Arkansas Code Title 14. Local Government § 14-74-103. Federal finance provisions--Use

(1) Avail themselves of any and all acts of the United States Congress providing for the lending of money to such districts and for the refinancing, refunding, adjustment, or composition of indebtedness of taxing agencies and any amendments or additional laws the United States Congress may adopt in that behalf; and

(2) Proceed in the district courts of the United States in bankruptcy or in any other federal courts given like jurisdiction by voluntary proceedings in accordance with those acts of the United States Congress and any amendments thereto.