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15-4-520. Excess funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-520. Excess funds.
(a) Any funds remaining with the corporation in excess of the amount necessary to finance a project, including the cost of lands, buildings, and facilities and other expenses necessary to its completion, shall be used by the corporation to reduce the amount of its first lien obligations.
(b) For this purpose, the corporation shall call its first lien obligations for payment in inverse numerical order not later than the next interest payment date after completion of the project.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-520
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:15-4-520
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d510321ac508b2f479fe30f0b2079fd149237f5269945af3c5affdb7ec887f1a
Source location: content.xml paragraph 2187
Stored source content
15-4-520. Excess funds.
(a) Any funds remaining with the corporation in excess of the amount necessary to finance a project, including the cost of lands, buildings, and facilities and other expenses necessary to its completion, shall be used by the corporation to reduce the amount of its first lien obligations.
(b) For this purpose, the corporation shall call its first lien obligations for payment in inverse numerical order not later than the next interest payment date after completion of the project.
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