Ark. Code Ann. § 14-202-122: Contracts for grants-in-aid and loans

The governing body of any municipality is authorized to make application and to enter into contracts for and to accept grants-in-aid and loans from the United States and the State of Arkansas, and their agencies, for planning, acquiring, constructing, expanding, maintaining, and operating any project or electric system or participating in any research or development program, or performing any function which the municipality may be authorized by law to provide or perform.