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15-20-1306. Resolutions and trust indentures.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-20-1306. Resolutions and trust indentures.
(a)(1) The bonds shall be authorized by resolution of the Arkansas Natural Resources Commission.
(2) Each resolution shall contain the terms, covenants, and conditions deemed desirable for the bonds, including without limitation conditions pertaining to:
(A) The establishment and maintenance of funds and accounts;
(B) The deposit and investment of revenues and of bond proceeds; and
(C) The rights and obligations of the state, its officers and officials, the commission, and the registered owners of the bonds.
(3) The resolution of the commission may provide for the execution and delivery by the commission of one (1) or more trust indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions stated in subdivision (a)(2) of this section.
(4) A trust indenture shall be binding upon the state and its agencies, officers, and officials to the extent set forth in this subchapter.
(b) Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved to:
(1) Apply to the payment of debt service on the bonds issued or secured under all or any part of the revenues that may be derived from any project financed by the bonds or financed by the commission in some other manner; and
(2) To the extent of revenues that the commission elects to apply to debt service, to release from any requirement of the resolution or trust indenture other revenues and resources of the state, including without limitation the general revenues of the state required to be transferred under § 15-20-1311.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-20-1306
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:15-20-1306
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e2ac9c391836dc9bad691a57db1e9f237bc4ac3762a640d3f0cfc71e51fec3b0
Source location: content.xml paragraph 13833
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15-20-1306. Resolutions and trust indentures.
(a)(1) The bonds shall be authorized by resolution of the Arkansas Natural Resources Commission.
(2) Each resolution shall contain the terms, covenants, and conditions deemed desirable for the bonds, including without limitation conditions pertaining to:
(A) The establishment and maintenance of funds and accounts;
(B) The deposit and investment of revenues and of bond proceeds; and
(C) The rights and obligations of the state, its officers and officials, the commission, and the registered owners of the bonds.
(3) The resolution of the commission may provide for the execution and delivery by the commission of one (1) or more trust indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions stated in subdivision (a)(2) of this section.
(4) A trust indenture shall be binding upon the state and its agencies, officers, and officials to the extent set forth in this subchapter.
(b) Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved to:
(1) Apply to the payment of debt service on the bonds issued or secured under all or any part of the revenues that may be derived from any project financed by the bonds or financed by the commission in some other manner; and
(2) To the extent of revenues that the commission elects to apply to debt service, to release from any requirement of the resolution or trust indenture other revenues and resources of the state, including without limitation the general revenues of the state required to be transferred under § 15-20-1311.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-20-1311. Payment of debt service on the bonds.
(a)(1) On or before the commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for payment of all or a part of the debt service on the bonds issued under this subchapter during the fiscal year and deduct from the estimated moneys to be available to the Arkansas Natural Resources Commission from other sources to determine what amount of general revenues of the state will be required.
(2) The Chief Fiscal Officer of the State shall certify the estimated amount to the Treasurer of State.
(3) The Treasurer of State shall then make monthly transfers from the State Apportionment Fund to the Water, Waste Disposal, and Pollution Abatement Facilities Financing Act of 2007 Bond Fund of the amount of general revenues of the state required to pay the maturing debt service on bonds issued under this subchapter.
(b)(1) The obligation to make monthly transfers of general revenues of the state from the State Apportionment Fund to the Water, Waste Disposal, and Pollution Abatement Facilities Financing Act of 2007 Bond Fund shall constitute a first charge against the general revenues of the state prior to all other uses to which the general revenues of the state are devoted, either under present law or under any laws that may be enacted in the future.
(2) However, to the extent other general obligation bonds of the state have been issued or may subsequently be issued, all general obligation bonds shall rank on a parity of security with respect to payment from general revenues of the state.
(c) Moneys credited to the Water, Waste Disposal, and Pollution Abatement Facilities Financing Act of 2007 Bond Fund shall be used only to pay debt service on the bonds, either a
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-20-1311
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 15-20-1311. This identifies an authority to review, not proof of applicability.