§ 14-219-105 - Use of initial payment. - Arkansas Statutes

14-219-105. Use of initial payment.

The proceeds of any initial cash payment from the sale of any plant or system of any improvement district shall be applied first to the payment of all unsecured debts outstanding against the district on account of the plant or system. The remainder shall be, by the commissioners, placed in the treasury of the city or town wherein such plant or system is located to become a part of the general fund of the city or town.