The 72-year-old mayor was arrested this week on charges he sought sex from two women in exchange for preventing their water from being turned off.
One of the women told investigators she had been having sex with Troy Anderson for money for eight to 10 years, according to an affidavit.
She said Anderson paid her $25 per encounter and $60 for a late water deposit. He also allowed her to change the name on her overdue water bill to keep the service running, the affidavit said.
In February, the woman wore a recording device when Anderson picked her up for a sexual encounter, authorities said.
Anderson was released on bond Wednesday. He did not return repeated calls seeking comment.
In January, a second woman with a late water bill wore a recording device when she met the mayor at an apartment to seek his help getting custody of her granddaughter from the state Department of Health and Human Services.
Anderson offered her $100 for sex, grabbed her and exposed himself, the affidavit said.
The mayor was charged with abusing the public trust and patronizing a prostitute. An arraignment was scheduled for July 6.
Waldron is 100 miles west of Little Rock.