Arkansas Code Title 19. Public Finance § 19-2-303. Definitions

(1) “Abatement” means a complete or partial cancellation of a tax levied, special assessment, service charge, student loan, note receivable, or other amounts for which asset recognition criteria have been met;

(2) “Accounts receivable” means an asset account upon the books of record reflecting amounts owing on open account from persons or organizations for taxes levied, special assessments, service charges, goods and services furnished by a state agency, or other amounts for which asset recognition criteria have been met but does not include amounts due from other state agencies;

(3) “Notes receivable” means an unconditional written promise, signed by the maker, to pay a certain sum in money on demand or at a fixed or determinable future time either to the bearer or to the order of a person designated therein;

(4) “Special assessment” means a compulsory levy made against certain properties or business entities to defray part or all of the cost of a specific improvement or service deemed to primarily benefit or regulate those upon whom the assessment is levied;

(5) “State agency” means a state agency, board, authority, commission, department, or institution of higher education created by or receiving an appropriation by the General Assembly; and

(6) “Tax” means a compulsory charge levied by the State of Arkansas for the purpose of financing services performed for the common benefit of its citizens.