Williams v. Bank of the Ozarks for the Registered Owners of the $4,400,000 Benton Cnty. Prop. Owners' Improvement Dist. No. 7 Special Assessment Bonds

In December 2000, the Benton County Property Owners' Improvement District No. 7 (the "District") issued $ 4.4 million in special-assessment bonds to fund the construction of infrastructure improvements for the proposed Sugar Creek subdivision in Benton County. Appellants Larry Williams, Gregory Peck, and Pete Netzel, who were investors in the development company that made the improvements to the land, each executed guaranty agreements in which they guaranteed payment of the principal and interest due on the bonds at maturity.1 The bonds matured ten years later with an unpaid principal balance…