The governing bodies of the municipal electric utility forming an authority shall include in their interlocal agreement a provision allowing for:
(1) The termination or dissolution of the authority;
(2) The winding up of the authority's affairs; and
(3) Appropriate disposal or distribution of the authority's property.
Structure Arkansas Code
Chapter 20 - Interlocal Cooperation Act
Subchapter 4 - Arkansas Municipal Electric Utility Interlocal Cooperation Act of 2003
§ 25-20-404. Powers and duties of board of commissioners
§ 25-20-405. Powers of authority
§ 25-20-409. Lien in favor of bond holders
§ 25-20-411. Security deposit of public funds
§ 25-20-412. No personal liability
§ 25-20-414. Tax-exempt status of property owners and income
§ 25-20-416. No public utility status
§ 25-20-417. Annual report and audit
§ 25-20-418. Provisions supplemental and controlling
§ 25-20-421. Effect of other laws
§ 25-20-423. Termination or dissolution