§ 14-92-401 - Petition by landowners. - Arkansas Statutes

14-92-401. Petition by landowners.

(a) (1) The owners of a two-thirds (2/3) majority in value as shown by the last county assessment of the real property within any suburban improvement district may, by written petition, require the board of commissioners of the district to sell all or any portion of the real or personal property, or both, owned by the district.

(2) (A) The petition shall specify with reasonable certainty what property is to be sold and shall stipulate the sale price and may specify such other terms and conditions of the sale as to the petitioners may seem desirable.

(B) The sale price shall in no event be a sum less than the amount necessary to pay all the outstanding secured indebtedness against the property to be sold.

(b) Upon the filing of the petition, the board shall give notice by publication once a week for two (2) weeks in some newspaper having a general circulation throughout the district, advising the owners of real property within the district that on a day therein named the commissioners will hear the petition and determine whether those signing it constitute a two-thirds (2/3) majority in value of the owners of real property within the district.

(c) (1) At the meeting named in the notice, the owners of real property within the district shall be heard before the board which shall determine whether the signers of the petition constitute a two-thirds (2/3) majority in value.

(2) (A) The finding of the commissioners shall be conclusive, unless within thirty (30) days thereafter, suit is brought to review its action in the chancery court of the county in which the district was organized.

(B) In determining whether those signing the petition constitute a two-thirds (2/3) majority in value of the owners of the real property within the district, the commissioners and the court shall be guided by the record of deeds in the office of the recorder of the county and shall not consider any unrecorded instrument.