Arkansas § 14-203-119 Storm recovery costs

Arkansas Statutes

§ 14-203-119 — Storm recovery costs

(a)A municipality shall not issue bonds for the sole purpose of paying storm recovery costs related to a storm unless:

(1)The Arkansas Public Service Commission has previously adopted a financing order that allows for the issuance of storm recovery bonds by a public utility due to the same storm; or (2) Upon request to the commission for an emergency storm declaration.

(b)A municipality that issues bonds for the purpose of payment of storm recovery costs shall take reasonable steps to mitigate the financial impact of bonds on customers of a municipal electric utility by:

(1)Pursuing recovery of costs incurred during storm recovery operations that were unnecessary or unreasonable; and (2) Utilizing any grant funding or assistance to reduce the amount of storm recovery costs that may be

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(a) A municipality shall not issue bonds for the sole purpose of paying storm recovery costs related to a storm unless: (1) The Arkansas Public Service Commission has previously adopted a financing order that allows for the issuance of storm recovery bonds by a public utility due to the same storm; or (2) Upon request to the commission for an emergency storm declaration. (b) A municipality that issues bonds for the purpose of payment of storm recovery costs shall take reasonable steps to mitigate the financial impact of bonds on customers of a municipal electric utility by: (1) Pursuing recovery of costs incurred during storm recovery operations that were unnecessary or unreasonable; and (2) Utilizing any grant funding or assistance to reduce the amount of storm recovery costs that may be available to the municipality.

Arkansas § 14-203-119 (Storm recovery costs) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.