Arkansas Code Title 14. Local Government § 14-361-115. Previous action--Modification--Validity

(a) Any acquisition of property previously made, within or without the limits of any municipality of the state, for the purposes authorized by this chapter, and any other action heretofore taken by a municipality in the furtherance of these purposes including, but not limited to, the making of appropriations, the expenditure of money, the incurring of debts, the acceptance and disbursement of federal, state, or other grants or loans, the issuance and payment of bonds, or the execution of leases and contracts, which acquisition or action would have been authorized had this chapter been in effect at the time of the acquisition or action, is ratified and made valid.

(b) All bonds previously issued in furtherance of purposes authorized by this chapter and actions ratified by this section are confirmed as legal obligations of the municipality, and without prejudice to the general powers granted to the municipality by this chapter, the municipality is authorized to issue further bonds for these purposes up to the limit fixed in the original authorization therefor, which bonds shall be legal obligations in accordance with their terms.