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14-282-114. Issuance of negotiable notes.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-282-114. Issuance of negotiable notes.
(a) In order to acquire equipment and to do the work, the board may issue the negotiable notes of the improvement district signed by the members of the board and bearing a rate of interest not exceeding six percent (6%) per annum and may pledge and mortgage a portion of future annual benefit assessments as collected for the payment thereof.
(b) Any petitions for the creation of a district and the court order creating a district, shall limit the total amount of notes that may be outstanding at any one (1) time to twenty thousand dollars ($20,000).
(c) The improvement district shall have no authority to issue bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-282-114
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:14-282-114
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f1990f3b75c350dacebc2f534dccaa8f24cf787975283e7f1073984c91ed3446
Source location: content.xml paragraph 52886
Stored source content
14-282-114. Issuance of negotiable notes.
(a) In order to acquire equipment and to do the work, the board may issue the negotiable notes of the improvement district signed by the members of the board and bearing a rate of interest not exceeding six percent (6%) per annum and may pledge and mortgage a portion of future annual benefit assessments as collected for the payment thereof.
(b) Any petitions for the creation of a district and the court order creating a district, shall limit the total amount of notes that may be outstanding at any one (1) time to twenty thousand dollars ($20,000).
(c) The improvement district shall have no authority to issue bonds.
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