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14-284-117. Issuance of notes.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-284-117. Issuance of notes.
(a)(1) In order to acquire and maintain equipment and facilities and do the work of the fire protection district, the board of commissioners may issue the negotiable notes of the fire protection district signed by the members of the board and bearing a rate of interest not exceeding the maximum rate of interest under § 4-57-104, and the board may pledge and mortgage a portion of the future annual benefit assessments as collected for payment.
(2) The petition for the creation of a fire protection district in the court order creating the fire protection district shall limit the total amount of notes that may be outstanding at any time, but the limits may be increased to the maximum prescribed in subdivision (a)(3) of this section.
(3) Subject to Arkansas Constitution, Amendment 78, if applicable, a fire protection district created under this subchapter shall not have notes outstanding at any one time:
(A) In excess of one hundred fifty thousand dollars ($150,000); or
(B) With an annual amortized amount that exceeds two (2) times the available cash reserves of the fire protection district.
(b) A fire protection district shall not issue bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-284-117
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:14-284-117
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7e578903f6805a86cadbc2cf19b7a045c84a0966de7d8b5776cb405ed3dfaf0d
Source location: content.xml paragraph 53321
Stored source content
14-284-117. Issuance of notes.
(a)(1) In order to acquire and maintain equipment and facilities and do the work of the fire protection district, the board of commissioners may issue the negotiable notes of the fire protection district signed by the members of the board and bearing a rate of interest not exceeding the maximum rate of interest under § 4-57-104, and the board may pledge and mortgage a portion of the future annual benefit assessments as collected for payment.
(2) The petition for the creation of a fire protection district in the court order creating the fire protection district shall limit the total amount of notes that may be outstanding at any time, but the limits may be increased to the maximum prescribed in subdivision (a)(3) of this section.
(3) Subject to Arkansas Constitution, Amendment 78, if applicable, a fire protection district created under this subchapter shall not have notes outstanding at any one time:
(A) In excess of one hundred fifty thousand dollars ($150,000); or
(B) With an annual amortized amount that exceeds two (2) times the available cash reserves of the fire protection district.
(b) A fire protection district shall not issue bonds.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-57-104. Maximum rate of interest permitted.
The parties to a contract may agree in writing to the payment of interest not exceeding the applicable rate of interest, if any, set forth in Arkansas Constitution, Amendment 89, on money due or to become due.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-57-104
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. The source passage cites 4-57-104. This identifies an authority to review, not proof of applicability.