& conditiorls the: research park authority shall. detei?aai including vjthoutl mitation: W The gmuting of renewal or extension options upon.terms. and : Anditions the- aGuthorityshall determnne ;•arid,- (B) The panting gfpurchasq optima o at. prices ;and i4pon torms: the cut grity.ghal .die, . (9) "l�iunicippli�te means a city of the first class, a city of the second cla . ,,. or an incorporated .town; -: 10� s`Pereon�' -means any natpral .person,. - Partners p, coraoratzon, assoiaation, limited -liability company, orgaaizetigny ,business . trust, foundation, trust, and public or - private person; :.... . (11) esear.Ch" means.' plannad research ..or, critical investrgetaon aimed". itt the .al 04ery,of new k4owledge fA create :si;pew product. or ' IIt a Cant !i0e oar'. a -new process or technique or to brin_ g '* i tiprovement in an existing pr6 uet or process; - - (12) . "Research park" means an area of a municipalittyy or carroty with dedned boundaries thatu the site of me (1) of rriori# buildings housing *ji .ha- that are engaged in r mearch and development pii�eda, under this chaRteri '(13)`,IResearch park authority" means a public' entity creatad under. W& Chapter to provide facilities and support for busiae'sses engaged in:. research and development in pursuit of economic developin *t oppor- tunities; ,. T (14)(A) "Sell" means to sell for et price; in a manrier,.and terms the authority determines, including without limitat16AXWate or public sale. .�:. +± � ' (BXi) If the sale-is public, the authority shall :advertise:the sale and shall determine whether the sale -shall be.:fo:r_..cash or- credit payable in lump sum or in installments ovet .a peria the: authority shall determine. '4 h - a] 0 of t� r .j SC 14 .14. 14� . 1 .1 tbi aut $y; 48 49• RESEARCH 'PAR&AMORM ACT 1¢144 -201 ad to ,n: end ing and the and ion, uSt, tion *.-or rant Nith �dex ader Id in ipor- Me A or sale redit ority :.: (ii)- .Ifthe.sale* is-for. tm&t;:the Authorityshall -'determine.whether tl .eredit shall''be. with or without.inierest- and:at- what. .rate, and. . (15) "state means the State of Arkansas. r r Acts. t •N94;.100, -k li (A),�re. �•-ytani ma Na 168, 1. �+6v, and mwl o •4 mi =side. The .2009 -amendment 'norAtylistk 1.4- 144.1" .Construction. apta� ':a>�all,be.liberallyo�psOved to a�oomglisb its int$nt and purposes and'.8ba11 be. -tba sole.,autbority, required for- the acwm plisbug SO 0, its purpose. (b) 7b this end: ft (1). R 4hall not lie necessm to- comply with the - general provisions of other:lawsulealing with public facilities .and their acquisition; wnstrac- tion; ieasingt encumbering; ordisposition; except to the extent-provided for i3o 14-206 -101 et seq.,. § 14- 207 -101 et• seq., and t''18 -15 -501 et seq.; .and (2) Section 15-8 -303 shall not apply. $irtorp Acts $007., No. 1045,1 1. Svwm n=- 2 — PowwA .OF R888ARM PARS AV =,rr 6EdT1Q?l. 14. 144.201. Research• park authority -- 14-144402 Pablio corporation.. 14- 144 -208. Research park ' authority board. 14- 144204. Powers of research park au- thority board. ssars�. . 14. 144205. Eminent d=ais. 14 -114 -206: CondBmnation•' petition' — Notice. 14- 144207.' Declaration of taking. 14- 144206. Condemnation pr4Soeedings . end iudgment• 14- 144 -209. Acquisition of property. 14. 144 -201. R,esearoh pdrk authority'— Creation: (aX1) A research park authority: (A) Shall have as sponsor at least one (1) accredited institution of higher education; and (B) May have one (1) more: (i) Muriidpality; (ii) County; or (iii) State agepcy. (2) One (1) or more.sponsors who meet the requirem�nts.of subdivi- sion (aX1) of this section may create a research park authority under -this chapter for the purpose of acquiring, constructing, maintaining, .and operating a research park. (b) A county or municipality shall not participate in a research park authority unless the governing body of the county or municipality: (1) Provides by ordinance to participate in the research park author- ity; and i MON CO - with' at:least one •(1) accredited insti- 'u t�eeii,oh .to :.create.:and maintain' the :ieseirch park ;., fir':.} An act�edIted institution of higher education shall not participate atithOrity'uuless the gov8rhing body of theyaccredited `�: lli�titt'YtiOII Of•h2',P.(�uCStIOZI :' - � - (1) Adopts a resolution to participate iii the research park authority and , (2) Enters into an r' ;' � 4' T agreement with at least one (1), county or nioiiid- Pality td emote 8ntl'maiintaiii- the--rosearch park s uthoa�it�: -: (d)- A research park-shall -be located- either -within.-.: • :. (1) The geographical boundaries of a county or municipahtr: that is a sponsor of the research park authority; or : -: • ;;, . 40) The main -campus •• of the'. sponsoring.- accredited institution of higher, education .that !at a- ponsor-oF.the reeeardh park: author i (exl),A s t . ponsor of a• research' park authorityahall • enter,: into --all agreement establishing the tuna An&edziditions ibr:.the,operat(on:of the authority under this chapter and any other laws of the .State -of, Arkansas that may be applicable. (2) Zb the . extent that it is consistent with this chapter, the agree- = ment. shall spec* the .information provided for• in•' the' •IntIdlocal • ' Cooperation Act, § 25- 20-101 et seq. (S) The agreeme�ft inayaleo provide iiir °each authority, to furnish the Participating sponsor or sponsors copies of its annual budget for examination and approval. 3 (4) The agxee.�nent shall be filed with the Secretary,of,3tate. Histay. Ada 2.007;. No. 1045, f 1. 14- 144 -202. - Public corporation. 'i (a) Upon creation of a research park authority: (1) The authority and its members shall: (A) Constitute a public corporation; and (B) Have perpetual succession; -and (9) The kathdrityaiid its members. may: (A) Contract and be contracted with; (B) Sue and be sued; and (C) Have and use a common seal. (b) The exercise of the powers and performance of the iintiee under;. j this chapter by each authority are declared to lie public anil.govern -. mental functions that are exercised for a public purpose and for matters of public necessity, and that confer upon each authority.. governmental immunity: from suit in tort. Mstory. Acts 2007, No. 1045, $ L ' t 60 I bl RE$l PARK AUTHORITY ACT 14 ,144 -208 Asti- 14.1*2ft-'Research:park authorW board. '� (a gnbject to any lii ii ations:«pated in the agreemOg,,. cluired ` ands; 14- 144- 201(c�;'the ;#iiausgement and bontrol 'Qf "eei reeegrch Pa 48 ptit�k authority and its , operatidns, bueiress, and shall bee lodged iri g'reseerc,i pp th�oYityioard of riot le8a thti`ve (6),naa� mQ�e than seven (7) natural; liersm' ' 'who sh4 be a pointed `for. terms of.9% ()'Yea :. ''fit Ij rile., numbers W of the board' to which' oach of thb - participating governmental -bodies is entitled thall'be set forth`id-the agreement required under J 14- 144- 201(c). (2) However, each of the participating governmental bodies 'shall be is a entitled to Wpoint:at least one U) member... (8) Appointments oi~ meh bees s1isIl. be made. a of (A): Fora municipoility; .by the mayors ' -(B) 'Fora county, by the county judge; -•an (C) For an accredited institution of higher education, by- * the n of president or chancellor. of the accredited institution (if higher educa- n of tiba; and (D) For a statwageacy; by -the Governor. . Tee- (bXl) The members shall serve staggered terms. ocal (2) Upon taking office, the members shall draw lots so .that: the (A) One (1) member shall have a one -year. term; for (B) ;One (1) member shall: have a two-year. term;. (C) One (1) member shall have a three -year term; :. -.(D) One .(1) member. shall have a four -year term; and (E). One (1) member shall have a five-year term. (8)'A sixth or seventh .member shall serve a five -year term. (4) After: the .expiration of their .respective terms, persons. reap- , pointed•to the board or their successors shall: serve five -year terms. (5) -.A person shall not-serve as. a-member for more than it total of ten (10) consecutive years. (dXl) A member appointed by a mayor or county. judge shall be a bona fide resident -andqualified elector of the municipality -or county of the appointing mayor or county judge. (2) A member of the board appointed by the president or chancellor of the -..accredited institution.. of • higher education shall. be a bona-fide resident and qualified elector of the institution's. metropolitan- statisti- eel area. or the county in which the main campus. of the institution is ider located if the main. campus is not the -institution's metropolitan stads- ern- tical area. ! tare (8) A member appointed by the Governor shall be a bona fide resident ntal and -a qualified elector. of the State of Arkansas. ' (e) If a member dies, resigns, is removed, or for any other reason ceases -to be • a member of the board, -the officer who appointed the ' member shall appoint another ..eligible person to fill the unexpired portion of the term of. that member, W A-member'once qualified shall not be removed -during his or her term except for cause by the mayor, county judge; president or chan- r 14144 -204 LOCAL GOVONMENT 52 ! cellor of. the accredited institutioa-of higher-edwAtion-or.Governor who . } member or upon such other condi #0118 as may be set forth aP,P 4- 1442Q1(c)'. in the ,wept no may, comperieatioa: wither �n the (gel). ,,ember a) ` or in .another form fox.' ar `in form of �a ►, per �� . connection with hiss or her be entitled to the rr�imbureement by (2) However, eaeh member ditures ti .�neC � -the perfoi board, for.. any necesoM . egp n n .c n ne manes of his or her.general daties,ae, A . Abe 2007, No..10469 t 1• t ark auth&iW board. 14141-204. Powers of r. P . s (a) Each research park authority board -is- given the fob lower' r (1) 4b make and adopt all necessary.by� for:iis organization and . Mafio _ necessary for .its opal's- 6 f2) U. elect officers and, to employ pommel tiori; ' authority given .to it by law to any of its officers, f (g) 7.b delegate any o commi' a`�' or employe�, or incidental to its powers and (4) Zb. enter into contracts necessary : ; - r . duties . under this chapter; - . d for any purpose of tbis (5). 'Ib apply for, reed-fe,•.and spend--grants r. Chapter lands and hold title to the -lands . acquired in its own name; of o in they edcsrcise of rte a (7) 7b acquire, own, use, and dispo se property p�3' powerwand the performance of its duties under this. chapter; . • in (S) b borrow-money and execute o�rmdanove�of its dutiles under tbiaa exericiise of its powers. and the pert i chapter, . (9) 7.b.issue .-bonds; maintain; and -operate a researcbb (10)., J-h 'acquire, equip, conshvict, park and* appurtenant facilities or properti operate research and .1b. acquire: equip,-�constnxct �msintain, . � es . of facilities,= =including eclueation, training, and related,typ ark for the purpose d support facilities, located -at or -near a research p securing and developing new businesses with, wresearch orientRUGA; (127 Zb request and receive authority, funds orfiriana within the boundaries of the re county or city turnback funds a� and.aupport the authority, including of matching set forth in §§ 27- 70 -2fi6.a 27- 70-207 for the Purpose federal traaspQrtation or donation for the flnancl, r1b. receive property or amds by Sift and support of the authority; esenting- two- thirds (2/3) it (14)O Upon the petition of personsin area ste by the ; walue•of the ovvu'ers of real.property county assessment, to constitute the authority Ora committee of tbR ;2 RESMACIVISARK-AUTITOMY ACT. 14144-W4 10 authority as an improvement district -and to create and- operate an th :diaWd;- compdael of, -a Opocifted " Ana: encompassed within the jurismotions 'Okbi pv6rbft bodies, )(i)­ Tiie -inipr6ViBmentdistrict shall befiW. the .purpoito -of finitnc- j# the c6isbruction, recoxistAic*A, -or -the research park a ---(ii) -'1b-thV'dAiit bdusigientirwith this chaptek, tho. ation and on -444don of iu'fiYh*bvbjb%*0"&ik-shaR be* ih'jdcojdjLjj6b *ith the procodures established by th6 laws of the State of Akkiiis" ' f6rthe end ;bps tida bf districts; 6WOn .'(15) T6 Tlairi -est tlil -is sh d"" squ� *a3j* improve, main&; Wit, -eqii `operate; ' Q =tt; a. research ;'Oark and auxiliary building codes and facilities and to establish and ers: regulations and to protect and police the park. and other and facilities of 'the 'authority in cooperation vnatthrceNjw '&f&cbih6nt agencies and officers having jurisdiction in the.area where the facilities am, of the authority are located; (16), Td.jevy ail&cbllict -i tax 'oe fee to be- levied upon and collected cars, film the t6lints or occilpants,of the remaiih:park or from the pro" district or redevelopment district,� owners within thq. improvement and (1-7) - 7b receive real And personal property from the United States for research piarik'fiatidi and-related'- purposes by donation, purchisel' this lease; or otherwise and suWect'to k* conditions the United States may ieq" "airs acid to wliich.the ty"may agree* I own (1 TD , OtO pkOm e, publicize the authority and' its motes facilities and to represent and promote the interests of the authority, of its and (19) 7b do all things -necessary or appropriate to carry out the powers inthe,- and duties expressly granted or imposed under this chapter. r this (b) A. research park authority may engage in the following activities: (1) Research; - {2)- Dovelophient of products or, services, including without limita- 6jearch tion:- :(A) Advanced materials and manufacturing systems; ch and (B) Advanced electronics or computer products, -or both; oe and MY Agriculture, aquaculture, and forestry technologies; pose, (IY) Bio6-based, products; stnn; ... (E) Biotediftology, bioengine ering;-and I& sciences; I rtat (F Engineering technology; (G) Food and environmental sciences; Inds (M Information and related technology; M Medical devices;­ - (J) Nanoteohnology-, flnan W Pharmaceutical products; Q Products -for energy conservation; 1 (218)-- (M) Products for testing or remediation of environmental hazards; the (N) Software, including creative and artistic coxitent--an& data as of communications; and 14144 -205 LOCAL GOVERNMENT. 54 (0) Transportatim logistics; - ($) - Production of materials a4d, products .ancillary to items-how under subdivWon's,M1) and (2) of :this. section; and...: (4);.Acti . g as auppoit or resource eervices and auPP i connection wigs- iieini. listed. under subdiyiei±ons (b.X l)-(3) of this section. (c) Any additional activities undertaken by a research park autxior- pity shall: be related to the coin nmvialisatign -of.: research and - --the fuftherance of products and *,Aces deriipd f m research and ;.devel- opmgpt activities. ; (d) The eslume ation .of powers- under this section dope. not limit or circumscribe the broad otjectivea. and purposes of -this chapter and the broad objectives of developing a research park and necessary and desirable related facilities 4r properties. History Acts 2007, No. 10461 141444206.` Eminent domain: (A). A research park authority shall have then .right to acquire any property . necessary to carry out the purposes of this chapter by . exerciisin the power of eminent domain. (b). Ue research :park authority, its. agents, and its employees may , sp4-a :court order to enter upon real. Property and ii:ake examinations, photographs, tests, and kinplings or to engM in other activities for the purpose of appraising the property or determining whether the real property is suitable for the authority's purpose. l History. Acts 2007, No. 1046, 4 1. 14141 -506. Condemnation petition.— Notice. � (&) A- research park authority may exercise its power. of eminent ,' domain by filing an appropriate petition in condemnation in the circuit', c court of the county in which the property sought to: be taken is situated? c to have the compensation determined, giving the owner of the property; e to be taken at least ten (10) -days' notice in writing of the time and place where the petition will be heard.. : o (bxl) If-the property sought to be condemned-is located is more than; one (1) county, the petition may be filed in any circuit court having; a Jurisdiction in any county in which any part of the property may be n located. (2) The proceedings had in the circuit court shall apply to all of the property described in the petition: `} ( IXA) If the owner of the property sought to be taken ig nonresident of the state, notice shall be by registered or mail, return receipt requested, addressed to the last known of the owner, and by publication in any newspaper in the county.tha is authorized by law to publish legal notices. (B) This notice shall be published for the same length of time may be required in other civil causes. n ri �n n~ he el- or the ind BUY Inay reye, Aber dnen i nated I (placey . Iamn having nay be I of the ;n is I wtiflo addres ntq the time e fib RIVARCH PARR AWTHORrrY ACT 14144 -208 .(2) If there -is :no such nampaper published in the :county; this pddication, dmll be .made .in a newspaper designated by the dzauit olerk;:.and : one -(I).. written of printed notice ..of the petition- shall bet posted-on the door-of the county-courthouse. (dX1) The condomnation petition shall describe the lands and prop= erty sou, .When the immediate :popsesdon- of laYida.and property is sought to be obtained, the research park authority may file a declaration of -taking under this chapter at any time before judgment or togother with the condemnation petition. His -Y. Acts 2007, No, 1046,1. 1. 14. 144.507. I�eelsiratian oP fining. (aXi ).The pe #t#on$;r-:.may. Me a. declaration of taking. at any time befare, judgment is signed by.the.:chair othe research park authority board :or with the pondemaa#on petition in any:proceeding instituted by tea. in •the :name. Of. the : research park authority that involves the acquisition nf.reai property, :an #nterest in the real property, or the. easement: .. • .. .' • .. (2)• The declaration shall declare that the authority is taking the real property, an interest in the real property,. or the easement for the use of ills. aathority. (b)�/T�he declaration of taking shall contain or have annexed to it the �'•in ' y . 4atenaent that the authority is taking the real - Pko*ty,. an iiitetest in real property, -or an easement; ' (2) A eteitsment of the p e:for which the authority is taking the real property: .an interest in tie real property, or the easemeit; (S) A description of the real property, an interest in the real property, or the easement that the authority is taking sufficient for the identifi- cation of the heal property, an interest in the real property, or the easement; (4) A plat showing the real property, the interest in the real property, or the easement that the authority is taking; and (5) A statement of the amount of money estimated by the acquiring authority to be just compensation for the tel W of the real property, an interest in the real proper% or the easement. 1lixt&7�Acfs 2007, No. 1045,.§.- 1. 14=144 -208. Condemnation proceedings and judgment. (a) The circuit court shall impanel a jury of twelve (12) persons, as m other civil cases; to as the- amount of compensation that the research park authority shall .pay for the i eal property, an inter eit in the real property, or an-easement that the authority is taking. (b) The matter shall proceed and be determined as in - other civil cases. 'L 1'4+=144 -209 -"LOCAL 40V$$NbdEhl'P ' ' 66 i :: • (�) ln. aA. ;oases of infants, or lucampetent .peMA8, when, no legal . representative :or guardian. #ppears: in ,the. .fiAnt'•s-- .or:.iac p8tent pedon'a behalf . at the • hea&,M the a urt -Aali appoint a guardian ad , litem who shall represent interests of the infant or3narmpetent person for all :purposes: (d) Compensation shall be ascertained and awarded in the proceed ing,and,astablished:.by judgmbnt-in -the ping..:_. History..Act�;llJ97. Na 1046, �•, �., �• 14-144 -809. Acquisition of property. " r (a) Whenever it is deemed necessary b� �( :researchpexk'ititliavrity in s connection with the exercise of Its .' exs confret. in chapter to c ' talcs Qr acquire any lands, structwuresii�ldirige; ,or ot`tier rights, either iwfee br as :easements, " for" the- PUrpos4 set tbte,in -this iapter, the 1 �. authority n'. purchase-06k, 8irectlry or tlifbU h itg: a enttb'frbtn the o�yners °tliel'eot or�faift. td hires with ihe�bwneii�;'`th8 au'tligrity may _ t euercisia'-the` power of e6inene•-donithm-W aw&aihoi * t :GO -prnoe- domes 'set - fptffi`in� this chanter,' and ' thkee pdoosue as declavW to be public uses for which private property may be taken with just, oompen- y SO,t101Y (b� 8h6uld "the of eminent d*ain, condemnation proceedings shall be maintained by apd. � ";the natae -of tie authority, and it maypi'bisied in :e m�inner' `provided . in this :r pW.,and . the general laws of the Wte of Ar$aneae aot..in' oon9ict with t�1i8 chapter that are applicable to the proi�edure b3 aq�►.c;otimty, ' mun-l%pal}ty, accredited institution of higher education,: or.. ,other air P thority organised under the laws of the State: of Ar�Cansas.- _ n .ietorq. ""2007, 14o. 1046,1 1. . 14 -144 -801. Issuance of revenue box ds — 14144808. -Issuance ofrevi us bonds — Authorisation. - •. 14W• Hen,' '• . "II. 14,144 -802 Issuance of revenue bonds -- .141¢4 -808. Issuwaw of rev�ena bonds — R 1s tiou ' of research' . pit, P ark'authority — Natt" 14144 -8" 1.0... Agieea:e i ts to o 'funde. � of bonds. 14144 -808. Issuance of revenue bonds — 14-14481L Exemption from 14- 144811. Use of hurpht Indenture. 14144804. Issuance of revenue bonds•— 14144 818. Public and private :contribu- • ...:.s . ; r ' ne Price and manner sold. 14- 144- 8Q$..Issuanoe of revenue bonds -- 14144-81;x. Aommte and reports. at Execution. ' -- 14, 144 -816: Count . mun ipal,.and state T. }� i 14144408. Ieeuancs of revenue bonds. Obligation' of ''research . 14 lb14". Lease of facill - . k park authority 141144.817. Bale of as9ete,' 14144 =801, Issuance oftevenuabonds — 14144 -818. Authorised.i **Adm Refunding bonds. 1 . .N. b? RISFARCH PARK AUTHORITY ACT .14144 -302 Legal 14144801. -Issuance' of :revenue bonds Authori$atiori. slant (a) A reearch park authoritq may use. any available reve�iiuej� for the n accomplishment of the purposes and the im plementation. of the ppwers a� this chapter including' the pro' edi of revue bonds authorized. 1Z - , issued %m time to tune under this chapter, eithear. alone. � oi' tliz_ her wed- with of 0. available, funds. and revenue$. The, amount of.each- issue, of bonds. may. be.. sufficient<to -pay: : (1) The costs of accomplishing the purposes for which. %lie bow- are ba'g Waned; . (2) :The cost of issuing the bow . :. • . ity in (3} . The. amount. necessary for a reserve; if it is determined• to be ter to desirable. in favorably marketing the bonds; either . (4) no* gpnount, if any;; necessary to' provide for debt= service on the r, .the bonds until -revenues for the payment of the bonds are available; and n the (b). Any other -costs'and:e nditures of'whatever nature incidental may to -the -accomplishment of the spadfled purposes. ."63 Elistoxy-Acto 2007, No. 1046, $ L to -be RPO . 14- 1444808. ' Issuance of revenue bonds — Resolution of research park authority — Nature of bonds. ' maini (e) The issuance of revenue. bonds shall_ be ,by resolution of the Ug research ark authority. m *(b) � The boho of each issue may. (1) , Be - coupon bonds payable to :bearer or may be registrable as .m er au- P�?uaPm bnly or as to both principal and -interest; (2) Be in such form and ' denominations as may be appropriate and necessary, l8) Be made payable at. such places within or without the state as may be 'appropriate and necessary; (4) Be.isaued in one W or more series; (b) I i" such date or dates as may: be appropriate and necessary; �o®ds (8) Mature at such ..time . or. times as may be appropriate and necessary not exceeding forty (40) years from their respective dates; monde (7) Bear interest at such rate or.rates;. (8) Be payable in such medium of payment as may be appropriate i ands.' and necessary; (9) Be subject to such terms of redemption as may be appropriate and cntribur necessary; and (10) Contain such terms, covenants, and conditions as the resolution L authorizing their issuance may provide, including without limitation nd eta those pertaining to:. (AY' The custody and application of the proceeds of the bonds; (B) The cd1lection and disposition of revenues; ,. (C) The 'maintenance and .investment of various funds and. re- serves; - 14144805 LOCAL QOVEBNMENT: GS (D) The • imposition and'. maintenance of - taxes, fees,, rates, and charges for the use; of the research park and other facilities. of the a (9) Thee ?haturs,and exient of the'aeaurity; , ,`duties; and ob tdns of the authority -i and the truistee for the hoYde� s and r- egistei sa owners f the* bonds; aY (G) The. rights of the holders'land ovvnei's of flip t6hds. (cx1)(A)° There imy� be-'successive bond issues for'the tirpose of .,..h earns.project:: :. (B) There may also be successive bond issues for finandJW -the host of reconstructing, replacing, constructing ` additions to, 'extending, improving, ° and equipping prOjeds already in viistencer, whether or not originally financed by -bonds iesued under this chapter, with. each guwesei`►e issue to be authorized as p vviddd in Wa chapter. * - (2) The priority between and among . issues and successive issues as to 060"Y and the.:pledge: of revenue$,and lien en and soeurity. .interest in the .land, buildings, and. f4alitiee involved may be conttPllesl by the resolutions authorising the issuance of bonds tinder this chapter. (d) Subject to this section, the bonds shall have all Ihe'qualities -of j negotiable instruments under the laws of the State of Arkansas. History. Acts 2007, No. 10A 14- 144.308: "Isatiaiiice of revenue- bonds Indentittre.. (a). The resolution authorizing the bonds may pxavilde for;tlte.eaecu- tion• by . the. research .park authority of On, indenture that defines the rights a iht )ioldere aid registered ownere .of the bonds ancp'px" -1-- for the appoigtmeet of a trustee. for the holders and registered,Qwners of the bonds. ' (b) ..The, indenture may. cpntrol the - priority between successive issues and may contain any other terms, `coy clops,' mid conditio that are deemed desirable, including without•limitaiiori- -those perWhing to: (1) The custody- and application of the- proceeds of the bonds; "Ths - conectioax aitd 'disposition orreivenues; (5),Thhe'`uaintenance'of variou s funds and reserves; 14)• .1h6-iiaiN84tion and maintenance oftsaes,'fees, rates,-andWnrgee for the use of the research park MAd--other facilities of the authority; (5) The moire and extent- of the seottrity; ` (6) The rights; duties, and obligations of the authority and the trastoe and . i' (7) The rights of the holders and registered owners of the bonds. :. History. Acts 2007, NQ. 1046, f 1. 14 144 -804.. Issuance of revenue .bonds -- 1hice and .manner sold. _ The bonds may be sold for a price; including sale at a discount; and in a manner the research-park authority may determine by resolution. E E C e 'f f o - .o .. o.. b. d. .a. R .. er U,' tc . at oY 68 59 RPAPARIOH -PARK AUTHORITY ACT 14144307 nd History.- Ante 20o7y. No: 2046y+. I- be 14- x44 -8OG. Issuance; Q. r�ven,e, bomd� Eaeeutipn... 'C(1) The ' bonds shall .lio .dxeLc Aid - by `the manual or faCsi"O" he signatures of the chair and secretary of the boaz�d of the resgarch part r . .1 . '' (} In any of the odcere`whose s turee.appoiir`on;tli� °�%4mde of ce to offiims before thp, delivm7 d.f • the"- or cpu 1!@i ai tui shad `i vei�th"s lie gAlid' add suT40 for � all• purposes. .. _.y .. q ' (b} The` coupons attached to the bonds may be executed ly :.the or the of th uthori facsimile.- si�ature of r e A tY .tqr Acta+M07, Na 1d46, L: as Ist he 14- 144 -306. Issuance of revenue b6fids ='Obligation of research he park authority. -Of (a) The revenue bonds issued under this chapter. shall be obligations only of the research perk authority and shall iidt be'geileral obligations of any county- or municipality, accredited- institution -of higher educes Lion; or the State of Arkansas. - (bi(1) The ieveiiu&bonds shall not constitute anIndebtedness of any county 'or * municipality; • accredited institution of higher education, or U_ the -- State •'of Airkaneas Wkhin the moaning'. of any constitutional or he 8Wtator� limitation'. - es (2) -If shall he plainly stated on the face of each bond that ft bond re has been issued under the provisions of this chapter and that the bond does nq 'c'Anetitute ' au indebtedness of any . county" or municipality, es . a_i&bah6d'inititution of bigliwr education, -or then State of Ar ineas re 'tliiti constit 'tmonal Mrktatiltory limitation. . (c)' :The �iriri�ipel oi= and interest'on tlte bonds may be secured 'to the extend 'act forth. iii the resolution or ipdenture secin�ixmg the bonds :by pledge, of and payable from all or any -part of revenues derived from the es use of facilities of the authority, including without limitation: (1) Revenues derived from rates and charges imposed and -main- tained for the use of facilities of the authority; ie (2) Revenues derived from. taxes or fees levied under this chapter; and.. -. .. .. I. . . .(3), Lease. tals­under leases: or payments under security agree- i Oznl or other in. struments entered into under this chapter.' fIietory". Acts 2007, No. 045, $ 1. 14444407. Isisi "ce'of revenue bonds -- Refunding bonds. A (a)(1) Revenue bonds may be issued under this chapter to refund any obligations issued under this chapter. 14144308 LOCAL GOVMM NT . 60 A (2) The refunding bonds may be combined4ith bonds issued into a single issue. (b)(1) When bonds -ate issued tinder this section fdr :ie diQft. pury, ppook�es, this bonds may either be sold or delivered ia.eeachww fob .the guts ng.o Aigations, ... ; (2) If the Bondi are solkthe`proce -- inay:be either li' d app ed to the P5 out .of the gbligations' refunded or deposited in escrow for;the At `66t 0 the lrorids. .(#' ` All bond issued u idbr' thik char d a'i ii all rbspef s'be'aur z, issued,'and eecare$ intlie manger rovfde Eur o bonds issued under this chapter az4d. shall-have all the attriiiutes of those bonds. : _ . (2) The resolution. under which'tiie' refu idind bbnds 9* isanM•may provide that any of the refunding bonds shall have the same prloritV of lien on the revenues pledged for their payment'as'waienj*d by I& oiligaliioi}s refunded by the bands, , History. Acts 2007, Na 1046,1 1. ; 14.1' 4� -$08. Issuance .off re�venae, bonds - Mortgage l�iea�t.. • . -(a) The resolution. or indenture. securing. +the bonds ,may impose.. a i foreclosable mortgage lien upon, or security interest in the SAl ittim -;o f : the: research park authority or. any .pbrdm. of the. facilities, aid. the extent of the.mortgage Hen -or security interest may.beimtrollod by:the 7 resolution . or indenture; including Without -limitatlon•.provisjons,:per- taining to the release of all or part of the facilities subject. to: 'ha Mortgage lien or security interest in the event of successive issue of bonds ., � ... Sullject to. the terms, conditions, and restrictions container in the. resA lion or indenture, any holder of any -of the boni& or otim coupon attache to a bond or a tru66 an behalf of the holders eith0 ',at iaw.or :.equity may enforce the.' mMgage lien or secuxzty interest .- hY proper suit may compel the perPom.anoe of the duties of t ie o cisls of the ai tW&ity set forth in this chapter aiid set forth in the xeeolution or indenture. Hixkwf. Acts 2007, No. 1046, 4 1.' 14-144-80i Issuance of revenue bonds -- Default. > (a)(1) In the event of a default in the payment of the. principal of or interest - on any bonds issued 'under this chapter, a� court having jurisdiction may appoint a recs iver'to take char6 of an�q fna'litiesixp6n. or in which there is a mortgage lien or security _securing the bonds in default. (2) The.receiver may:operate .. and;maintain the. a ' . 'es s ecei3r + ship and charge and collect taxes, fees' rates, and ent to ' provide. for -the payment of any. costs of receivership,! and' bperaft expenses. of the facilities in receivership and .to•.w1ply,. :the%:revenues i i 3 Sly Rk8RA=.PARK-AUTHORrkYAar . 14144412 dorived from the fesilities�;in teeditfship iri''coaformit f, with ; -" chioa r:amd ;the resolution, or: Wentate securing the bonds in default. L M- men the default has been adk4; thwieoeivership sliall be'-ended a and. th&faatitiee returned to the vesearch park authority .( b).. Tberelief proWded-.for.ia: this - section is in addition and supple- for is the resolution or s indenture securing thhei bonds rd•shall be-sa granted and: administered. as to aoaotd.*a. rQoognition,td.the priority.,rights of bondholders as'to 1 the.pledge of.revenu&,fn m; jno#tgags lien on; and- security-interest in r faciWes•:: as -•: spQeMgd An °and;) fixed 'by ' the -resolution .or indenture 3 securi7ng. successive isaues of bonds.. . i pry Acts 2007, Na 104C;.�: L 3 1,` " W' 10. Aj "e tl. to p4ain �itinde.. in- connectioif with obtaining funds for its purposes, a research park authority may enter into' an agi e� with any person li*lhding the federal government or any agency or subdivision of the federal govern- ment, containing such provisions, covenants, terms, and conditions as the authority deems advigabe. • . , i f Hijtaq�y.,Acts 2007, No. 1045, f. I. j 14- 14 -$xl: lemptioin from taxation. j (a) The property of each research park authority is exempt from all j local -and municipal taxes. f (b) ''sonde; notes, debentures, and other evidences of indebtedness of the -authority &a. declared to bo - issued for a public purpose and to - be j public instrunien'talities and,• together with interest thereon, are ex- 4 empt,'from gall state; county, .and- municipal taxes, including without limitation income tax, inheriUA60 tau, and estate takes. f (c) The establishment, developinent, and growth bfresearch parks in the.-State o£Arkansas #rves:a public purpose -and use through: (1) The creation of high- paying Jolts, {2) The ability to retain some of our most highly educated Arkan- 13) The growth-'of lArkeinsas -based businesses whose focus on the research and - development- of products and. services will serve to diversify Arkansaa's-.eaonomr, and (4) - A strategic alliance between business and higher education that . has the potential to substantially improve Arkansas's economy. Hidory. Acts 2007, No. 1046, § 1. 14144 -312. Use of surplus funds. i . (a) If. a research park authority realizes a surplus, whether from operating the research park facilities and other facilities or leasing it or ,i arc! •i- 14- 144913 LOCAL.GOVSRNMKNT 62 E them -for • operation, over . and above the. amount required for the A. mointenance, improvement, and. opersiUm- of the research park."I ty a and other.: facilities and for 4 meeting. all:. required payments :on its obligations, the authority shall: set aside the- reserve for future opera tions, improvements,. and •tsflntingencies as. the authority. deems pa oper and shall-then apply the residue of the surplus, if any, to the payment of any' and - established obligatidns .not then *due: . (b) After: all the: recogni$ed-and established. obligations -have been paid off and discharged in full,. the authority.ehall.set•aside at the end of each fiscal year the-reserve for future operations; improvements; and contingencies as prescribed in - subsection .(a) of this section- and then pay the residue of the surplus, if any, to the sponsoring county, municipality, accredited institution of higher -educ ation'and, if appli- cable, state agency in direct proportion to each sponsWa .financial contributions to the authority, if the• distributiori'df the iresidue df'the surplus. does. not .violate: United States law. or. the terms of any deed, gran(" agreement, or other agreement_with the United States. - s . History. Acts. 2007, 'No. 104554 1. tI 14- 144 -818. Public and private contributions... . (a) Contributions may be made to a research park authority from f time to time by any county, municipality, or accredited ,insfititution of higher education by the State of Arkansas or any agency of the state or -' by any person. i (bXl) -In order to afford maximum opportunities for - Qontributions, the agreement provided for under 1 14- 144 -$01. maybe treated as a i cooperative agreement,under the provisions of the jnterlocal Coopera- n tion Act, §. 25-20 -101 et seq.; and at the election of the sponsors of the authority may contain language enabling the agreement'to be treated ew as a formal compact uuder § 14- 165 -201 et eeq... -et (2) If -the conditions :set forth in subdivision (bXl) of this • section -acre at met, the authority shall. hold title to property in its powers and capacity as a public corporation rather than as a commission - trustee as -provided in 14- 165-201 et seq. ,or may be treated as -a less formal arrangement for the cooperative use of industrial development bond funds, all to the end that the .counties and municipalities may contribute to;the author- ity fiends derived: from general obligation bonds. under Arkansas Con- ti stitution, from revenue bonds under•-$ 14- 164 -201 et seq.,- and from a, other available sources, and may contribute - funds derived from a ai combination of these sources. Hh tory. Acts 2007, No. 1045, f 1. 14-144 -314. Accounts and reports. ' (01) All funds received by a research park authority shall be deposited in such banks as the xesearch •park- authority-may- Airect and 68 the ili� era" oiler lent i. peen end and hen aty, the sad, om Of or 18, is *a he ed re ty xl It to r- n- a a 68 RESEA=:OMAUTUO M1rYACT 14= 144=316 shall be withdrawn from those banks in a manner thte: authonty, may )r Each sutTiorit ! ghall keep 'strict i6,06b it of all of its-, r eipts iw ` ' ' • e and MO. e'aoln ' ; . t ' =mama A. report to'" Aid gating fxtig6 thaiUve ,.`cofit utiloiXs: (Bxi)' The par` t Kali �t�iiai sin ifkmi� 466iiiht of t the oii s' recce% its. ia'disibu eemeiit dttru he ptecec�iiig. qua ty' rter' �ii) �l'bte irepoYt 3 fall a inade•wi f slid of (bxi 'wiWn.:siiO (66) days r't a end iof $acli'fiecal ►e r, each .;' research` par 1e audwHty aW use -ha aiiunal:ai t t6 bd ,mW. *y independent certified public -accountant and ' shall file "a copy VAC resulting audit report with each of the governing b4se participa" in the authority. (B) The audit shall contain an itemized i0pteme* of the apthofi• Ws receipts and disbursements *for the preceding year. =(2)" The. 'boobs; rWordWj •'and'- amounts of. Bch- 'authority shall - - be subject: to audit'and examination by any proper public - official or body in the finanner prov2ded by law. 8is awry. Acts 200'! -No:.1045., 1 1. 'i'44 -8Xl5. County, municipal, and state participation. A county, municipality, accredited - institution of higher education; and state agency that is a sponsor of a research park authority may. (1) Appoint members of a research park authority; (2) Contribute . to the cost. of acquiring, construptai�pg, equipping, maintdiniag, and apefating -the research.• park fa(MAies- and appurte- nant facilities; and (3) Transfer and convey to the authority property of any kind acquired by the county, munni©pality; . accredited institution of higher education, and state agency or the State of Arkansas for research and economic developirieint. ` History. Acts 8007, No. 1045,1 1. i. 14-144 -816. Lease of facilities. (a) Each research *park authorit may lease its research park facili- ties and all or any part of its ppurtenances and facilities to any available lessee at a rental and upon such terms and conditions as tl}e authority deems proper. ­ . ... 1. (b) Leases shall be for some purpose associated ith research or economic development activities that serve to build the local, regional, and state economies. Hh"".'Ads 2007, No. 1045, 1. I i. 14-144-317. 9816;0f meta ewa* park authozityso.determfim, the KvLWj1"r*ftY iftheboarddar to a3&d djkribute-�be �r any . par . to f It6-prOP1wt14-g and axqe;.. 4 i1cc3re& tad West 'jin counties, midigidpa $ tiei4'. .h ambn b�b doons.0 education, -- - -, * ag, . . _ . 34. of qM ind i=d# of or otherwise ilix. the each ibutad' to a. stabudib the ent or or Of apt ioi'itY assets od Won it no Bile* P are Pro liliniler Oat, violgiteB United Jaw.-' �L sale in a po��.withthe P�IOM­ 'of or othim or A0W'260,j40.:j045, J* L 144__443A AutWASeAMY'01111616wa:; or n com md� or other Any., cou!* Or.Jimicpol yo cQuAty or =2nicipality or the _ auflwAty established by-ordinance .. b."'Of trustees , respectively, of the firmMPS relief and and the policemen !g pension munidpalitR and and relief fund Of any such by the board. of trustees Of any retirement system erected *sted t&' its, Assembly may invest any Of its funds not immediately..�ieeded for P111rPOS08 In . boxib isi6d'ikideithis `&ipilii, and bonds' isd6d under tbiwebApter shall be di&le to BSC= the deposit: of public. . funds. Hjgjo�y. Acts 2007, N& 1045'. 1. 1. P)M" AND jqXVRLQ Tff N La-16. XCO &V CHAPM. 163 CONMI981ONS BUBCHAKWL 2. CMM or TM rm" CLAN W COUMM or 106,000 OR MOIL 8uscswm 2 Cams or Fu CLASS IN COUNTMB 01 105106,000 03, Fuser 14-IWW7. Levy of tM Zgwd,�e Dateg. Acts 2909, No. 1400, 117, Apr. 10, 2009. Emergency clause provided: -it is immd and determined by the General Assembly of the State of Ar- kansas that this act makes various revi - sions to Arkansas election laws that a"., designed to imPM6 00.0 pini4tration of. alwacm and special'olwtiorts'and that: t should these revisions :implemin- A soon as poss'VG sd that the dtisene of this_ .