Ark. Code Ann. § 14-116-701: Authority to borrow money or issue bonds, etc

The board may borrow money at a rate of interest from any agency of the United States, the state, or any other public or private lending source; may issue promissory notes, negotiable bonds, or other evidences of indebtedness as required by the lender thereof; and may pledge and assign all assessments and revenues relating to the improvement project area for the repayment thereof.