(a) The General Assembly finds that:(1) The public and governmental functions of an authority required under this chapter are best achieved by giving the authority the discretion to determine whether it is in the best interest of the authority to achieve its mission in conjunction with or separate from a municipality;(2) The requirements of this subchapter are: (A) Supplemental to constitutional or statutory provisions now existing or later adopted which may provide for an authority's annexation or detachment from a municipality; and(B) Intended to: (i) Provide for the orderly detachment of an authority from one (1) or more municipalities in a manner that protects the interests of the authority and the municipality; and(ii) Ensure to the extent a municipality may have issued bonds or other evidences of indebtedness secured by or payable from a tax or other revenue relating to the operations of the authority, that the bonds or other evidences of indebtedness are protected so that the contract for repayment between a municipality and any third party is not impaired.Added by Act 2023, No. 769,§ 7, eff. 8/1/2023. (a) The General Assembly finds that:(1) The public and governmental functions of an authority required under this chapter are best achieved by giving the authority the discretion to determine whether it is in the best interest of the authority to achieve its mission in conjunction with or separate from a municipality;(2) The requirements of this subchapter are: (A) Supplemental to constitutional or statutory provisions now existing or later adopted which may provide for an authority's annexation or detachment from a municipality; and(B) Intended to: (i) Provide for the orderly detachment of an authority from one (1) or more municipalities in a manner that protects the interests of the authority and the municipality; and(ii) Ensure to the extent a municipality may have issued bonds or other evidences of indebtedness secured by or payable from a tax or other revenue relating to the operations of the authority, that the bonds or other evidences of indebtedness are protected so that the contract for repayment between a municipality and any third party is not impaired.Added by Act 2023, No. 769,§ 7, eff. 8/1/2023.
Arkansas Legal Code