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15-4-1809. Payments.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1809. Payments.
(a) Payments of state assistance to state agencies and political subdivisions under this subchapter shall be made by remitting them directly to the trustee for the holders of the bonds issued to finance the eligible facility.
(b) The trustee shall apply the state assistance money to the payment or redemption of the bonds and to the payment of interest thereon.
(c) When the bonds issued to finance the eligible facility are fully retired or the investment of the state agency or political subdivision of its revenues in the eligible facility has been repaid with accrued and accruing interest, any money then held by the trustee derived from the state assistance shall be returned to the Treasurer of State and deposited into the State Treasury as general revenues to the credit of the General Revenue Fund Account of the State Apportionment Fund, and future eligibility for that project shall be terminated.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1809
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:15-4-1809
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 34ad0932f4d00a0a67ae240d1ad911b8dd0e6bea013738adcdbb6b8d0a3fc877
Source location: content.xml paragraph 3612
Stored source content
15-4-1809. Payments.
(a) Payments of state assistance to state agencies and political subdivisions under this subchapter shall be made by remitting them directly to the trustee for the holders of the bonds issued to finance the eligible facility.
(b) The trustee shall apply the state assistance money to the payment or redemption of the bonds and to the payment of interest thereon.
(c) When the bonds issued to finance the eligible facility are fully retired or the investment of the state agency or political subdivision of its revenues in the eligible facility has been repaid with accrued and accruing interest, any money then held by the trustee derived from the state assistance shall be returned to the Treasurer of State and deposited into the State Treasury as general revenues to the credit of the General Revenue Fund Account of the State Apportionment Fund, and future eligibility for that project shall be terminated.
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