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14-95-605. Bond fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-95-605. Bond fund.
(a) Commencing the first day of the month succeeding the issuance of the bonds under this chapter and so long as any bonds are outstanding under this chapter, the pledged revenues of each municipality's urban service district shall be periodically transferred to the authority and shall not be subject to appropriation by the municipality, but, as and when received by the authority, shall be deposited in a bank or banks selected by the authority to the credit of a fund designated as the “Urban Service District Revenue Bond Fund”, with appropriate identification for separate issues or series.
(b)(1) So long as any bonds are outstanding under this chapter, all moneys in any bond fund shall be used solely for the payment of the principal of, premiums, if any, interest on, and trustees' and paying agents' fees in connection with the bonds, with the maintenance of necessary funds and reserves.
(2) Except that, the authorizing resolution or trust indenture may provide for the withdrawal, for other purposes, of surplus moneys, as defined in the authorizing resolution or trust indenture.
(c) Nothing in § 14-95-604, this section, or § 14-95-608 is intended to prohibit the authority from investing moneys received under this section, § 14-95-604, or § 14-95-608, as provided in this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-95-605
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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Record provenance
Stable record: arkansas_code:legal_authorities:14-95-605
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4c4631fb0856c0b9a12ccc50c9d4141db94648031f61c00a344adf5048db8a59
Source location: content.xml paragraph 27162
Stored source content
14-95-605. Bond fund.
(a) Commencing the first day of the month succeeding the issuance of the bonds under this chapter and so long as any bonds are outstanding under this chapter, the pledged revenues of each municipality's urban service district shall be periodically transferred to the authority and shall not be subject to appropriation by the municipality, but, as and when received by the authority, shall be deposited in a bank or banks selected by the authority to the credit of a fund designated as the “Urban Service District Revenue Bond Fund”, with appropriate identification for separate issues or series.
(b)(1) So long as any bonds are outstanding under this chapter, all moneys in any bond fund shall be used solely for the payment of the principal of, premiums, if any, interest on, and trustees' and paying agents' fees in connection with the bonds, with the maintenance of necessary funds and reserves.
(2) Except that, the authorizing resolution or trust indenture may provide for the withdrawal, for other purposes, of surplus moneys, as defined in the authorizing resolution or trust indenture.
(c) Nothing in § 14-95-604, this section, or § 14-95-608 is intended to prohibit the authority from investing moneys received under this section, § 14-95-604, or § 14-95-608, as provided in this chapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-95-604. Restrictions.
All pledged revenues are hereby specifically declared to be restricted in their use and dedicated and to be used solely as provided and authorized in this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-95-604
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 14-95-604. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-95-608. Pledged revenues.
The principal of, premiums, if any, interest on, and trustees' and paying agents' fees in connection with all bonds issued under this chapter shall be secured solely by a lien on and pledge of each municipality's urban service district's revenues derived from their service charges credited to the town or city treasury, and the pledging of those revenues, the “pledged revenues”, is hereby authorized.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-95-608
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 14-95-608. This identifies an authority to review, not proof of applicability.