AR SB715

Amends Arkansas Code § 14-93-127(a)(1) to modify the dissolution requirements for property owners' improvement districts

Changes language from "shall have been paid in full, then a district may, by unanimous vote" to "shall have been paid in full, then a district may, by unanimous vote of the board, may be dissolved" to clarify board authority

Expands entities that can assume control of district facilities to include an incorporated property owners' association in addition to political subdivisions, municipal utility commissions or agencies, and regulated public utilities

Allows dissolution and cancellation of future levies and assessments once all bonds, notes, and other indebtedness plus interest are paid in full and facility control is transferred to an eligible entity

Approved April 3, 2017