§ 14-386-503 - Money from federal government or private sector. - Arkansas Statutes

14-386-503. Money from federal government or private sector.

(a) All fencing districts are expressly authorized to accept grants of money from, and to borrow money from, the federal government, or from any federal agency, or from any private person, individual, or corporation, or from any other source, for the purpose of executing or carrying out the purposes for which the district was organized.

(b) (1) Any district, or the fencing board of the district, for the purposes prescribed in subsection (a) of this section is expressly authorized and empowered to enter into and to execute the loan agreements and contracts with the lending agencies as the board may deem necessary or proper in connection with any grant or loan to the district.

(2) Any agreement or contract entered into by any district, or the board of any such district, is ratified, confirmed, and made binding, in all respects, upon any board and its successor, from time to time, and any contract shall be enforceable by an appropriate civil action in the courts of this state.