Browse Arkansas Code titles and sections
15-4-3215. Annual determination of moneys required for bond repayment.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3215. 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 outstanding bonded indebtedness during the fiscal year and deduct therefrom the estimated moneys to be available from special revenues or to the Arkansas Development Finance Authority from other sources related to the qualified Amendment 82 project 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 State Apportionment Fund to the appropriate trust fund of the amount of general revenues or, if applicable, special revenues required to pay the maturing debt service on the outstanding bonded indebtedness.
(b)(1) The obligation to make monthly transfers of general revenues from the State Apportionment Fund to the appropriate trust 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, the bonds shall rank on a parity of security with respect to payment from general revenues.
(c) The resolution or trust indenture authorizing or securing the bonds issued shall identify the fund to which moneys shall be credited and used for the purposes identified in § 15-4-3208(b), and for those purposes, the holder of the trust funds is designated as the disbursin
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3215
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:15-4-3215
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d8cf233e18c25defe690e869f738982a460b97e2696bd8202e71750a2589be70
Source location: content.xml paragraph 5801
Stored source content
15-4-3215. 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 outstanding bonded indebtedness during the fiscal year and deduct therefrom the estimated moneys to be available from special revenues or to the Arkansas Development Finance Authority from other sources related to the qualified Amendment 82 project 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 State Apportionment Fund to the appropriate trust fund of the amount of general revenues or, if applicable, special revenues required to pay the maturing debt service on the outstanding bonded indebtedness.
(b)(1) The obligation to make monthly transfers of general revenues from the State Apportionment Fund to the appropriate trust 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, the bonds shall rank on a parity of security with respect to payment from general revenues.
(c) The resolution or trust indenture authorizing or securing the bonds issued shall identify the fund to which moneys shall be credited and used for the purposes identified in § 15-4-3208(b), and for those purposes, the holder of the trust funds is designated as the disbursing officer to administer those funds in accordance with Arkansas Constitution, Amendment 82, and this subchapter.
(d) Moneys held in trust funds in excess of the amount necessary to ensure the prompt payment of debt service on the bonds and the establishment and maintenance of reserve funds, 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.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3208. Amendment 82 bonds.
(a) After the General Assembly's approval in regular session, fiscal session, or extraordinary session and the execution of the Amendment 82 agreement, the Arkansas Development Finance Authority, on behalf of the state, may issue bonds under Arkansas Constitution, Amendment 82, and this subchapter, to be known as “Amendment 82 Bonds” in one (1) or more series up to the maximum principal amount approved by the General Assembly.
(b)(1) Bonds shall be issued for the purpose of financing infrastructure needs and other needs to support a qualified Amendment 82 project.
(2) The proceeds of the Amendment 82 bonds shall be applied:
(A) To the payment of project costs and the costs and expenses of issuance of the Amendment 82 bonds; or
(B) In connection with a qualified Amendment 82 project refinancing, to the repayment of indebtedness incurred to pay project costs and the costs and expenses of issuance of the Amendment 82 bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3208
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 15-4-3208. This identifies an authority to review, not proof of applicability.