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Arkansas Code Title 14. Local Government § 14-203-119. Storm recovery costs

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

(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.

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Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-203-119. Storm recovery costs - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-203-119/

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