Arkansas § 14-89-904 Special account to pay bonds

Arkansas Statutes

§ 14-89-904 — Special account to pay bonds

Arkansas § 14-89-904

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This text of Arkansas § 14-89-904 (Special account to pay bonds) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 14-89-904 (2026).

Text

(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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(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.