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15-4-3015. Annual determination of moneys required for bond repayment.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3015. Annual determination of moneys required for bond repayment.
(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 of all or a part of the debt service on the bonds issued during the fiscal year and deduct therefrom the estimated moneys to be available to the Arkansas Development Finance Authority from other sources and the amount available in the Economic Development Superprojects Project Fund to determine what amount of general revenues, if any, will be required.
(2) The Chief Fiscal Officer of the State shall certify the estimated amount to the Treasurer of State.
(3) The Treasurer of State shall then make monthly transfers from the Economic Development Superprojects Project Fund and, if necessary, from the State Apportionment Fund to the bond fund of the amount of general revenues as shall be required to pay the maturing debt service on the bonds.
(b)(1) The obligation to make monthly transfers of general revenues from the State Apportionment Fund to the bond fund shall constitute a first charge against the general revenues prior to all other uses to which the general revenues are devoted, either under present law or under any laws that may be enacted in the future.
(2) To the extent other general obligation bonds of the state may have been issued or may subsequently be issued, they shall rank on a parity of security with respect to payment from general revenues.
(c)(1) Moneys credited to the Economic Development Superprojects Project Fund shall be used for the purposes identified in § 15-4-3012(b), and for those purposes the Treasurer of State is designated as the disbursing officer to administer those funds in accordance with this subchapter.
(2)
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3015
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:15-4-3015
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4b5f8a344ab07282df71126915ed48ae25ab2d7b83fedb99a12879a738253e22
Source location: content.xml paragraph 5328
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15-4-3015. Annual determination of moneys required for bond repayment.
(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 of all or a part of the debt service on the bonds issued during the fiscal year and deduct therefrom the estimated moneys to be available to the Arkansas Development Finance Authority from other sources and the amount available in the Economic Development Superprojects Project Fund to determine what amount of general revenues, if any, will be required.
(2) The Chief Fiscal Officer of the State shall certify the estimated amount to the Treasurer of State.
(3) The Treasurer of State shall then make monthly transfers from the Economic Development Superprojects Project Fund and, if necessary, from the State Apportionment Fund to the bond fund of the amount of general revenues as shall be required to pay the maturing debt service on the bonds.
(b)(1) The obligation to make monthly transfers of general revenues from the State Apportionment Fund to the bond fund shall constitute a first charge against the general revenues prior to all other uses to which the general revenues are devoted, either under present law or under any laws that may be enacted in the future.
(2) To the extent other general obligation bonds of the state may have been issued or may subsequently be issued, they shall rank on a parity of security with respect to payment from general revenues.
(c)(1) Moneys credited to the Economic Development Superprojects Project Fund shall be used for the purposes identified in § 15-4-3012(b), and for those purposes the Treasurer of State is designated as the disbursing officer to administer those funds in accordance with this subchapter.
(2) If no bonds are issued, upon the request of the Arkansas Economic Development Commission and with the approval of the Governor, moneys in the Economic Development Superprojects Project Fund may be used on a pay-as-you-go basis as commission grants to local entities for infrastructure project costs.
(d) Moneys in the bond fund over and above the amount necessary to ensure the prompt payment of debt service on the bonds and the establishment and maintenance of a reserve fund, if any, may be used for the redemption of bonds prior to maturity in the manner and in accordance with the provisions pertaining to redemption prior to maturity as set forth in the resolution or trust indenture authorizing or securing the bonds.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3012. Deposit of bond proceeds.
(a) The proceeds from the sale of the bonds, together with all revenues derived by the Arkansas Development Finance Authority from any superproject financed or refinanced under this subchapter shall be deposited by the recipient, as received, into trust funds either established in the State Treasury or into accounts established outside the State Treasury in the name of the authority to accomplish the purposes of this subchapter, in amounts or portions as set forth in the resolution or trust indenture authorizing or securing the bonds issued to finance or refinance the superproject.
(b) There is created as a trust fund in the State Treasury an account designated as the “Economic Development Superprojects Project Fund” to provide for payment of all or a part of debt service on bonds issued under this subchapter and to directly fund superprojects on a pay-as-you-go basis should bonds neither be approved nor issued.
(c)(1) The Treasurer of State shall establish separate accounts and subaccounts within the fund to correspond to the applicable series of bonds.
(2) In addition, there may be created in the State Treasury other funds, accounts, or subaccounts as the authority may determine to be necessary to accomplish the purposes of this subchapter.
(d) All procedures and methods for application of proceeds of any series of bonds to the financing or refinancing of project costs shall be developed in consultation with and approved by the Arkansas Economic Development Commission and shall be set forth in writings and shall be maintained as part of the records of the authority.
(e) Any arrangements undertaken pursuant to subsection (b) of this section whereby a local entity will administer funds composed in whole or in part of proc
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3012
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 15-4-3012. This identifies an authority to review, not proof of applicability.