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20-17-1115. Issuance of notes.
Arkansas Code — all titles (historical 2020) · legal_authorities
20-17-1115. Issuance of notes.
(a) In order to acquire equipment and to do the work, the board of commissioners may issue the negotiable notes of the 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 the district shall limit the total amount of notes that may be outstanding at any one (1) time in excess of ten thousand dollars ($10,000).
(c) The district shall have no authority to issue bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-17-1115
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:20-17-1115
Source file: gov.ar.code.title.20.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 34185e0c987914bdbda397d94c1d90b1a557abc48fc9dc03a666099af6fb116f
Source location: content.xml paragraph 16690
Stored source content
20-17-1115. Issuance of notes.
(a) In order to acquire equipment and to do the work, the board of commissioners may issue the negotiable notes of the 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 the district shall limit the total amount of notes that may be outstanding at any one (1) time in excess of ten thousand dollars ($10,000).
(c) The district shall have no authority to issue bonds.
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