Ark. Code Ann. § 14-116-702: Terms and form of bonds, etc

(a) Bonds or other evidences of indebtedness issued under the terms of this subchapter shall bear such date or dates, mature at such time or times not in excess of forty (40) years, and any such bonds shall be sold at public sale through competitive bidding, and any such bonds and other evidences of indebtedness and be in such form and denomination as the board may determine.

(b) The board may sell, exchange, or hypothecate these obligations from time to time at such interest rates and such prices as are specified by the board.