Arkansas § 14-58-401 Authority generally

Arkansas Statutes

§ 14-58-401 — Authority generally

Arkansas § 14-58-401

Title14

This text of Arkansas § 14-58-401 (Authority generally) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 14-58-401 (2026).

Text

(a)Upon a vote of two-thirds (2/3) of the members of the city council, cities of the first class may borrow money for the ordinary operating expenses of the city after January 1 of each year in anticipation of the property tax collections collectible in that year.

(b)The sum so borrowed shall not exceed, in the aggregate, fifty percent (50%) of the amount of city taxes extended on the county tax books for collections during the year.

(c)These cities shall have power to issue to the lender thereof negotiable but noninterest-bearing evidences of indebtedness for moneys so borrowed, to be executed by the mayor and city clerk in behalf of the city.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Upon a vote of two-thirds (2/3) of the members of the city council, cities of the first class may borrow money for the ordinary operating expenses of the city after January 1 of each year in anticipation of the property tax collections collectible in that year. (b) The sum so borrowed shall not exceed, in the aggregate, fifty percent (50%) of the amount of city taxes extended on the county tax books for collections during the year. (c) These cities shall have power to issue to the lender thereof negotiable but noninterest-bearing evidences of indebtedness for moneys so borrowed, to be executed by the mayor and city clerk in behalf of the city.