AR HB1547

Expands the definition of "qualified corporation" under the Water Authority Act to include governmental entities, municipal authorities, improvement districts, and rural development authorities that provide water services, in addition to nonprofit corporations

Allows these newly qualified entities to convert from their current status to public body politic and governmental entities, enabling access to tax-exempt capital markets for lower water rates

Removes the requirement that converting corporations certify they lack direct access to tax-exempt capital markets, simplifying the conversion process

Permits qualified corporations to file articles of conversion that expressly allow them to continue their existing corporate or governmental existence rather than having it automatically terminated upon conversion

Amends Arkansas Code sections 4-35-101, 4-35-103(7), 4-35-202(a), and 4-35-203(b)(2) to implement these changes