(a) Any levee or drainage improvement district in this state having acquired title to any lands within that district by virtue of foreclosure of benefit assessments thereon may sell the lands at prices fixed by the commissioners of the district and may receive in payment of the purchase price for the land the bonds and interest coupons of the district, at face value, to the amount of the purchase price.
(b) Any person redeeming or purchasing lands from the districts, at the time of making payment for those lands in bonds or interest coupons of the district, shall pay to the district in cash an amount necessary to defray all costs and expenses of foreclosure which the district shall have incurred as to the redeemed or purchased tract of land.
Structure Arkansas Code
Subtitle 7 - Water and Soil Improvement Districts
Chapter 120 - Drainage and Levee Improvement Districts Generally
Subchapter 1 - General Provisions
§ 14-120-101. Date of annual board meeting
§ 14-120-102. Elections in certain combination levee and drainage districts
§ 14-120-103. Agreements with United States for straightening out, cleaning, and deepening bayous
§ 14-120-104. Foreclosure sales — Payment with bonds or interest coupons
§ 14-120-105. Funding and refunding indebtedness evidenced by bonds or certificates
§ 14-120-106. Funding indebtedness other than bonded indebtedness
§ 14-120-107. Cancellation of old bonds
§ 14-120-108. Reassessment of benefits generally
§ 14-120-109. Reassessment of benefits — Particular pieces of property
§ 14-120-110. Installment payment of levee and drainage taxes — Exceptions