Browse Arkansas Code titles and sections
13-5-316. Administration of debt-servicing provisions — Bond guaranty fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
13-5-316. Administration of debt-servicing provisions — Bond guaranty fund.
(a) The Secretary of the Department of Parks, Heritage, and Tourism shall notify the State Board of Finance or the appropriate officer, board, or agency then having jurisdiction over the moneys involved when the secretary has determined to issue bonds under this subchapter and the amount of investment earnings pledged.
(b)(1) Thereafter, the secretary shall constantly keep advised of revenues derived from the Arkansas Museum and Cultural Center.
(2) If it develops that all or any portion of the investment earnings pledged will actually be needed to satisfy the terms of the pledge, the secretary shall promptly notify the board of the amount that will be actually needed each month to provide for the payment of interest, principal, and paying agents' fees and for the maintenance of reserves as specified by the secretary in the resolution or trust indenture authorizing and securing the bonds, which monthly amount is designated the “debt service amount”.
(c) At the receipt of the notice, the board or the appropriate officer, board, or agency then having jurisdiction over the moneys involved shall set aside the debt service amount of the investment earnings and, subject to first complying with any pledge heretofore or any time hereafter made of investment earnings authorized by the Industrial Development Guaranty Bond Act, § 15-4-701 et seq., shall pay the debt service amount directly to the secretary in a bank or banks selected by the secretary and designated the “Arkansas Museum and Cultural Center Bond Guaranty Fund”, also known as the “Center Guaranty Fund”.
(d)(1) Moneys in the fund shall be used to pay the principal of, interest on, and paying agent's fees in connection with the bonds
Source: Arkansas Code — historical release 78 (November 6, 2020) · 13-5-316
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:13-5-316
Source file: gov.ar.code.title.13.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 507edd1c58d400db8841aa83845112519c9ab66d13cdc81b555ebae2c5046a5c
Source location: content.xml paragraph 2107
Stored source content
13-5-316. Administration of debt-servicing provisions — Bond guaranty fund.
(a) The Secretary of the Department of Parks, Heritage, and Tourism shall notify the State Board of Finance or the appropriate officer, board, or agency then having jurisdiction over the moneys involved when the secretary has determined to issue bonds under this subchapter and the amount of investment earnings pledged.
(b)(1) Thereafter, the secretary shall constantly keep advised of revenues derived from the Arkansas Museum and Cultural Center.
(2) If it develops that all or any portion of the investment earnings pledged will actually be needed to satisfy the terms of the pledge, the secretary shall promptly notify the board of the amount that will be actually needed each month to provide for the payment of interest, principal, and paying agents' fees and for the maintenance of reserves as specified by the secretary in the resolution or trust indenture authorizing and securing the bonds, which monthly amount is designated the “debt service amount”.
(c) At the receipt of the notice, the board or the appropriate officer, board, or agency then having jurisdiction over the moneys involved shall set aside the debt service amount of the investment earnings and, subject to first complying with any pledge heretofore or any time hereafter made of investment earnings authorized by the Industrial Development Guaranty Bond Act, § 15-4-701 et seq., shall pay the debt service amount directly to the secretary in a bank or banks selected by the secretary and designated the “Arkansas Museum and Cultural Center Bond Guaranty Fund”, also known as the “Center Guaranty Fund”.
(d)(1) Moneys in the fund shall be used to pay the principal of, interest on, and paying agent's fees in connection with the bonds and to maintain reserves as authorized by this subchapter.
(2)(A) The payments shall continue until the secretary shall determine that center revenues in the future will be sufficient and shall notify the board to cease paying the debt service amount.
(B) The payments, within the limits of outstanding pledges made pursuant to the provisions of this subchapter, shall be resumed and discontinued as required.
(e) The debt service amount and all moneys deposited or to be deposited in the fund are declared to be cash funds, restricted in their use and dedicated and to be used solely as authorized in this subchapter.
(f) So long as any bonds authorized by this subchapter are outstanding, the authorization made shall not be repealed or diminished without providing an alternate source of funds sufficient to satisfy all revenue pledges made to bonds issued under this subchapter.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
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.