Arkansas Code Title 14. Local Government § 14-164-319. Bonds generally--Mortgage lien--Definition

(a) The ordinance or trust indenture authorized in § 14-164-310 or § 14-164-312 may, but need not, impose a foreclosable mortgage lien upon the capital improvements or economic development projects financed with the proceeds of bonds issued under this subchapter.

(b) The nature and extent of the mortgage lien imposed under subsection (a) of this section may be controlled by the ordinance or trust indenture, including without limitation provisions:

(c) As used in this section, “mortgage lien” includes a security interest in any personal property constituting the capital improvements or economic development projects, or part of the capital improvements or economic development projects, financed with the proceeds of bonds issued under this subchapter.