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15-22-620. Deposit of proceeds of sale of bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-22-620. Deposit of proceeds of sale of bonds.
The proceeds of the sale of bonds issued under this subchapter shall be deposited by the Arkansas Natural Resources Commission:
(1) Into all or any one (1) or more of the funds established pursuant to § 15-22-614, as set forth in the resolution or trust indenture authorizing or securing such bonds; and
(2)(A) Into the Water Resources Development Construction Fund, to be applied pursuant to appropriation by the General Assembly to the development of a project or projects developed under this subchapter.
(B) The Treasurer of State is authorized to establish various accounts within the Water Resources Development Construction Fund to correspond to and reflect the series of bonds to which attributable.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-620
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:15-22-620
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c5f1587125e9689a7190d3b526cd796aeb29e8af17289d3bdfcbb26ad7b98c85
Source location: content.xml paragraph 15779
Stored source content
15-22-620. Deposit of proceeds of sale of bonds.
The proceeds of the sale of bonds issued under this subchapter shall be deposited by the Arkansas Natural Resources Commission:
(1) Into all or any one (1) or more of the funds established pursuant to § 15-22-614, as set forth in the resolution or trust indenture authorizing or securing such bonds; and
(2)(A) Into the Water Resources Development Construction Fund, to be applied pursuant to appropriation by the General Assembly to the development of a project or projects developed under this subchapter.
(B) The Treasurer of State is authorized to establish various accounts within the Water Resources Development Construction Fund to correspond to and reflect the series of bonds to which attributable.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-22-614. Deposit of revenues — Trust funds.
(a) All revenues derived by the Arkansas Natural Resources Commission from any project financed under this subchapter shall be deposited by the commission, as received, into trust funds in the State Treasury to accomplish the purposes of this subchapter, specifically, in amounts or portions as set forth in the resolution or trust indenture authorizing or securing the bonds issued to finance the development of such a project into trust funds created and designated as follows:
(1) Into the Water Resources Development Bond Fund to provide for payment of all or a part of debt service on bonds issued under this subchapter;
(2) Into the Water Resources Development Debt Service Reserve Fund to provide a reserve for payment of debt service on the bonds; and
(3) Into the Water Resources Development Operation and Maintenance Fund to provide for all or a part of the operation and maintenance needs of such a project or of other projects financed under this subchapter.
(b) The Treasurer of State is authorized and directed to establish separate accounts within the funds to correspond to and reflect the various series of bonds to which attributable.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-614
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 15-22-614. This identifies an authority to review, not proof of applicability.