Arkansas Code Title 14. Local Government § 14-185-115. Contract authority--Financing provisions

(a)(1) It is determined that the ports, harbors, river-rail and barge terminals, and the facilities authorized to be acquired, constructed, reconstructed, extended, equipped, or improved by port authorities under this chapter are necessary for and useful in the securing and developing of industry in the State of Arkansas.

(2) Therefore, port authorities are authorized and empowered to contract and agree with the municipalities and the counties represented on their boards of directors concerning the making available by the municipalities and counties to the authorities of the proceeds of bonds issued by the municipalities and counties under the provisions of Arkansas Constitution, Amendment 49 for the purpose of financially assisting the authorities to carry out the powers conferred upon them by this chapter and to accomplish the purposes of this chapter upon such terms as may be agreed upon by the municipalities and counties and the authorities consistent with the provisions of Arkansas Constitution, Amendment 49.

(b)(1) In addition, municipalities and counties are expressly authorized to use and make available to the authorities, by way of donation, loan, or otherwise, any available revenues of the municipalities and counties for the purpose of financially assisting the authorities to carry out the powers conferred upon them by this chapter and to accomplish the purposes of this chapter.

(2) Any such available revenues so made available may be used by the authorities either alone or together with any other available funds and revenues for the accomplishment of the authorized purposes.