(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. Acts 1957, No. 318, § 11; A.S.A. 1947, § 20-1311. (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. Acts 1957, No. 318, § 11; A.S.A. 1947, § 20-1311. (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. Acts 1957, No. 318, § 11; A.S.A. 1947, § 20-1311. (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. Acts 1957, No. 318, § 11; A.S.A. 1947, § 20-1311.
‹ Prev All Arkansas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.