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15-22-611. Bonds — Authorizing resolution, trust indenture, and selection of projects.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-22-611. Bonds — Authorizing resolution, trust indenture, and selection of projects.
(a)(1) All bonds issued under this subchapter shall be authorized by resolution of the Arkansas Natural Resources Commission.
(2) Each resolution shall contain terms, covenants, and conditions as deemed desirable, including without limitation, those 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 holders and the registered owners of the bonds.
(3) All bonds issued under this subchapter shall be on a parity as to security.
(4)(A) The resolution of the commission may provide for the execution and delivery by the commission of a trust indenture or trust indentures with a bank or banks located within or without the state, containing any of the terms, covenants, and conditions referred to in subdivision (a)(2) of this section.
(B) The trust indenture or trust indentures shall be binding upon the state and its 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:
(1) To apply to the payment of debt service on the bonds issued or secured thereunder all or any part of the revenues derived from any project financed by such bonds; and
(2) To the extent of the revenues referred to in subdivision (b)(1) of this section, to release from any requirement of the resolution or trust indenture other revenues and resources of the state, including without limitation, the general revenues for allocation required to be transferred under § 15-22-616.
(c) The commissio
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-611
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:15-22-611
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b3f999d550e4aa5e722287939c5999d341c7cd443bfbbee4588875cbe7d861ee
Source location: content.xml paragraph 15690
Stored source content
15-22-611. Bonds — Authorizing resolution, trust indenture, and selection of projects.
(a)(1) All bonds issued under this subchapter shall be authorized by resolution of the Arkansas Natural Resources Commission.
(2) Each resolution shall contain terms, covenants, and conditions as deemed desirable, including without limitation, those 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 holders and the registered owners of the bonds.
(3) All bonds issued under this subchapter shall be on a parity as to security.
(4)(A) The resolution of the commission may provide for the execution and delivery by the commission of a trust indenture or trust indentures with a bank or banks located within or without the state, containing any of the terms, covenants, and conditions referred to in subdivision (a)(2) of this section.
(B) The trust indenture or trust indentures shall be binding upon the state and its 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:
(1) To apply to the payment of debt service on the bonds issued or secured thereunder all or any part of the revenues derived from any project financed by such bonds; and
(2) To the extent of the revenues referred to in subdivision (b)(1) of this section, to release from any requirement of the resolution or trust indenture other revenues and resources of the state, including without limitation, the general revenues for allocation required to be transferred under § 15-22-616.
(c) The commission shall endeavor to select projects for financing and development under this subchapter which offer reasonable and realistic prospects of the production of revenues, whether by sales of water to municipalities or other public bodies, sales of water to industry, or otherwise.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-22-616. Payment of debt service — Transfer and use of funds.
(a)(1) On or before the commencement of each fiscal year, the Chief Fiscal Officer of the State shall:
(A) Determine the estimated amount required for payment of all or a part of debt service on the bonds issued under this subchapter during that fiscal year, after making deductions therefrom of estimated moneys to be available to the Arkansas Natural Resources Commission from other sources therefor; and
(B) Certify to the Treasurer of State the estimated amount referred to in subdivision (a)(1)(A) of this section.
(2) The Treasurer of State shall make monthly transfers from the State Apportionment Fund to the Water Resources Development Bond Fund to provide for payment of all or part of the debt service on the bonds issued under this subchapter, of that amount of general revenues for allocation, as such a term is defined in the Revenue Stabilization Law, § 19-5-101 et seq., as shall be required to pay the maturing debt service on bonds issued under this subchapter.
(b)(1) The Treasurer of State shall make any additional monthly transfer or transfers of general revenues for allocation as the Chief Fiscal Officer of the State shall certify to him or her as being required to enable the commission to establish and thereafter maintain a Water Resources Development Debt Service Reserve Fund to provide reserves for payment of debt service on the bonds.
(2) The obligation to make monthly transfers of general revenues for allocation from the State Apportionment Fund to the Water Resources Development Bond Fund and to the Water Resources Development Debt Service Reserve Fund shall constitute a first charge against the general revenues for allocation prior to all other uses to which the general revenues fo
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-616
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 15-22-616. This identifies an authority to review, not proof of applicability.