§ 14-206-110 - Confirmation of sale -- Modification. - Arkansas Statutes

14-206-110. Confirmation of sale -- Modification.

(a) The commission shall by order fix, determine, and certify to the municipal governing body, to the gas or electric public utility, and to any bondholders, mortgagees, and lienors of the gas or electric utility appearing at the hearing, the purchase price to be paid for the taking and severance of the property of the gas or electric public utility and all other terms and all conditions of sale and purchase that it shall ascertain to be reasonable, which terms and conditions shall constitute the compensation and damages to be paid, and the other terms and conditions of the sale and purchase.

(b) Upon the filing of the order by the commission with the clerk of the municipality, the municipality shall thereupon be obligated to make the required payment and otherwise comply with the terms and conditions of the order to consummate the purchase.

(c) Upon the consummation of the purchase, the gas or electric public utility shall execute an instrument conveying the property purchased and paid for by the municipality, and the municipality may take over the control and operation of the property.

(d) Unless the purchase price is paid and the purchase consummated within one hundred eighty (180) days after the filing of the commission's order with the clerk of the municipality, the commission's order shall be considered null and void.

(e) If the commission determines that all or part of the proposed acquisition should be modified, it may condition its approval of the acquisition upon the modification.