Two (2) or more persons, which may include cities, counties, public bodies, or nonprofit corporations, may apply to form a water authority by presenting to and filing the following with the Director of the Arkansas Natural Resources Commission:

1. (1) Articles of formation and constitution which must include the following information:

   1. (A) The name of the water authority, which must be “The ______ Public Water Authority of the State of Arkansas” or similar name;
   2. (B) The location of the water authority’s principal office;

   3. (C) The number of directors of the water authority, which must be:

      1. (i) At least five (5); and
      2. (ii) Subject to change and modification as provided in its bylaws;
   4. (D) The names and addresses of the proposed initial board of directors of the water authority;
   5. (E) The name and address of the water authority’s agent for service of process;
   6. (F) A general description of the area to which the authority will provide service; and

   7. (G) A brief statement:

      1. (i) Showing the necessity to form the proposed water authority; and
      2. (ii) Describing the benefits to be received by the residents and property owners who will receive service from the authority;
2. (2) A copy of the applicant’s proposed bylaws;
3. (3) A statement and certification from the Secretary of State that the name of the proposed water authority is not identical with that of any other water authority or so nearly similar thereto as to lead to confusion and uncertainty;
4. (4) A filing and review fee of seven hundred fifty dollars ($750), which the Arkansas Natural Resources Commission will deposit into the Arkansas Water Development Fund as provided in Arkansas Code §§ 15-20-209 and 15-22-514;
5. (5) Any other information that the initial board of directors may deem necessary and appropriate; and
6. (6) Any other information and documents which the Director of the Arkansas Natural Resources Commission may designate and require.