14-199-503. Fiscal powers of commission.

Arkansas Code — all titles (historical 2020) · legal_authorities

14-199-503. Fiscal powers of commission.

14-199-503. Fiscal powers of commission. (a)(1) Subject to restrictions set forth in the ordinance creating the commission, it shall have power to borrow money and issue negotiable evidences of debt in the form of serial bonds or short-term notes. It may execute such negotiable notes or bonds to obtain the funds needed to carry out its functions. (2) The commission may also pledge its revenues including the income from operations, and it may mortgage its property to secure the payment of money borrowed. (b) The rate of interest to be paid and the time of maturity of all obligations shall be such as, in the judgment of the commission, will be most advantageous to the commission and its patrons. However, no obligation shall be made to run for more than twenty (20) years and no obligation running longer than one (1) year shall bear interest at more than the maximum rate allowable for income from the obligations to qualify for tax-exempt status under the laws of the United States of America and the State of Arkansas.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-199-503

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.