Opinion No.

The Honorable Mike Todd State Senator 333 West Court Street Paragould, Arkansas 72450

Dear Senator Todd:

This is in response to your request for an opinion on whether the City of Corning may mortgage an industrial building to secure debt to be incurred by a non-profit corporation.

Your request and related correspondence received by this office indicate that the Corning Area Chamber of Commerce owns certain lands upon which a community center and golf course are being constructed. It is proposed that an existing non-profit corporation, which ultimately will operate the facilities, will incur debt…