§ 14-54-203 - Contents required. - Arkansas Statutes

14-54-203. Contents required.

(a) Every agreement or contract entered into by a municipality of this state as authorized in 14-54-202 shall specify the following:

(1) Its duration;

(2) The precise organization, composition, and nature of any separate legal or administrative entity created thereby, together with the powers delegated thereto, provided such entity may be legally created;

(3) Its purpose;

(4) The manner of financing the joint or cooperative undertaking and of establishing and maintaining a budget therefor, or in the case of an agreement whereby one (1) municipality agrees to furnish specified services or facilities to the other municipality, the financial arrangement therefor;

(5) The permissible methods to be employed in accomplishing the partial or complete termination of the agreement and for disposing of property upon such partial or complete termination; and

(6) Any other necessary and proper matters.

(b) If the agreement does not establish a separate legal entity to conduct the joint or cooperative undertaking, the agreement shall, in addition to subdivisions (1) through (6) enumerated [sic] subsection (a) of this section, contain the following:

(1) Provision for an administrator or a joint board responsible for administering the joint or cooperative undertaking. In the case of a joint board, municipalities party to the agreement shall be represented;

(2) The manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking.