If the properties authorized to be sold under this chapter should sell for more than the secured and unsecured indebtedness of the municipal wharf improvement district, then the excess shall be apportioned and paid by the board of improvement back to the then-owners of record of the real property of the district in the same proportion that each parcel of the property has contributed in taxes for the acquisition, construction, and operation of the improvement.
Structure Arkansas Code
Subtitle 11 - Economic Development Improvement Districts, Facilities, And Authorities
Chapter 187 - Municipal Wharf Improvement Districts
§ 14-187-101. Duty to operate, etc., improvements
§ 14-187-102. Construction of new improvements
§ 14-187-103. Power over property
§ 14-187-104. No assessment or tax
§ 14-187-105. Contracts ratified
§ 14-187-106. Procedure for sale of improvements
§ 14-187-107. Payment and securing indebtedness