Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-518. Bond security

(a)(1) Such bonds, notes, or other obligations as may be issued by the corporation may be secured by a mortgage or deed of trust of any of the lands of the corporation and the improvements constructed or proposed to be constructed thereon and machinery and equipment installed or to be installed therein.

(2) However, no corporation shall issue first lien obligations under the provisions of this act in excess of eighty percent (80%) of the appraised or cost value duly established of such lands, improvements, machinery, and equipment mortgaged to secure payment of the obligations.