The proceeds of any initial cash payment from the sale of any plant or system of any improvement district shall be applied first to the payment of all unsecured debts outstanding against the district on account of the plant or system. The remainder shall be, by the commissioners, placed in the treasury of the city or town wherein such plant or system is located to become a part of the general fund of the city or town.
Ark. Code Ann. § 14-219-105
Use of initial payment
Acts 1923, No. 322, § 5; 1927, No. 349, § 1; Pope's Dig., §§ 7394, 10046; A.S.A. 1947, § 19-3910.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.