Arkansas § 14-202-104 - Contracts to acquire interest in project.

§ 14-202-104. Contracts to acquire interest in project.

The acquisition of an interest in a project may include the purchase or lease by mutual voluntary agreement with another person or municipality of an existing project or an interest therein or the participation in the planning, engineering, and legal aspects of preparing for the construction of and securing necessary state, local, or federal permits for the construction of a proposed project or a project on which construction begun but not been completed. Any contract entered into by a municipality with respect to an interest in, and operation of, a project shall be authorized by ordinance of the governing body of the municipality and shall contain such terms, conditions, and provisions as the governing body of the municipality shall determine to be necessary or desirable. Any contract may include, but shall not be limited to, the following: The purpose or purposes of the contract; The duration of the contract; The manner of appointing or employing the personnel necessary in connection with the project; The method of financing the project, including the apportionment of costs and revenues; Provisions specifying the ownership interests of the parties in real property, or portions thereof, used or useful in connection with the project and the procedures for the disposition of such property when the contract expires, is terminated, or when the project, for any reason, is abandoned, decommissioned, or dismantled; Provisions relating to alienation and partition of a municipality's undivided interest in a project; Provisions permitting or requiring the exchange by the municipality with other municipalities, persons, or public utilities of an interest in one (1) or more portions of a project for an interest in one (1) or more other portions of the project and specifying the procedure therefor; Appropriate provisions pertaining to the details of accomplishing the acquisition, including provisions that authorize a person, including one (1) of the parties to the contract, a public utility, or a third party, to construct the project as agent for all the parties; Provisions for the operation and maintenance of a project, including provisions that authorize a person, including one (1) of the parties to the contract, a public utility, or a third party, to operate and maintain the project as agent for all the parties; Provisions that if one (1) or more of the parties shall default in the performance or discharge of its or their obligations with respect to the project, one (1) or more of the other parties shall assume, pro rata, or otherwise, the obligations of such defaulting party or parties and succeed to such rights and interests of the defaulting parties in the project as may be agreed upon in the contract; Methods of amending the contract; Methods for terminating the contract; and Any other necessary or proper matter. It shall not be necessary for the municipality to publish any such contract if the ordinance authorizing the contract is published as required by law governing the publication of ordinances of a municipality, the ordinance advises that a copy of the contract is on file in the office of the clerk of the municipality for inspection by any interested person, and the copy of the contract is filed with the clerk of the municipality.