The commission shall have no power to authorize the issuance of stocks, notes, bonds, or other evidence of indebtedness of any public utility in an aggregate amount at any time exceeding the fair value of the properties of the issuer and the reasonable cost of the issuance and sale of the issues.
Stocks, bonds, notes, etc. — Amount of issue
Ark. Code Ann. § 23-3-105 — under Regulation of Utilities and Carriers Generally.
Ark. Code Ann. § 23-3-105