Browse Arkansas Code titles and sections
15-5-1204. Issuance of revenue bonds by the authority.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1204. Issuance of revenue bonds by the authority.
(a)(1) Upon the request of the Director of the Division of Environmental Quality and based upon an estimate by the Department of Finance and Administration of the pledged fees to be collected, the Arkansas Development Finance Authority may issue bonds for the purpose of:
(A) Providing money for the Petroleum Storage Tank Trust Fund; and
(B) Paying the cost of issuing the bonds and establishing the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund, if necessary.
(2) The money in the Petroleum Storage Tank Trust Fund shall be used as provided in the Petroleum Storage Tank Trust Fund Act, § 8-7-901 et seq.
(b)(1) The bonds are special obligations payable only from:
(A) The pledged fees collected by the Secretary of the Department of Finance and Administration pursuant to § 8-7-906;
(B) The amounts on deposit in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund, if any; and
(C) The investment income on the amounts in the Petroleum Storage Tank Trust Fund, the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund, and the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund.
(2) The bonds do not constitute an indebtedness of the state as prohibited by the Arkansas Constitution.
(c)(1)(A) Bonds issued under this subchapter shall be authorized by resolution of the Board of Directors of the Arkansas Development Finance Authority and shall have the form and characteristics and bear the designations as are provided in the resolution and permitted under the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316.
(B) The re
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1204
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:15-5-1204
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1fbc509eb329daab9ecb38ab1460c5bc8c2b68aed87c4beb0c70f39d767a6b09
Source location: content.xml paragraph 9008
Stored source content
15-5-1204. Issuance of revenue bonds by the authority.
(a)(1) Upon the request of the Director of the Division of Environmental Quality and based upon an estimate by the Department of Finance and Administration of the pledged fees to be collected, the Arkansas Development Finance Authority may issue bonds for the purpose of:
(A) Providing money for the Petroleum Storage Tank Trust Fund; and
(B) Paying the cost of issuing the bonds and establishing the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund, if necessary.
(2) The money in the Petroleum Storage Tank Trust Fund shall be used as provided in the Petroleum Storage Tank Trust Fund Act, § 8-7-901 et seq.
(b)(1) The bonds are special obligations payable only from:
(A) The pledged fees collected by the Secretary of the Department of Finance and Administration pursuant to § 8-7-906;
(B) The amounts on deposit in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund, if any; and
(C) The investment income on the amounts in the Petroleum Storage Tank Trust Fund, the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund, and the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund.
(2) The bonds do not constitute an indebtedness of the state as prohibited by the Arkansas Constitution.
(c)(1)(A) Bonds issued under this subchapter shall be authorized by resolution of the Board of Directors of the Arkansas Development Finance Authority and shall have the form and characteristics and bear the designations as are provided in the resolution and permitted under the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316.
(B) The resolution may include such provisions and covenants as the board determines necessary.
(2) The board may approve and have executed any other proceedings, agreements, trust agreements, or other instruments necessary and convenient to the issuance of 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
15-5-101. Title.
This subchapter, §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be referred to as and may be cited as the “Arkansas Development Finance Authority Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-101
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 15-5-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-106. Bonds.
The Arkansas Development Finance Authority is authorized to issue bonds for residential community developments.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-106
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 15-5-106. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
8-7-901. Title.
This subchapter may be known and may be cited as the “Petroleum Storage Tank Trust Fund Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 8-7-901
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 8-7-901. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
8-7-906. Petroleum environmental assurance fee.
(a) There is established a petroleum environmental assurance fee to be paid, except as provided in subsection (c) of this section, on each gallon of motor fuel or distillate special fuel purchased in or imported into this state.
(b) The fee shall be paid by the first distributor or supplier receiving fuel from a terminal in this state, or, if the fuel will never be stored in a terminal in this state, then by the distributor or supplier who first imports fuel into this state by tank truck.
(c) Exchanges of fuels on a gallon-for-gallon basis within a terminal or fuels exported from this state are exempt from the fee.
(d) Proof of payment shall be provided to the owner or operator.
(e) The fee shall be remitted to the Secretary of the Department of Finance and Administration at the time, in the manner, and on forms prescribed by the secretary and may be collected and remitted at the same time and in the same manner as the motor fuels tax and special motor fuels tax under § 26-55-101 et seq. and the Special Motor Fuels Tax Law, § 26-56-101 et seq.
(f)(1) For so long as no bonds for the benefit of the Petroleum Storage Tank Trust Fund are issued and outstanding, the fees collected under this subchapter shall be deposited into the Petroleum Storage Tank Trust Fund.
(2) The applicable fund balances shall be required to be maintained in perpetuity.
(g)(1) The maximum rate for the fee shall be at a rate of three-tenths of one cent (0.3¢) for each gallon of fuel.
(2)(A) For so long as no bonds for the benefit of the Petroleum Storage Tank Trust Fund are outstanding, the fee shall be collected at the maximum rate. However, when the balance of the Petroleum Storage Tank Trust Fund, as adjusted to reflect the obligati
Source: Arkansas Code — historical release 78 (November 6, 2020) · 8-7-906
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 8-7-906. This identifies an authority to review, not proof of applicability.