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14-89-904. Special account to pay bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-89-904. Special account to pay bonds.
(a) At the end of each fiscal year of the operation of an electric power plant or waterworks system, the commissioners of a municipal improvement board shall set aside, in a special account out of the profits from the operation of the plant or system, such sum as may be necessary to pay all bonds and interest of the improvement district which shall accrue during the next ensuing fiscal year so that the district shall, at all times, have in the special account a sum sufficient to pay all principal bonds and interest which may accrue within the next fiscal year.
(b) The funds so deposited in the special account shall be used for no other purpose except the payment of bonds and interest of the district.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-89-904
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.
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Record provenance
Stable record: arkansas_code:legal_authorities:14-89-904
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 49dc4f4f962a10490386bc58ab35490fff7142b78d3834b2dd458c65ac4e2697
Source location: content.xml paragraph 23010
Stored source content
14-89-904. Special account to pay bonds.
(a) At the end of each fiscal year of the operation of an electric power plant or waterworks system, the commissioners of a municipal improvement board shall set aside, in a special account out of the profits from the operation of the plant or system, such sum as may be necessary to pay all bonds and interest of the improvement district which shall accrue during the next ensuing fiscal year so that the district shall, at all times, have in the special account a sum sufficient to pay all principal bonds and interest which may accrue within the next fiscal year.
(b) The funds so deposited in the special account shall be used for no other purpose except the payment of bonds and interest of the district.
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