2015 Arkansas Code
Title 14 - Local Government
Subtitle 8 - Public Facilities Generally
Chapter 142 - Local Government Library Bonds
Subchapter 2 - Local Government Library Bond Act
§ 14-142-219 - Bonds generally -- Interim borrowing.

(a) If the issuance of bonds is authorized in accordance with the provisions of this subchapter, a municipality or county is authorized to obtain interim financing pending the delivery of all or any part of the bonds from such sources and upon such terms as the municipality or the county shall determine.

(b) As evidence of any indebtedness so incurred, the municipality or the county may execute and deliver its promissory note or notes and pledge to the payment thereof the tax or taxes approved by the voters to be pledged to the bonds, and to otherwise secure the notes as bonds issued under this subchapter may be secured.

(c) The notes may:

(1) Bear such date or dates;

(2) Mature at such time or times, not exceeding three (3) years from their respective dates;

(3) Bear interest at such rate or rates;

(4) Be in such form;

(5) Be executed in such manner;

(6) Be payable at such place or places;

(7) Contain such provisions for prepayment prior to maturity; and

(8) Contain such other terms, covenants, and conditions

as the ordinance or order may provide which are not inconsistent with the provisions of this subchapter.