Ark. Code Ann. § 14-184-211: Bonds - Sale

(a) The bonds may be sold for such price including, without limitation sale at a discount, and at such rate of interest and in such manner as the board may determine by resolution.

(b) The bonds or certificates of indebtedness may be sold to any bank, savings and loan association, or other financial institution regulated by an agency of the state in which it is incorporated, or the federal government, notwithstanding the fact that a director, officer, employee, or shareholder of the financial institution is a member of the board of the district. The provisions of §§ 14-88-309 , 14-88-310 , 14-88-402 shall not apply to any such transaction.