Ark. Code Ann. § 14-184-205

Central business improvement districts created under the authority of § 14-184-101 et seq. are authorized to issue revenue bonds for the purpose of providing funds for the acquisition, construction, reconstruction, repair, replacement, renovation, or any other restoration or improvement of real and personal property located within the boundaries of the district which, in the opinion of the board of commissioners, will further the elimination of urban blight and decay and provide for the modernization and general improvement of the properties within the district.