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15-4-1807. State assistance.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1807. State assistance.
(a) If the application is approved, the State Board of Finance shall fix the amount of state assistance to the state agency or political subdivision to repay its investment or for paying debt service on the bonds issued to finance, in whole or in part, the eligible facility, if requested by the state agency or political subdivision and, on behalf of the state, shall enter into an agreement providing for the payment of the amount so fixed in quarterly payments and shall certify the amount to the Treasurer of State.
(b) If the state agency or political subdivision issues two (2) or more issues of bonds to finance an eligible facility, the amount of state assistance shall be fixed separately for each issue.
(c) The total amount of state assistance shall be fixed at no more than the additional state income tax revenues directly generated by the eligible facility.
(d) It shall be a condition to any payments under this subchapter that the state agency or political subdivision has issued and has outstanding its bonds for the purpose of financing, in whole or in part, the eligible facility, but this shall not limit the provisions in this subchapter for repayment of a state agency's or political subdivision's investment heretofore made in an eligible facility.
(e) The payments provided for in this subchapter shall be subject to the specific appropriation by the General Assembly and shall be for a term of not longer than two (2) years, but, subject to the appropriation by the General Assembly, shall be extended from time to time for additional terms of not to exceed two (2) years each.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1807
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:15-4-1807
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 296647390fa554e3039b6b94e8a314ec3e1130bed482d758b8f7a323c0538589
Source location: content.xml paragraph 3592
Stored source content
15-4-1807. State assistance.
(a) If the application is approved, the State Board of Finance shall fix the amount of state assistance to the state agency or political subdivision to repay its investment or for paying debt service on the bonds issued to finance, in whole or in part, the eligible facility, if requested by the state agency or political subdivision and, on behalf of the state, shall enter into an agreement providing for the payment of the amount so fixed in quarterly payments and shall certify the amount to the Treasurer of State.
(b) If the state agency or political subdivision issues two (2) or more issues of bonds to finance an eligible facility, the amount of state assistance shall be fixed separately for each issue.
(c) The total amount of state assistance shall be fixed at no more than the additional state income tax revenues directly generated by the eligible facility.
(d) It shall be a condition to any payments under this subchapter that the state agency or political subdivision has issued and has outstanding its bonds for the purpose of financing, in whole or in part, the eligible facility, but this shall not limit the provisions in this subchapter for repayment of a state agency's or political subdivision's investment heretofore made in an eligible facility.
(e) The payments provided for in this subchapter shall be subject to the specific appropriation by the General Assembly and shall be for a term of not longer than two (2) years, but, subject to the appropriation by the General Assembly, shall be extended from time to time for additional terms of not to exceed two (2) years each.
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