Arkansas § 14-169-1009 Proceeds from sale or lease

Arkansas Statutes

§ 14-169-1009 — Proceeds from sale or lease

(a)In the event any county or municipality acquires surplus federal properties and subsequently sells or leases them, the proceeds from the sale or leasing shall first be applied to the payment of the debt created by the acquisition of the property, if any, in accordance with the terms of the mortgage or bond indebtedness.

(b)After payment of this indebtedness, any surplus shall be placed in the county or municipal general revenue fund.

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(a) In the event any county or municipality acquires surplus federal properties and subsequently sells or leases them, the proceeds from the sale or leasing shall first be applied to the payment of the debt created by the acquisition of the property, if any, in accordance with the terms of the mortgage or bond indebtedness. (b) After payment of this indebtedness, any surplus shall be placed in the county or municipal general revenue fund.

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