§ 14-123-404 - Landowners' meeting -- Levy of tax -- Issuance of evidence of indebtedness. - Arkansas Statutes

14-123-404. Landowners' meeting -- Levy of tax -- Issuance of evidence of indebtedness.

(a) At the landowners' meetings the reports and estimates of the engineers, the assessments of the assessors, and an estimate of the probable cost of the work shall be laid before the landowners present. If a majority of the landowners present, either in person or by proxy, shall vote in favor of the work, it shall be the duty of the board of directors to cause the levee to be constructed in accordance with the reports and estimates of the engineers, as nearly as may be.

(b) To that end the board of directors shall have power and authority to levy a tax upon the betterment estimated to accrue to the lands by reason of the work, sufficient to pay the cost thereof, which the tax may be paid as a whole or in such annual installments as the board of directors may decide.

(c) When the assessment shall be payable in annual installments, the treasurer of the district shall collect each year only the annual installments due for the year and any delinquent installments.

(d) The board of directors may issue interest-bearing evidences of indebtedness or bonds which may be either negotiable or nonnegotiable, and in such form and bearing interest at such rate or rates, and payable at such time or times as the board of directors may by resolution declare.

(e) To secure the prompt payment thereof, the board may pledge the property and revenue of the district, provided the total indebtedness shall not exceed the estimated betterment to accrue to the land by reason of the work.