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15-22-1313. Withholding general revenue turnback.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-22-1313. Withholding general revenue turnback.
(a) Should any city, town, county, or political subdivision receiving general revenue turnback funds as defined in the Revenue Stabilization Law, § 19-5-101 et seq., fail, neglect, or refuse to pay any installment of principal, interest, or financing fee for a period of more than ninety (90) days past the due date in accordance with the written instrument for the repayment of its bonds, notes, or other evidences of indebtedness purchased by the Arkansas Natural Resources Commission with proceeds of the commission's bonds issued under this subchapter, after notification to the city, town, county, or political subdivision, the commission may certify to the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State the:
(1) Name of the city, town, county, or political subdivision; and
(2) Amount of deficiencies ninety (90) days or more past due.
(b) Upon certification, the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State are directed to withhold from the city's, town's, county's, or other political subdivision's share of general revenue turnback as the share is defined in the Revenue Stabilization Law, § 19-5-101 et seq., the amount so certified as due the commission and to transfer the amount as directed by the commission for use as provided by law.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-1313
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:15-22-1313
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ab32a56e8f400a295b2e0e7d54e112869b800b1a50f85c04d96e7a290c612970
Source location: content.xml paragraph 17184
Stored source content
15-22-1313. Withholding general revenue turnback.
(a) Should any city, town, county, or political subdivision receiving general revenue turnback funds as defined in the Revenue Stabilization Law, § 19-5-101 et seq., fail, neglect, or refuse to pay any installment of principal, interest, or financing fee for a period of more than ninety (90) days past the due date in accordance with the written instrument for the repayment of its bonds, notes, or other evidences of indebtedness purchased by the Arkansas Natural Resources Commission with proceeds of the commission's bonds issued under this subchapter, after notification to the city, town, county, or political subdivision, the commission may certify to the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State the:
(1) Name of the city, town, county, or political subdivision; and
(2) Amount of deficiencies ninety (90) days or more past due.
(b) Upon certification, the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State are directed to withhold from the city's, town's, county's, or other political subdivision's share of general revenue turnback as the share is defined in the Revenue Stabilization Law, § 19-5-101 et seq., the amount so certified as due the commission and to transfer the amount as directed by the commission for use as provided by law.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-101. Title.
This chapter shall be known and cited as the “Revenue Stabilization Law”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-101
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 19-5-101. This identifies an authority to review, not proof of applicability.