(a)
- (1) The borrower shall direct its bond counsel to prepare a bond ordinance according to the term sheet provided by the Arkansas Natural Resources Commission staff.
- (2) The bond counsel shall assure that the ordinance is enacted according to state law and program requirements.
- (b) Sewer improvement districts shall be required to document the legal formation of the district and the enactment of an acceptable tax levying ordinance besides preparing the bond ordinance.
(c)
- (1) In bonds supported by a sales tax, the borrower will be required to furnish a certified copy of the sales tax ordinance and the election results besides preparing the bond ordinance.
- (2) The commission staff shall approve all sales tax election ordinances.
- (3) This approval must be before scheduling a sales tax election.
- (4) This is done to assure all program requirements are met.