(a) Bonds shall be issued in such amounts as may be necessary to provide sufficient funds to pay all costs of construction or acquisition, including engineering, legal, and other expenses, together with interest to a date six (6) months subsequent to the estimated date of completion.(b) Bonds issued under the provisions of this subchapter are declared to be negotiable instruments.(c) They shall be executed by the presiding officer and clerk or recorder of the municipality and be sealed with the corporate seal of the municipality. In case any of the officers whose signatures appear on the bonds or coupons shall cease to be officers before delivery of the bonds, the signature shall nevertheless be valid and sufficient for all purposes the same as if the officers had remained in office until delivery.(d) The bonds may be sold at not less than ninety cents (90¢)on the dollar. The proceeds derived therefrom shall be used exclusively for the purposes for which the bonds are issued. Bonds may be sold at one time or in parcels as funds are needed.Acts 1933, No. 131, § 5; Pope's Dig., § 10004; A.S.A. 1947, § 19-4205.
Arkansas Legal Code