An Arkansas authority's plans to sell $50 million of tax-exempts next week for borrowers in other states has been temporarily scuttled after lawyers questioned the deal's legality, sources said yesterday.

Public finance attorneys charged that if the Arkansas Development Finance Authority proceeded with plans to sell tax-exempts for hospital projects in other states, it would run afoul of federal law and the authority's own enabling statute.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.