Bill Summary – FastDemocracy

Stricken language would be deleted from and underlined language would be added to present law.
                                           Act 838 of the Regular Session
 1   State of Arkansas
 2   94th General Assembly                        A Bill
 3   Regular Session, 2023                                                             HOUSE BILL 1759
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 5   By: Representative A. Collins
 6   By: Senator Crowell
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 8                                     For An Act To Be Entitled
 9                   AN ACT TO AMEND ARKANSAS LAW CONCERNING REDEVELOPMENT
10                   DISTRICTS; AND FOR OTHER PURPOSES.
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13                                                 Subtitle
14                           TO AMEND ARKANSAS LAW CONCERNING
15                           REDEVELOPMENT DISTRICTS.
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18   BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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20          SECTION 1.        Arkansas Code § 14-168-308 is amended to read as follows:
21          14-168-308. Termination of redevelopment districts.
22          (a)(1)       A redevelopment district shall not be in existence for a period
23   longer than twenty-five (25) years, unless under the original redevelopment
24   plan or by amendment of the original redevelopment plan bonds have been
25   issued and the bonds would not be fully paid until after the date that is
26   twenty-five (25) years from the date of creation of the district.
27                   (2)     In any event, a redevelopment district shall not be in
28   existence for a period longer than forty (40) years.
29          (b)    The local governing body may set a shorter period for the
30   existence of the district and may also provide that bonds shall not have a
31   final maturity on a date later than the termination date of the district.
32          (c)    Upon termination of the district, further ad valorem tax revenues
33   shall not be distributed to the special fund of the district.
34          (d)(1)       The local governing body shall adopt upon the expiration of the
35   time periods set forth in this section an ordinance terminating the
36   redevelopment district.
     *MBM180*                                                                  3/28/2023 3:12:57 PM MBM180
                                                                               HB1759
 1                 (2)   A district shall not be terminated so long as bonds with
 2   respect to the district remain outstanding.
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 4        SECTION 2.      Arkansas Code § 14-168-317(b)(1), concerning the terms and
 5   conditions of redevelopment bonds or notes, is amended to read as follows:
 6        (b)(1)     The bonds or notes shall mature over a period not exceeding the
 7   date of termination of the redevelopment district, as determined pursuant to
 8   § 14-168-308 thirty (30) years.
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11                                    APPROVED: 4/13/23
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                                           2              3/28/2023 3:12:57 PM MBM180
Statutes affected: 
HB 1759: 14-168-308, 14-168-317(b)
Act 838: 14-168-308, 14-168-317(b)