§ 14-120-238 - Authority to borrow money and issue bonds -- Purpose. - Arkansas Statutes

14-120-238. Authority to borrow money and issue bonds -- Purpose.

For the purpose of enabling the board of directors of any levee district, drainage district, or levee and drainage district, lying in one (1) or more counties, to cooperate with the United States of America and fully perform any and all agreements, contracts, or obligations imposed on and assumed by it in the construction of the flood control and drainage works provided for in any adopted and authorized project, and, more especially, to enable the board of directors of the district to acquire, and pay for, lands, rights-of-way, and easements necessary to the construction of flood control and drainage works, to save and hold harmless the United States of America from any damage arising by the construction of flood control and drainage works, and the obligations which will be imposed on it to perpetually operate and maintain the works after the completion of them, as the Secretary of the Army may, by regulation, require, the board of directors of any such levee district or drainage district, or levee and drainage district, is authorized to borrow money, and to that end may issue negotiable bonds or notes of the district.