Ark. Code Ann. § 14-120-328

For the purpose of enabling the board of directors of any levee district, drainage district, or levee and drainage district to carry out the obligations imposed upon it by the act under which it was originally created and the obligations assumed by it for flood control and drainage works under the provisions of subchapter 2 of this chapter and amendments thereto, the board of directors of the levee district, drainage district, or levee and drainage district is authorized to borrow money and to that end may issue negotiable bonds or notes of the district.