(a) Cities of the first class owning a water impoundment in excess of one thousand two hundred fifty (1,250) acres in a county other than the county in which the city is located shall pay to the school districts wherein their water impoundments are located, in lieu of property tax on the water impoundments, an annual amount equal to the property taxes the cities would pay to such school districts were their water impoundments not exempt from property taxation.
(b) It is declared to be the intent of the General Assembly to afford school districts located in counties where there is no corresponding benefit from the water impoundment a means of recovering lost revenues due to the impoundment.
Structure Arkansas Code
Subtitle 14 - Solid Waste Disposal, Waterworks, And Sewers Generally
Chapter 234 - Waterworks and Water Supply
Subchapter 1 - General Provisions
§ 14-234-103. Improvements — Financing with bonds
§ 14-234-104. Improvements — Financing with promissory notes
§ 14-234-105. Alteration despite zoning regulations
§ 14-234-106. Relocation of waterworks or sewer system by federal government
§ 14-234-107. Cities of the first class — Operation by city in governmental capacity
§ 14-234-108. Cities of the first class — Sale or purchase of water to other municipalities
§ 14-234-109. Cities of the first class — Sale of water to certain persons
§ 14-234-110. Waterworks operated in governmental capacity — Services to nonresident consumers
§ 14-234-111. Service to adjacent areas — Municipalities generally
§ 14-234-112. Service to adjacent areas — Cities of the second class
§ 14-234-113. Service to other municipalities
§ 14-234-114. Payments from water revenues in lieu of taxes
§ 14-234-115. Water impoundments in other counties — Payment in lieu of taxes
§ 14-234-116. Waterworks and sewer commission
§ 14-234-117. Return of dedicated property
§ 14-234-118. No abrogation of existing contracts — Exception
§ 14-234-119. Annual audits and procedures
§ 14-234-120. Filing of report
§ 14-234-121. Review of audit report or report of agreed-upon procedures by board