§ 25-20-401. Title

This subchapter shall be known and may be cited as the “Arkansas Municipal Electric Utility Interlocal Cooperation Act of 2003”.

§ 25-20-402. Definitions

As used in this subchapter: (1) “Authority” means a municipal electric consolidated authority created pursuant to this subchapter; (2) “Electric project” means any: (A) Plant, works, system, or facilities and real and personal property of any nature associated therewith, together with all parts thereof and appurtenances thereto, that are used or useful in the generation, […]

§ 25-20-403. Creation

(a) (1) The governing bodies of any two (2) or more municipal electric utilities entering into an interlocal agreement under the Interlocal Cooperation Act, § 25-20-101 et seq., are authorized to create an authority as a separate legal entity for the purposes set forth in this subchapter. (2) For the purposes of this section, a […]

§ 25-20-404. Powers and duties of board of commissioners

(a) All powers of an authority created under this subchapter shall be exercised by, or under the authority of, and the business and affairs of the authority managed under the direction of, its board of commissioners, subject to any limitation set forth in the authority’s interlocal agreement. (b) The duties of the board shall be […]

§ 25-20-405. Powers of authority

Each authority created under this subchapter shall have the power to: (1) Have perpetual succession as a body politic and corporate; (2) Maintain offices as it may deem appropriate; (3) Execute and perform contracts; (4) Sue and be sued; (5) Apply for and receive permits, licenses, certificates, and approvals as may be necessary and own […]

§ 25-20-406. Operation

(a) It is the purpose of this subchapter to allow municipal electric utilities to utilize the provisions of the Interlocal Cooperative Act, § 25-20-101 et seq., for the purpose of planning, developing, and operating electric projects. (b) (1) Participating municipal electric utilities are authorized to contribute to an authority such real and personal property as […]

§ 25-20-407. Eminent domain

(a) (1) Any authority may acquire any private property that it may deem necessary for its purposes by exercising the power of eminent domain in the manner prescribed in § 18-15-301 et seq. (2) However, power of eminent domain shall not apply to any personal or real property that may be owned or leased by […]

§ 25-20-408. Financing

(a) (1) An authority is authorized to use any available funds, revenues, and long-term or short-term debt to pay and provide for the costs and expenses of accomplishing the purposes authorized by this subchapter. (2) For the purposes of paying the costs of any electric project or the portion thereof pertaining to its interest in […]

§ 25-20-409. Lien in favor of bond holders

(a) The payment of the principal of bonds issued under this subchapter and the interest on the bonds may be secured by a lien on and security interest in an electric project or any specified portion of an electric project. (b) It shall not be necessary to the perfection of the lien and pledge for […]

§ 25-20-410. Refunding bonds

(a) (1) Bonds may be issued for the purpose of refunding any obligations issued under this subchapter. (2) The refunding bonds may be combined with bonds issued under § 25-20-408 into a single issue. (b) (1) When bonds are issued under this section for refunding purposes, the bonds may be either sold or delivered in […]

§ 25-20-411. Security deposit of public funds

Bonds issued under this subchapter shall be eligible to secure the deposit of public funds.

§ 25-20-412. No personal liability

No commissioner or officer of the authority shall be liable personally for any reason arising from the issuance of bonds under this subchapter, unless he or she has acted with a willful and wanton intent.

§ 25-20-413. Zoning exemption

Any authority maintaining facilities in an area zoned subsequent to the construction of the facilities may add to, alter, expand, or change the facilities upon that land or upon lands immediately adjacent thereto without regard to the zoning regulation for the area, if the board of commissioners deems the action necessary for the proper operation […]

§ 25-20-414. Tax-exempt status of property owners and income

(a) Each authority created under this subchapter will be performing public functions and will be a public instrumentality of the participating municipal electric utilities. (b) Accordingly, all properties at any time owned by the authority and the income from the properties, shall be exempt from all taxation in the State of Arkansas.

§ 25-20-415. Immunity

(a) This subchapter does not abrogate or in any other manner affect the immunity under existing law of the participating municipal electric utilities. (b) The immunity shall extend also to any authority created under this subchapter and to each commissioner, officer, and employee thereof.

§ 25-20-416. No public utility status

No authority created under this subchapter shall be a: (1) “Public utility” within the meaning of either §§ 14-200-101 — 14-200-105 or §§ 23-1-101 — 23-4-509; or (2) “Person, company, or corporation that has secured a franchise from any municipality” within the meaning of § 14-200-102.

§ 25-20-417. Annual report and audit

(a) During each calendar year, each authority shall make a public, written report to the governing bodies of the municipal electric utilities concerning its activities for the preceding calendar year. (b) Each report shall set forth a complete operating and financial statement covering its operation during the year, including, without limitation, an audit of the […]

§ 25-20-418. Provisions supplemental and controlling

This subchapter shall be deemed to provide an additional and alternative method for the doing of the things authorized in this subchapter and shall be regarded as supplemental and additional to powers conferred by other laws.

§ 25-20-419. Construction

(a) (1) This subchapter shall be liberally construed to accomplish its intent and purposes and shall be the sole authority required for the accomplishment of its purposes, and to this end it shall not be necessary to comply with the provisions of other laws relating to the issuance and sale of the bonds authorized by […]

§ 25-20-420. Use of revenue

This subchapter does not modify the existing right of a governing body of a municipal electric utility to use available funds generated by its electric utility operations for other municipal purposes.