(a) The General Assembly recognizes that:
(1) The continued industrial growth and development of some counties in the state is seriously threatened by the discontinuation of the operation of a railroad in these counties;
(2) These counties should be given the specific authority to issue general obligation bonds or revenue bonds to acquire the railroad and to repair and operate the railroad in order to avoid the loss of existing industry and to attract new industrial development in the area; and
(3) An adequate transportation system is essential to the industrial development of any area.
(b) The General Assembly therefore determines that:
(1) A railroad is an industrial facility, or a facility useful in securing and developing industry, as contemplated by Arkansas Constitution, Amendment 49 [repealed] and §§ 14-164-201 -- 14-164-206 and 14-164-208 -- 14-164-224;
(2) The acquisition of an existing railroad and the acquisition and operation or leasing out of it for operation is a proper industrial development project to be financed by the issuance of industrial development bonds under Arkansas Constitution, Amendment 49 and §§ 14-164-201 -- 14-164-206 and 14-164-208 -- 14-164-224; and
(3) This subchapter is designed to give contiguous counties specific authority to jointly issue bonds to be used to lease or otherwise acquire, repair, maintain, and operate, or lease out for operation, an existing railroad in these counties.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.