Arkansas § 14-199-303 - Payment — Bond.
Full text of Arkansas Arkansas Code of 1987 Annotated § 14-199-303 — Payment — Bond., with citation guidance and answers to common questions.
§ 14-199-303. Payment — Bond.
Where the sale price is an amount greater than the outstanding secured indebtedness of the district, at least the excess over the amount of the secured indebtedness shall be paid in cash. All deferred payments, if any, shall be secured by a bond for one and one-half (1½) times the total amount of the deferred payments. This bond shall be for the maintenance of the plant or system during the time of any outstanding secured indebtedness and for the prompt payment of any interest or principal on any secured indebtedness as and when the interest or principal shall fall due. The bond shall be further conditioned that the purchaser will maintain insurance upon the plant for an amount to be agreed upon, with a “loss payable” clause for the benefit of the town or city making the sale as its interest may appear. The bond shall be approved by the town or city council. The bond provided for in this section and § 14-199-301 shall be made by a corporate surety company authorized to do business in the State of Arkansas.
Frequently Asked Questions About Arkansas § 14-199-303
What does Arkansas Code of 1987 Annotated § 14-199-303 cover?
Section 14-199-303 ("Payment — Bond.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 14-199-303?
A common citation format is "Arkansas Code of 1987 Annotated § 14-199-303" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 14-199-303 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.