Whenever a qualified corporation desires to convert to and become reconstituted as a water authority, the qualified corporation must file with the Director of the Arkansas Natural Resources Commission:

1. (1) A resolution duly adopted by the applicant’s board of directors evidencing the desire to convert to and become reconstituted as a water authority and certifying that the applicant:

   1. (A) Was initially formed as a nonprofit corporation;
   2. (B) Cannot directly access the tax-exempt capital markets other than through a conduit issuer; and
   3. (C) Desires to realize interest rate savings as a result of its conversion and reconstitution as a water authority;

2. (2) Articles of conversion and reconstitution which must be signed by a majority of the water authority’s proposed initial board of directors and which must state 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 number must be at least five (5) and 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; and
   6. (F) The qualified corporation’s existing service area and a general description of any other areas to which the authority would like to provide service;
3. (3) A copy of the water authority’s proposed bylaws along with any other information which the proposed initial board of directors may deem necessary and appropriate;
4. (4) A statement and certification from the Secretary of State that the name of the proposed public water authority is not identical with that of any other water authority, or so nearly similar thereto as to lead to confusion and uncertainty;
5. (5) A filing and review fee of seven hundred fifty dollars ($750), which the Arkansas Natural Resources Commission must deposit in the Arkansas Water Development Fund as provided in Arkansas Code §§ 15-20-209 and 15-22-514;
6. (6) Any other information that the proposed initial board of directors may deem necessary and appropriate; and
7. (7) Any other information and documents which the Director of the Arkansas Natural Resources Commission may designate and require.