2020 Arkansas Code
Title 6 - Education
Subtitle 1 - General Provisions
Chapter 2 - Corporate Charters
§ 6-2-110. Power to borrow for the construction of facilities

The governing body of a corporation organized under the provisions of this chapter shall have the power, for and on behalf of the corporation:

1. (1) To borrow money from time to time for construction of facilities for its corporate purposes;

2. (2) To evidence such indebtedness by promissory notes, bonds, or other negotiable evidences of indebtedness;

3. (3) To secure the payment and the interest on the money borrowed by mortgage, pledge, conveyance, or assignment in trust of the whole or any part of the real and personal property of the corporation, whether at the time owned or thereafter acquired; and

4. (4) To sell, pledge, and otherwise dispose of bonds or other obligations of the corporation issued for its corporate purposes.