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AR SB540
Bill
Status
4/8/2019
Primary Sponsor
Jane English
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AI Summary
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Amends Arkansas Code § 14-284-117 to change the maximum interest rate on fire protection district notes from 8% per annum to the maximum rate under § 4-57-104
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Fire protection districts may issue negotiable notes signed by board members and pledge future annual benefit assessments for repayment
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Limits outstanding notes to either $150,000 or an amount with annual amortized payments not exceeding two times the district's available cash reserves, subject to Arkansas Constitution Amendment 78
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Prohibits fire protection districts from issuing bonds
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Bill was approved on April 5, 2019
Legislative Description
To Amend The Law Concerning Certain Financial Procedures Of A Fire Protection District.
Last Action
Notification that SB540 is now Act 739
4/8/2019