Ark. Code Ann. § 14-89-203: Electric streetlight districts in cities with a population of more than 10,000

Improvement districts for the purpose of installing electric streetlights in cities having more than ten thousand (10,000) inhabitants may borrow money for the purpose of doing the work of construction at a rate of interest provided in the resolution of the board of improvement and may mortgage their improvements and pledge their income as security for the money borrowed, and they may execute negotiable bonds for the money borrowed.