ADE Director's Communication Memo Form


Memo Number : FIN-10-034

Date Created : 11/02/2009

Attention:

Superintendents
Co-op Directors
other: General Business Managers

Type of Memo: Informational
Response Required: No
   
Section:   Fiscal and Administrative Services - William J. Goff, Assistant Commissioner
Subject:
Act 451 of 2009 Allowing Suburban Improvement Dist. to Convey Assets to Local Sch. Dist.

Regulatory Authority:
Ark. Code Ann. 14-92-237(c) as amended by Act 451 of 2009

Contact Person:
Patty Martin

Phone Number:
501-682-1114

E-mail:
patricia.martin@arkansas.gov

Act 451 of 2009 amends Ark. Code Ann. 14-92-237(c) concerning the dissolution of a suburban improvement district and the disposal of any remaining assets. The commissioners of the suburban improvement district may transfer all remaining cash and other monetary assets and any real property and personal property to a school district located within ten (10) miles of any boundary of the improvement district.

The transfer shall be made under a valid contract between the suburban improvement district and the school district and supported by adequate consideration. Adequate consideration includes public advantage that promotes a general, suitable, and efficient system of free public education.

Attachments:

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