(a)(1) Each water and sewer department's governing body shall adopt a policy defining fixed assets.(2) At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset.(b)(1) Each department shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the department.(2) The listing shall be totaled by category with a total for all categories.(3) The categories of fixed assets shall include the major types, such as:(A) Land;(B) Buildings;(C) Motor vehicles;(D) Equipment; and(E) Other.(c) For each fixed asset, the listing shall contain, as a minimum:(1) Property item number if used by the department;(2) Brief description;(3) Serial number, if available;(4) Date of acquisition; and(5) Cost of property.Acts 1973, No. 148, § 7; A.S.A. 1947, § 19-5207; Acts 2011, No. 620, § 6.
Arkansas Legal Code