(a) Direct loans may be made by a central business improvement district to property owners, including lessees of the property owners, within the district on such terms and conditions, and with such security for repayment, as the commissioners shall deem necessary and desirable.(b) Loans may be evidenced by promissory notes, debentures, or other evidence of indebtedness, and may be secured by mortgages, security interests in personal property, guarantees, or such other security as the commissioners shall require in their sole discretion.Acts 1975, No. 403, § 3; 1985, No. 1034, § 1; A.S.A. 1947, § 20-1627.
Arkansas Legal Code