§ 14-121-308 - Authority to improve or extend districts, borrow money, and issue bonds. - Arkansas Statutes

14-121-308. Authority to improve or extend districts, borrow money, and issue bonds.

(a) The commissioners of any drainage district organized under the provisions of 14-121-101 -- 14-121-104, 14-121-201 -- 14-121-207, 14-121-301, 14-121-303 -- 14-121-305, 14-121-307, 14-121-309 -- 14-121-314, 14-121-401 -- 14-121-406, 14-121-408, 14-121-411, 14-121-412, 14-121-420 -- 14-121-424, 14-121-425 (a), (b), 14-121-426 -- 14-121-433, 14-121-440 -- 14-121-442, 14-121-501, 14-121-502, 14-121-802 -- 14-121-808, and 14-121-810 shall have the power as hereinafter provided, either before or after the completion of the plans for the work therein, to deepen or widen the drains in the district and to build additional laterals for the better drainage of its lands, and to borrow money for that purpose.

(b) To that end, they shall have power to issue negotiable bonds bearing a rate or rates of interest as provided in the resolution of the commissioners authorizing their issuance for the purpose of securing funds with which to complete the work of improvement in the district, and of widening or deepening the ditches, adding laterals, and for maintenance of the ditches and levees.

(c) They may secure the payment of the bonds by a pledge and a mortgage of the assessment of the benefits in the district, and of all reassessments thereof.