Browse Arkansas Code titles and sections
14-89-907. Allocation of profits to districts and municipality.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-89-907. Allocation of profits to districts and municipality.
(a) After compliance with §§ 14-89-904 and 14-89-905, the remaining profits from the operation of an electric power plant or waterworks system shall be determined by the commissioners of a municipal improvement board.
(b) If the commissioners determine that the remaining profits from the operation of the plant or system, or any part thereof, shall be used for the purposes set forth in § 14-89-903, then the commissioners may, upon the adoption of a proper resolution by the city or town council, allocate to the various improvement districts within the municipality and for other municipal expenses the amounts which are to be appropriated for these purposes.
(c) No part of these profits shall be allocated to any district until the commissioners of the district have furnished proof to the commissioners of the light and water district that bonds and interest of the district which is to receive the allocation of profits will mature during the ensuing year and that the district will not be able to pay the maturities without collecting an assessment against the property of the district.
(d) The allocation to the various districts within the municipalities as prescribed shall be according to the following ratio: The total amount of bond and interest maturities of all street and other improvement districts within the municipality coming due during the particular year, that is, the year following the fiscal year for which the profit of the plant and system was determined, shall be determined, and the ratio which the total bond and interest maturities of any street and other improvement district for the fiscal year bears to the total bond and interest maturities of all the street and other improvement districts
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-89-907
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:14-89-907
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d023b0fd2fbca7d3d5a5f9d502e9d84bc82199d5ee5b415e025f61873dff0713
Source location: content.xml paragraph 23027
Stored source content
14-89-907. Allocation of profits to districts and municipality.
(a) After compliance with §§ 14-89-904 and 14-89-905, the remaining profits from the operation of an electric power plant or waterworks system shall be determined by the commissioners of a municipal improvement board.
(b) If the commissioners determine that the remaining profits from the operation of the plant or system, or any part thereof, shall be used for the purposes set forth in § 14-89-903, then the commissioners may, upon the adoption of a proper resolution by the city or town council, allocate to the various improvement districts within the municipality and for other municipal expenses the amounts which are to be appropriated for these purposes.
(c) No part of these profits shall be allocated to any district until the commissioners of the district have furnished proof to the commissioners of the light and water district that bonds and interest of the district which is to receive the allocation of profits will mature during the ensuing year and that the district will not be able to pay the maturities without collecting an assessment against the property of the district.
(d) The allocation to the various districts within the municipalities as prescribed shall be according to the following ratio: The total amount of bond and interest maturities of all street and other improvement districts within the municipality coming due during the particular year, that is, the year following the fiscal year for which the profit of the plant and system was determined, shall be determined, and the ratio which the total bond and interest maturities of any street and other improvement district for the fiscal year bears to the total bond and interest maturities of all the street and other improvement districts for the fiscal year shall be the percentage used to allocate to each street and other improvement district its proportion of the profit to be used for the retirement of the bonded indebtedness of any such district.
(e) The funds allocated to any district under the provisions of this subchapter shall be used exclusively for the purpose of paying bonds and interest of the districts and for no other purpose.
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
14-89-903. Purpose of expenditures.
(a) Any improvement district within any city or town in the State of Arkansas which is created for the purpose of constructing, repairing, enlarging, and overhauling any electric power plant, waterworks system, or sewer system is authorized to use the profits, or any part thereof, derived from the operation of the plants or systems toward:
(1) The payment of the outstanding bonded indebtedness of all street, sewer, or other improvement districts within the limits of the municipality; and
(2) The payment of any obligations of the city or town which may have been incurred by the city or town in the manner provided by law.
(b) The expenditures authorized in this section shall be made as provided for in this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-89-903
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 14-89-903. This identifies an authority to review, not proof of applicability.
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. The source passage cites 14-89-904. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-89-905. Depreciation and reserve accounts — Improvements.
(a) Before any expenditures as authorized by § 14-89-903 shall be made, the commissioners of a municipal improvement board shall provide from the operation of an electric power plant or waterworks system adequate depreciation and reserve accounts.
(b) Adequate provisions shall also be made for such alterations, improvements, or extensions of the electric power plant or waterworks system as, in the judgment of the commissioners of the board, will be necessary during the ensuing year.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-89-905
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 14-89-905. This identifies an authority to review, not proof of applicability.