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14-184-207. Providing of funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-184-207. Providing of funds.
(a) For the purpose of providing funds to make loans including any reserve for contingencies deemed desirable, a central business improvement district may issue negotiable bonds or certificates of indebtedness bearing a rate of interest not to exceed the maximum rate allowed by law.
(b) In order to secure the bonds, the district may pledge, assign, or otherwise encumber any notes, debentures, evidences of indebtedness, mortgages, security interests, or other instrument of security or guaranty which may have been obtained to evidence a loan from the district to property owners within the district to accomplish the purposes of this subchapter.
(c) Assessments of benefits against the property owners in the district may not be pledged to secure the payment of the bonds authorized by this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-184-207
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:14-184-207
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 76c596b54f6c7315bd85db67e556a1fe1f54952c9dc05d4f94030d16e30ebbb4
Source location: content.xml paragraph 42827
Stored source content
14-184-207. Providing of funds.
(a) For the purpose of providing funds to make loans including any reserve for contingencies deemed desirable, a central business improvement district may issue negotiable bonds or certificates of indebtedness bearing a rate of interest not to exceed the maximum rate allowed by law.
(b) In order to secure the bonds, the district may pledge, assign, or otherwise encumber any notes, debentures, evidences of indebtedness, mortgages, security interests, or other instrument of security or guaranty which may have been obtained to evidence a loan from the district to property owners within the district to accomplish the purposes of this subchapter.
(c) Assessments of benefits against the property owners in the district may not be pledged to secure the payment of the bonds authorized by this subchapter.
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