§ 14-139-108 - Sale of bonds. - Arkansas Statutes

14-139-108. Sale of bonds.

(a) Bonds provided for in this chapter shall be issued in such amounts as may be necessary to provide sufficient funds to pay all costs of construction or acquisition, including engineering, legal, and other expenses, together with interest to a date six (6) months subsequent to the estimated date of completion.

(b) Bonds issued under the provisions of this chapter are declared to be negotiable instruments. They shall be executed by the presiding officer and clerk or recorder of the municipality and be sealed with the corporate seal of the municipality. In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before delivery of the bonds, their signatures shall nevertheless be valid and sufficient for all purposes the same as if they had remained in office until the delivery.

(c) The bonds may be sold at not less than ninety cents (90cent(s)) on the dollar, and the proceeds derived therefrom shall be used exclusively for the purposes for which the bonds are issued. They may be sold at one (1) time or in parcels as funds are needed.