§ 14-169-1005 - Funds for acquisition. - Arkansas Statutes

14-169-1005. Funds for acquisition.

(a) Funds for the acquisition of surplus federal properties may be provided from general revenue sources, general mortgage loans, or revenue bonds which may be issued by the county, city, or town to provide funds.

(b) (1) The revenue bonds may bear interest at such rate or rates as provided in the ordinance authorizing their issuance. Bonds so issued shall:

(A) Be negotiable;

(B) Declare that a statutory mortgage lien shall exist on the property so acquired; and

(C) Be executed by the county judge and county clerk or municipal mayor and municipal clerk or recorder.

(2) The funds derived from the bonds shall be used exclusively for purposes for which they are issued.