Browse Arkansas Code titles and sections
13-5-315. Debt service — Pledge of revenues and earnings — Admission charges.
Arkansas Code — all titles (historical 2020) · legal_authorities
13-5-315. Debt service — Pledge of revenues and earnings — Admission charges.
(a) The payment of debt service, including principal, interest, and trustee's and paying agent's fees, shall be secured by a lien on and pledge of net center revenues, which are gross revenues less those revenues applied to operation and maintenance as set forth in § 13-5-314.
(b) As additional security, the payment of debt service may be secured by a pledge of earnings to the extent specified in this section derived from the investment of state funds pursuant to the State Treasury Management Law, § 19-3-501 et seq., known as the “investment earnings”.
(c) Any pledge of investment earnings shall be subordinate to pledges authorized by the Industrial Development Guaranty Bond Act, § 15-4-701 et seq.
(d) No earnings from the investment of state funds shall be pledged to secure bonds issued by the Secretary of the Department of Parks, Heritage, and Tourism under this subchapter unless the secretary shall first enter into an agreement with the State Board of Finance to charge appropriate fees for admission to the Arkansas Museum and Cultural Center and to set aside in a special sinking fund, to be used exclusively to pay the principal of, interest on, and paying agent's fees in connection with, bonds issued by the secretary, at least seventy-five cents (75¢) of the admission fee collected for each adult and fifty cents (50¢) of the admission fee collected for each person six (6) years of age to seventeen (17) years of age, inclusive.
(e) However, the secretary may waive all admission charges or establish special reduced admission charges for any school-sponsored student, students, or groups, in which cases the provisions of this section relating to the setting aside of a prescribed amoun
Source: Arkansas Code — historical release 78 (November 6, 2020) · 13-5-315
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:13-5-315
Source file: gov.ar.code.title.13.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3378161d091509e9315f1c05bb35a8992f8a10cd938394f11e4bd3fe9a6445af
Source location: content.xml paragraph 2092
Stored source content
13-5-315. Debt service — Pledge of revenues and earnings — Admission charges.
(a) The payment of debt service, including principal, interest, and trustee's and paying agent's fees, shall be secured by a lien on and pledge of net center revenues, which are gross revenues less those revenues applied to operation and maintenance as set forth in § 13-5-314.
(b) As additional security, the payment of debt service may be secured by a pledge of earnings to the extent specified in this section derived from the investment of state funds pursuant to the State Treasury Management Law, § 19-3-501 et seq., known as the “investment earnings”.
(c) Any pledge of investment earnings shall be subordinate to pledges authorized by the Industrial Development Guaranty Bond Act, § 15-4-701 et seq.
(d) No earnings from the investment of state funds shall be pledged to secure bonds issued by the Secretary of the Department of Parks, Heritage, and Tourism under this subchapter unless the secretary shall first enter into an agreement with the State Board of Finance to charge appropriate fees for admission to the Arkansas Museum and Cultural Center and to set aside in a special sinking fund, to be used exclusively to pay the principal of, interest on, and paying agent's fees in connection with, bonds issued by the secretary, at least seventy-five cents (75¢) of the admission fee collected for each adult and fifty cents (50¢) of the admission fee collected for each person six (6) years of age to seventeen (17) years of age, inclusive.
(e) However, the secretary may waive all admission charges or establish special reduced admission charges for any school-sponsored student, students, or groups, in which cases the provisions of this section relating to the setting aside of a prescribed amount of each admission charge for payment of principal and interest on bonds shall not apply.
(f) Notwithstanding the provisions of § 13-5-314, the revenues required to be set aside into the special sinking fund shall not be deposited or used for any purpose other than for payment of principal, interest, and paying agent's fees on bonds issued under this subchapter.
(g) All pledges of investment earnings under this subchapter shall not exceed in the aggregate five hundred thousand dollars ($500,000) for any fiscal year.
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Arkansas Code — all titles (historical 2020) · legal_authorities
13-5-314. Disposition of revenues.
(a) All revenues derived from the operation of the Arkansas Museum and Cultural Center and all other funds received by the Secretary of the Department of Parks, Heritage, and Tourism from other sources for use in connection with the center and its operation are center revenues and are specifically declared to be cash funds, restricted in their use and to be used solely as provided in this subchapter.
(b) These revenues shall not be deposited into the State Treasury but shall be deposited by the Department of Parks, Heritage, and Tourism as and when received into a bank or banks as the secretary may from time to time select.
(c)(1) Center revenues shall be applied annually in the following order:
(A) To the extent necessary after taking into consideration any other funds which may be available for the purpose, for operation and maintenance expenses of the center; and
(B) To the payment of the principal of, interest on, and trustee's and paying agent's fees in connection with bonds issued under this subchapter, and the establishing and maintaining of any debt service reserves.
(2) Should there be any excess after subdivisions (c)(1)(A) and (B) of this section, the excess may be applied, as determined by the secretary, to the redemption of bonds prior to maturity or for the payment of any costs and expenses incurred by the secretary in the accomplishment of the powers and authorities conferred upon the secretary by § 13-5-304 [repealed].
Source: Arkansas Code — historical release 78 (November 6, 2020) · 13-5-314
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 13-5-314. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-701. Title.
This subchapter shall be known and may be cited as the “Industrial Development Guaranty Bond Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-701
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 15-4-701. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-3-501. Title.
This subchapter shall be known and may be cited as the “State Treasury Management Law”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-3-501
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 19-3-501. This identifies an authority to review, not proof of applicability.