Arkansas § 14-199-503 - Fiscal powers of commission.
Full text of Arkansas Arkansas Code of 1987 Annotated § 14-199-503 — Fiscal powers of commission., with citation guidance and answers to common questions.
§ 14-199-503. Fiscal powers of commission.
Subject to restrictions set forth in the ordinance creating the commission, it shall have power to borrow money and issue negotiable evidences of debt in the form of serial bonds or short-term notes. It may execute such negotiable notes or bonds to obtain the funds needed to carry out its functions. The commission may also pledge its revenues including the income from operations, and it may mortgage its property to secure the payment of money borrowed. The rate of interest to be paid and the time of maturity of all obligations shall be such as, in the judgment of the commission, will be most advantageous to the commission and its patrons. However, no obligation shall be made to run for more than twenty (20) years and no obligation running longer than one (1) year shall bear interest at more than the maximum rate allowable for income from the obligations to qualify for tax-exempt status under the laws of the United States of America and the State of Arkansas.
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 14-199-503
What does Arkansas Code of 1987 Annotated § 14-199-503 cover?
Section 14-199-503 ("Fiscal powers of commission.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 14-199-503?
A common citation format is "Arkansas Code of 1987 Annotated § 14-199-503" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 14-199-503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.