{"data":{"id":"us-ar/ark.-code-ann.-14-282-114","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 14-282-114","heading":"Issuance of negotiable notes","body":"(a) In order to acquire equipment and to do the work, the board may issue the negotiable notes of the improvement district signed by the members of the board and bearing a rate of interest not exceeding six percent (6%) per annum and may pledge and mortgage a portion of future annual benefit assessments as collected for the payment thereof.\n\n(b) Any petitions for the creation of a district and the court order creating a district, shall limit the total amount of notes that may be outstanding at any one (1) time to twenty thousand dollars ($20,000).\n\n(c) The improvement district shall have no authority to issue bonds.","path":["AR Code","Title 14","Chapter 282"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"d65ba64497b81b1944b3340f8ab179c57fb2b3844749861610144fd740527306","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-14-282-113","next":"us-ar/ark.-code-ann.-14-282-115"},"notice":"GroundRules: Original legal text. Not legal advice."}