Arkansas § 14-362-122 - Use of surplus funds.
Full text of Arkansas Arkansas Code of 1987 Annotated § 14-362-122 — Use of surplus funds., with citation guidance and answers to common questions.
§ 14-362-122. Use of surplus funds.
If an authority should realize a surplus, whether from operating the airport or leasing it for operation, over and above the amount required for the maintenance, improvement, and operation of the airport and for meeting all required payments on its obligations, it shall set aside the reserve for future operations, improvements, and contingencies as it shall deem proper and shall then apply the residue of the surplus, if any, to the payment of any recognized and established obligations not then due. After all the recognized and established obligations have been paid and discharged in full, at the end of each fiscal year the authority shall set aside the reserve for future operations, improvements, and contingencies as prescribed in subsection (a) of this section and then pay the residue of the surplus, if any, to the counties, municipalities, and the state in direct proportion to their financial contribution. No such distribution of the residue of the surplus shall violate United States law or the terms of any deed, grant agreement, or other agreement with the United States.
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 14-362-122
What does Arkansas Code of 1987 Annotated § 14-362-122 cover?
Section 14-362-122 ("Use of surplus funds.") 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 § 14-362-122?
A common citation format is "Arkansas Code of 1987 Annotated § 14-362-122" (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 § 14-362-122 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.