Browse Arkansas Code titles and sections
14-219-103. Payment — Bond.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-219-103. Payment — Bond.
(a) Where the sale price is an amount greater than the outstanding secured indebtedness of the district, at least the excess over the amount of the secured indebtedness shall be paid in cash.
(b)(1) All deferred payments, if any, shall be secured by a bond for one and one-half (1½) times the total amount of the deferred payments, which bond shall be for the maintenance of the plant or system during the time of any outstanding secured indebtedness and for the prompt payment of any interest or principal on any secured indebtedness as and when it shall fall due.
(2) The bond shall be further conditioned that the purchaser will maintain insurance upon the plant for an amount to be agreed upon, with a “loss payable” clause for the benefit of the district making the sale as its interest may appear.
(3) The bond herein provided for shall be approved by the board of commissioners.
(4) The bond provided for in this section and § 14-219-101 shall be made by a corporate surety company authorized to do business in the State of Arkansas.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-219-103
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:14-219-103
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 49f9b219ff28fd94c9177e835e7e5aa9528ae3cc7769a76f32b4bc59f57055e4
Source location: content.xml paragraph 47131
Stored source content
14-219-103. Payment — Bond.
(a) Where the sale price is an amount greater than the outstanding secured indebtedness of the district, at least the excess over the amount of the secured indebtedness shall be paid in cash.
(b)(1) All deferred payments, if any, shall be secured by a bond for one and one-half (1½) times the total amount of the deferred payments, which bond shall be for the maintenance of the plant or system during the time of any outstanding secured indebtedness and for the prompt payment of any interest or principal on any secured indebtedness as and when it shall fall due.
(2) The bond shall be further conditioned that the purchaser will maintain insurance upon the plant for an amount to be agreed upon, with a “loss payable” clause for the benefit of the district making the sale as its interest may appear.
(3) The bond herein provided for shall be approved by the board of commissioners.
(4) The bond provided for in this section and § 14-219-101 shall be made by a corporate surety company authorized to do business in the State of Arkansas.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-219-101. Lease.
(a) The board of commissioners of any improvement district, operating a system of waterworks, gas plants, or electric plants belonging to and owned by any improvement district, may lease the system of waterworks, gas plants, or electric plants for such period of time and upon such terms and conditions as the board of commissioners may deem for the best interest of the district.
(b) The lessees shall be required to maintain, keep in repair, and return the plant to the district in as good condition as when received, ordinary wear and tear excepted, but the maintenance contemplated shall permit more modern or suitable machinery or equipment, equally as efficient to perform the service required, to be installed in place of machinery or equipment then in use.
(c) No lease shall be made except to persons, firms, or corporations holding a franchise to operate a system of waterworks, gas plants, or electric plants in the city or town in which the plant or system to be leased is situated.
(d) No plant shall be taken over for operation under the provisions hereof unless and until the lessee files with the district an approved bond, in such sum as the board of commissioners may require, for the faithful fulfillment of the terms of the lease.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-219-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-219-101. This identifies an authority to review, not proof of applicability.