This bill amends the authority of municipalities, public facilities boards, and public water authorities in Arkansas to issue revenue bonds specifically for water systems, sewer systems, or combined water and sewer systems that are under receivership. The new section added to Arkansas Code Title 14, Chapter 72, Subchapter 1, defines a "system" and outlines the conditions under which revenue bonds can be issued. These bonds can be used to cover various costs associated with the system, including operating costs, necessary capital improvements, repairs, and other court-approved expenses.

Additionally, the bill stipulates that the issuance of these revenue bonds requires court approval and mandates that the owning municipality, public facilities board, or public water authority is responsible for repaying the debt and interest from the system's revenues. The bill also specifies the legal frameworks under which these bonds can be issued and secured, referencing existing acts related to local government capital improvements, waterworks, and sewage systems.