{"data":{"id":"us-ar/ark.-code-ann.-14-92-306","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 14-92-306","heading":"Borrowing of money","body":"(a) Consolidated systems may borrow money to pay and discharge any outstanding bond issues and indebtedness of the districts joining in the consolidations and may borrow money also for improvement, enlargement, and betterment of the facilities of the consolidated systems. (b) To accomplish these purposes, the consolidated systems may issue negotiable coupon bonds or certificates of indebtedness evidencing the money so borrowed, to: (1) Be secured solely by a pledge of the net revenues derived from the operation of the facilities; (2) Bear interest not to exceed six percent (6%) per annum; (3) Mature at such times and places as the issuer shall decide best, but in no event to mature later than forty (40) years after date of issue; (4) Be issued with such terms of payment, call provisions, and interest rates as the issuer may decide best; and (5) Be sold with the privilege of conversion to lower interest rates. Acts 1959, No. 262, § 1; A.S.A. 1947, § 20-732.\n\n(a) Consolidated systems may borrow money to pay and discharge any outstanding bond issues and indebtedness of the districts joining in the consolidations and may borrow money also for improvement, enlargement, and betterment of the facilities of the consolidated systems.\n\n(b) To accomplish these purposes, the consolidated systems may issue negotiable coupon bonds or certificates of indebtedness evidencing the money so borrowed, to: (1) Be secured solely by a pledge of the net revenues derived from the operation of the facilities; (2) Bear interest not to exceed six percent (6%) per annum; (3) Mature at such times and places as the issuer shall decide best, but in no event to mature later than forty (40) years after date of issue; (4) Be issued with such terms of payment, call provisions, and interest rates as the issuer may decide best; and (5) Be sold with the privilege of conversion to lower interest rates.\n\n(1) Be secured solely by a pledge of the net revenues derived from the operation of the facilities;\n\n(2) Bear interest not to exceed six percent (6%) per annum;\n\n(3) Mature at such times and places as the issuer shall decide best, but in no event to mature later than forty (40) years after date of issue;\n\n(4) Be issued with such terms of payment, call provisions, and interest rates as the issuer may decide best; and\n\n(5) Be sold with the privilege of conversion to lower interest rates.","path":["AR Code","Title 14","Chapter 92","Subchapter 3"],"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 2026-09-17","retrieved_at":"2026-09-17T21:35:43Z","sha256":"5f3cfe456f4d7d01202cd01105397ec59619c8f5c7b9a395d95dc90cad156f16","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-14-92-305","next":"us-ar/ark.-code-ann.-14-92-307","notices":[{"id":"open-us-law","title":"Open US Law compilation","text":"Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text.","url":"https://huggingface.co/datasets/vaquill/open-us-law","license_url":"https://creativecommons.org/licenses/by/4.0/"},{"id":"pro-ar","title":"Arkansas Release 78 supplement","text":"Arkansas electronic product files were republished by Public.Resource.Org under a public-domain mark. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows.","url":"https://archive.org/details/gov.ar.code"}]},"notice":"GroundRules: Original legal text. Not legal advice."}