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15-22-711. Bonds — Authorizing resolution, trust indenture, and selection of projects.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-22-711. Bonds — Authorizing resolution, trust indenture, and selection of projects.
(a)(1) The bonds shall be authorized by resolution of the Arkansas Natural Resources Commission.
(2) Each resolution shall contain such terms, covenants, and conditions as are deemed desirable, including, without limitation, those pertaining to the establishment and maintenance of funds and accounts, to the deposit and investment of revenues and of bond proceeds, and to the rights and obligations of the state, its officers and officials, the commission, and the holders or registered owners of the bonds.
(3) 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, convenants, and conditions referred to in this subsection. 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 the bonds; and
(2) To the extent of the revenues, 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 § 15-22-715.
(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 direct user fees, t
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-711
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:15-22-711
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 32cc6c4f555689bf3972873cf556be82faeb57031ac5a6849cb83f8fffcd8f30
Source location: content.xml paragraph 15920
Stored source content
15-22-711. Bonds — Authorizing resolution, trust indenture, and selection of projects.
(a)(1) The bonds shall be authorized by resolution of the Arkansas Natural Resources Commission.
(2) Each resolution shall contain such terms, covenants, and conditions as are deemed desirable, including, without limitation, those pertaining to the establishment and maintenance of funds and accounts, to the deposit and investment of revenues and of bond proceeds, and to the rights and obligations of the state, its officers and officials, the commission, and the holders or registered owners of the bonds.
(3) 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, convenants, and conditions referred to in this subsection. 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 the bonds; and
(2) To the extent of the revenues, 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 § 15-22-715.
(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 direct user fees, taxes, or otherwise.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-22-715. Payment of debt service — Transfer and use of funds.
(a)(1) On or before commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for payment for 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 shall certify the estimated amount to the Treasurer of State.
(2) The Treasurer of State shall then make monthly transfers from the State Apportionment Fund to the Waste Disposal and Pollution Abatement Facilities Bond Fund of such amount of general revenues for allocation, as that 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)(A) The Treasurer of State shall make such 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 the Waste Disposal and Pollution Abatement Facilities Debt Service Reserve Fund to provide a reserve or reserves for payment of debt service on the bonds.
(B) The obligation to make monthly transfers of general revenues for allocation from the State Apportionment Fund to the Waste Disposal and Pollution Abatement Facilities Bond Fund and to the Waste Disposal and Pollution Abatement Facilities 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 for allocation are devoted, either under present law or
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-715
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 15-22-715. This identifies an authority to review, not proof of applicability.