There is a newer version of the Arkansas Code
2010 Arkansas Code
Title 14 - Local Government
Subtitle 12 - Public Utilities Generally
Chapter 199 - General Provisions
Subchapter 3 - Lease or Sale
§ 14-199-305 - Use of down payment.
14-199-305. Use of down payment.The proceeds of any initial cash payment from the sale of any system of waterworks or gas or electric plants of any town or city shall be applied first to the payment of all unsecured debts owing by the town or city on account of the plant or system. Any remainder shall be turned over to the treasurer of the town or city.
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