Arkansas § 14-87-106 - Reorganization of districts.

§ 14-87-106. Reorganization of districts.

Proceedings instituted under any general or special law for refunding the indebtedness of any improvement district may include the reorganization of the governing body of the district. The reorganization shall be effected by the same court or board as is given the authority and jurisdiction under the law to provide for the refunding of the bonds of the district. The membership of the governing body may be reduced or increased as may be deemed advisable. Pending the election of any additional members, if the law creating the district prescribes that they be elected, additional members shall be appointed by the court or board where the proceedings are had and shall be made in compliance with the petition of the petitioners prosecuting the proceedings. It is mandatory upon any court or board to appoint the additional members named in any petition of fifty-one percent (51%) or more of the owners in assessed value of the real estate of the district. Any reorganized board shall have the same power, be given the same rights, have imposed upon it the same duties, and be selected in the same manner as was the old board. The reorganization of the district may include: The change of the name of the district; The method of collecting taxes; The keeping of records; The handling of funds of the district; and The doing of anything that would not operate to impair the outstanding obligations of the district.