Arkansas Code Title 14. Local Government § 14-92-306. Borrowing money--Requirements

(1) Be secured solely by a pledge of the net revenues derived from the operation of the facilities;

(2) Bear interest not to exceed six percent (6%) per annum;

(3) Mature at such times and places as the issuer shall decide best, but in no event to mature later than forty (40) years after date of issue;

(4) Be issued with such terms of payment, call provisions, and interest rates as the issuer may decide best; and

(5) Be sold with the privilege of conversion to lower interest rates.