(a) Any district improvement board in any city or incorporated town in this state, in addition to the power given to the board by any statute to pledge all uncollected assessments to secure money borrowed by the board for the purpose of and use in the building, construction, and putting into operation a system of waterworks or an electric light plant in any district shall also have the power to mortgage any waterworks system or electric light plant to secure the payment of money borrowed by any of the boards as indicated and used in the building and putting into operation any waterworks system or electric light plant in any improvement district in any city or incorporated town in this state.
(b) Any such mortgagee or his assignees shall have all the rights against the property as is given mortgagees on property of individuals, either at law or in equity.
Structure Arkansas Code
Subtitle 5 - Improvement Districts Generally
Chapter 89 - Fiscal Affairs of Municipal Improvement Districts
Subchapter 2 - Borrowing of Money
§ 14-89-201. Authority generally
§ 14-89-202. Mortgage of water and light plants
§ 14-89-203. Electric streetlight districts in cities with a population of more than 10,000