{"data":{"id":"us-ar/ark.-code-ann.-14-58-401","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 14-58-401","heading":"Authority generally","body":"(a) Upon a vote of two-thirds (2/3) of the members of the city council, cities of the first class may borrow money for the ordinary operating expenses of the city after January 1 of each year in anticipation of the property tax collections collectible in that year.\n\n(b) The sum so borrowed shall not exceed, in the aggregate, fifty percent (50%) of the amount of city taxes extended on the county tax books for collections during the year.\n\n(c) These cities shall have power to issue to the lender thereof negotiable but noninterest-bearing evidences of indebtedness for moneys so borrowed, to be executed by the mayor and city clerk in behalf of the city.","path":["AR Code","Title 14","Chapter 58","Subchapter 4"],"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":"d83ada622e9a58378a384432648f64566fbc5e3bb1a81abb68cec9ea7387122a","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-14-58-308","next":"us-ar/ark.-code-ann.-14-58-402"},"notice":"GroundRules: Original legal text. Not legal advice."}