(a) In order to acquire equipment and to do the work, the board of commissioners may issue the negotiable notes of the district signed by the members of the board and bearing a rate of interest not exceeding six percent (6%) per annum and may pledge and mortgage a portion of future annual benefit assessments as collected for the payment thereof.
(b) Any petitions for the creation of a district and the court order creating the district shall limit the total amount of notes that may be outstanding at any one (1) time in excess of ten thousand dollars ($10,000).
(c) The district shall have no authority to issue bonds.
Structure Arkansas Code
Title 20 - Public Health and Welfare
Subtitle 2 - Health and Safety
Chapter 17 - Death and Disposition of the Dead
Subchapter 11 - Cemetery Improvement Districts
§ 20-17-1101. Purpose of district
§ 20-17-1102. Petition generally
§ 20-17-1103. Petition — Notice and hearing
§ 20-17-1104. Board of commissioners — Appointment
§ 20-17-1105. Board of commissioners — Powers and duties
§ 20-17-1106. Board of commissioners — Proceedings — Officers — Employees — Selection of depository
§ 20-17-1107. Board of commissioners — Liability
§ 20-17-1108. Formation of plans — Assessors and assessments generally
§ 20-17-1109. Assessment — Notice and hearings
§ 20-17-1110. Assessment — Annual reassessment
§ 20-17-1111. Assessment — Order — Lien
§ 20-17-1112. Assessment — Filing and collection
§ 20-17-1113. Assessment — Time for payment — Failure to pay — Redemption
§ 20-17-1114. Expenditures — Public proceedings and transactions — Filing of report
§ 20-17-1115. Issuance of notes