Arkansas § 14-218-131 - Bonds — Issuance.
Full text of Arkansas Arkansas Code of 1987 Annotated § 14-218-131 — Bonds — Issuance., with citation guidance and answers to common questions.
§ 14-218-131. Bonds — Issuance.
In order to hasten the work provided for in the original or any additional or supplementary plans and to pay the indebtedness owed by any separate district whose plant or system is acquired by such consolidated district, the board may borrow money at a rate or rates of interest as provided by the resolution authorizing issuance of bonds. In order to carry out any of the above purposes, the board may sell bonds which may be secured by a mortgage of uncollected assessments or a part of same and by a mortgage on the consolidated plant and system. The sale of all bonds shall be at public auction after notice of such sale has been published one (1) time a week for two (2) weeks in some newspaper published and having a bona fide circulation in the county in which the district is located. Mortgages given by the board shall have priority in the order of their recording. The total outstanding indebtedness of the district, excluding interest, shall never exceed fifty percent (50%) of the assessed value of the real estate in the district, as shown by the last county assessment.
Frequently Asked Questions About Arkansas § 14-218-131
What does Arkansas Code of 1987 Annotated § 14-218-131 cover?
Section 14-218-131 ("Bonds — Issuance.") 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 § 14-218-131?
A common citation format is "Arkansas Code of 1987 Annotated § 14-218-131" (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 § 14-218-131 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.