§ 14-208-103 - Procedures and valuation formula. - Arkansas Statutes

14-208-103. Procedures and valuation formula.

(a) (1) (A) If an agreement under 14-208-102 cannot be reached, the municipality and the rural water service shall each select one (1) qualified appraiser, and the two (2) appraisers selected shall then select a third appraiser for the purpose of conducting appraisals to determine the value of customers, distribution properties, and facilities of the rural water service annexed by the municipality.

(B) The value of customers, distribution properties, and facilities of the rural water service annexed by the municipality shall be determined by using the factors set out in 15-22-223(b)(2)(B).

(2) The agreement or decision of at least two (2) of the three (3) appraisers is the value.

(3) If either the municipality or the rural water service is dissatisfied with the decision of the appraisers, either may institute an action in circuit court to challenge the reasonableness of the value determined by the appraisers.

(b) The compensation required by this section shall be paid:

(1) To the rural water service at a time not later than one hundred twenty (120) days following the date upon which the value is certified;

(2) At a later date as mutually agreed upon by the parties; or

(3) As determined by the circuit court.