Annually, the council of any city or incorporated town may call in the outstanding warrants of the city or incorporated town or the floating evidence of indebtedness of the city or town for the purpose of cancelling and reissuing them.Acts 1893, No. 97, § 4, p. 169; C. & M. Dig., § 7587; Pope's Dig., § 9668; A.S.A. 1947, § 19-4404.
Arkansas Legal Code