Arkansas Code Title 14. Local Government § 14-120-106. Certificates of indebtedness--Notes--Warrants--Unsatisfied judgments--Funding

(a) Any levee or drainage district in Arkansas, whether created under the general law or by special act of the General Assembly, which has outstanding certificates of indebtedness, notes, warrants, or any unsatisfied judgment against it is authorized and empowered to issue funding bonds for the purpose of paying the certificates of indebtedness, notes, or unsatisfied judgment against it.

(b) The funding bonds may be issued by the commissioners or directors of any levee or drainage improvement district under the terms and provisions of §§ 14-120-107 and 14-120-108. All proceedings relating to the issuance of any such funding bonds for the purpose of paying outstanding certificates of indebtedness, notes, or for satisfying any judgment of record shall be had in the same manner as provided by §§ 14-120-107 and 14-120-108.

(d) If an unsatisfied judgment is paid by the issuance of the funding bonds, it shall be the duty of the owner of the judgment to satisfy the judgment within ten (10) days after the payment of the amount due, which satisfaction shall be duly noted on the judgment record in the manner now provided by law.

(e) The commissioners or directors of any levee or drainage district in this state may issue and sell the funding bonds authorized and use the proceeds to take up outstanding certificates of indebtedness and notes or to pay unsatisfied judgments of the district, or they may exchange new bonds for the outstanding certificates of indebtedness, notes, or in payment of the unsatisfied judgments. All proceedings with reference to the issuance or exchange of such funding bonds shall be had in accordance with the provisions of §§ 14-120-105, 14-120-107, and 14-120-108.