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12-8-606. Use of pledged revenues.
Arkansas Code — all titles (historical 2020) · legal_authorities
12-8-606. Use of pledged revenues.
(a)(1) The debt service payments and other costs relating to a headquarters facility or communication and information technology equipment shall be secured by a lien on and pledge of the pledged revenues.
(2) To the extent that pledged revenues are not required to make debt service payments, the pledged revenues shall be released to the Division of Arkansas State Police to provide operating funds as described in this section.
(b)(1) All pledged revenues are cash funds restricted in their use and dedicated and to be used solely as provided in this subchapter.
(2) When pledged revenues are received by the Commissioner of Motor Vehicles, the Office of Motor Vehicle, the Division of Arkansas State Police, the Arkansas State Police Commission, the Department of Finance and Administration, or any other state agency, the pledged revenues shall be deposited as cash funds into a bank selected by the Division of Arkansas State Police to the credit of the Division of Arkansas State Police Financing Fund.
(c)(1) On the date that the Arkansas Development Finance Authority issues bonds under this subchapter and the Arkansas Development Finance Authority Act, § 15-5-101 et seq., §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316, any revenues in the Division of Arkansas State Police Financing Fund shall be pledged revenues.
(2) Debt service payments shall be paid from the Division of Arkansas State Police Financing Fund as stated in the financing documents.
(3)(A) If all debt service payments have been properly made on the last day of each fiscal quarter, the pledged revenues remaining in the Division of Arkansas State Police Financing Fund shall be withdrawn from the Division of Arkansas State Police Financing Fund and deposited
Source: Arkansas Code — historical release 78 (November 6, 2020) · 12-8-606
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:12-8-606
Source file: gov.ar.code.title.12.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e8e761a2b16354a63f2477ab1a9c10a457dc86dce9ce2cd3c27f786023d380df
Source location: content.xml paragraph 1384
Stored source content
12-8-606. Use of pledged revenues.
(a)(1) The debt service payments and other costs relating to a headquarters facility or communication and information technology equipment shall be secured by a lien on and pledge of the pledged revenues.
(2) To the extent that pledged revenues are not required to make debt service payments, the pledged revenues shall be released to the Division of Arkansas State Police to provide operating funds as described in this section.
(b)(1) All pledged revenues are cash funds restricted in their use and dedicated and to be used solely as provided in this subchapter.
(2) When pledged revenues are received by the Commissioner of Motor Vehicles, the Office of Motor Vehicle, the Division of Arkansas State Police, the Arkansas State Police Commission, the Department of Finance and Administration, or any other state agency, the pledged revenues shall be deposited as cash funds into a bank selected by the Division of Arkansas State Police to the credit of the Division of Arkansas State Police Financing Fund.
(c)(1) On the date that the Arkansas Development Finance Authority issues bonds under this subchapter and the Arkansas Development Finance Authority Act, § 15-5-101 et seq., §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316, any revenues in the Division of Arkansas State Police Financing Fund shall be pledged revenues.
(2) Debt service payments shall be paid from the Division of Arkansas State Police Financing Fund as stated in the financing documents.
(3)(A) If all debt service payments have been properly made on the last day of each fiscal quarter, the pledged revenues remaining in the Division of Arkansas State Police Financing Fund shall be withdrawn from the Division of Arkansas State Police Financing Fund and deposited into the State Treasury as special revenues to the credit of the Division of Arkansas State Police Fund.
(B) However, if any debt service payments remain to be paid under this subchapter, all moneys in the Division of Arkansas State Police Financing Fund shall continue to be pledged to the debt service payments and other costs in connection with the bonds and the maintenance of reserves, notwithstanding the right of the Division of Arkansas State Police to withdraw funds on the last day of each fiscal quarter if debt service payments are current.
(d) If any debt service payments remain to be made, the General Assembly may modify or change the pledged revenues only if there are always maintained in effect and made available for the payment of debt service payments sources of revenue comparable in amount and time of receipt that produce revenues sufficient to provide for and secure debt service payments when due.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-101. Title.
This subchapter, §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be referred to as and may be cited as the “Arkansas Development Finance Authority Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-201. Creation of authority.
There is created, with such duties and powers as are hereinafter set forth to carry out the provisions of this subchapter and §§ 15-5-101 — 15-5-106 and 15-5-301 — 15-5-316, a public body politic and corporate, with corporate succession, to be an independent instrumentality exercising essential public functions, and to be known as the “Arkansas Development Finance Authority”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-211. Dissolution of the authority.
(a) The Arkansas Development Finance Authority may be dissolved by act of the General Assembly on condition that the authority has no debts or obligations outstanding or provision has been made for the payment or retirement of such debts or obligations.
(b) Upon any such dissolution of the authority, all property, funds, and assets thereof shall be vested in the state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-211
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-211. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-213. Correction Facilities Construction Fund.
(a) There is established on the books of the Arkansas Development Finance Authority a special restricted fund to be known as the “Correction Facilities Construction Fund”. This fund shall be administered in accordance with the provisions of this section.
(b) The fund shall receive moneys payable from the Treasurer of State in accordance with § 15-5-422. All moneys deposited into the fund and all income, interest, and earnings therefrom are declared to be cash funds restricted in their use and dedicated and are to be used solely for acquisition and construction of regional correction facilities for use by the Division of Correction, specifically including a regional correction facility in Chicot County, which facility will be leased to and utilized by the division.
(c) The fund shall be held and the amounts therein invested by the authority only in accordance with this section. The moneys in the fund shall be invested by the authority in accordance with the restrictions established for the Bond Guaranty Reserve Account provided for in § 15-5-407. The fund and the moneys in the fund shall not be part of the general funds of the authority subject to claims of the general creditors of the authority. The fund may be pledged by the authority upon proper authorization of the Board of Directors of the Arkansas Development Finance Authority only to secure repayment of obligations of the authority, the proceeds of which are used to construct or acquire correction facilities as specified in subsection (b) of this section.
(d) After July 1, 2008, as the authority no longer has outstanding obligations, the proceeds of which have been used to construct and acquire correction facilities as specified in subsection (b) of this s
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-213
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-213. This identifies an authority to review, not proof of applicability.