Ark. Code § 14-95-303

Current with legislation from 2024 Fiscal and Special Sessions.

Section 14-95-303 - Dissolution - Combination of service district

Dissolution or any combination of service districts shall provide for the following:

(1) The transfer or other disposition of property and other rights, claims, and assets of the district;

(2) The payment of all obligations from the resources of the district;

(3) The payment of all costs of abolishing or combining a district from the resources of the districts involved;

(4) The honoring of any bonds, debt, contract, obligation, or cause of action accrued or established under the urban service district;

(5) The provision for the:

(A) Equitable disposition of the assets of the district;

(B) Adequate protection of the legal rights of employees of the district; and

(C) Adequate protection of the legal rights of creditors; and

(6) The transfer of all property and assets to the jurisdiction of the city or town.

Ark. Code § 14-95-303

Acts 1995, No. 1090, § 4.