Ark. Code Ann. § 14-123-605: Valid indebtedness unimpaired

The dissolution of a district under the terms of this subchapter shall not impair or deny any creditor of the district the right to the collection of its bona fide and valid indebtedness existing against the district, but the creditors of the district shall be subject to this subchapter in connection with the presentation, allowance, or other adjudication with reference to their claim.