Arkansas Code Title 14. Local Government § 14-303-504. Sale of bonds

(a) Bonds issued under the authority of this chapter shall be sold at public sale or at private sale, upon the written approval of the State Securities Commissioner based on his finding that a private sale will be in the best interest of the authority involved.

(b) Any sale of the bonds will be for a price including, without limitation, sale at a discount, and in a manner the authority involved may determine, but in no event shall the authority involved pay more than seven percent (7%) interest on the amount received, computed with relation to the absolute maturity of the bonds in accordance with the Standard Tables of Bond Values.

(c) Supplemental and dual coupons shall not be permitted, and the bonds shall not be subject to conversion.