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Arkansas Code Title 14. Local Government § 14-169-1009. Sale or lease proceeds--Use

Current as of March 28, 2024 | Updated by Findlaw Staff

(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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Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-169-1009. Sale or lease proceeds--Use - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-169-1009/

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