(a) Before any expenditures as authorized by § 14-89-903 shall be made, the commissioners of a municipal improvement board shall provide from the operation of an electric power plant or waterworks system adequate depreciation and reserve accounts.
(b) Adequate provisions shall also be made for such alterations, improvements, or extensions of the electric power plant or waterworks system as, in the judgment of the commissioners of the board, will be necessary during the ensuing year.
Structure Arkansas Code
Subtitle 5 - Improvement Districts Generally
Chapter 89 - Fiscal Affairs of Municipal Improvement Districts
§ 14-89-903. Purpose of expenditures
§ 14-89-904. Special account to pay bonds
§ 14-89-905. Depreciation and reserve accounts — Improvements
§ 14-89-906. Approval by municipal council
§ 14-89-907. Allocation of profits to districts and municipality