Browse Arkansas Code titles and sections
15-5-1205. Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund — Pledged fees.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1205. Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund — Pledged fees.
(a)(1) The debt service on the bonds shall be secured by a lien on and pledge of the petroleum environmental assurance fee established by § 8-7-906.
(2) The pledging of such fees is authorized.
(b) Commencing on the first day of the month next succeeding the issuance of bonds by the Arkansas Development Finance Authority, the pledged fees are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided and authorized in this subchapter, 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, and the Petroleum Storage Tank Trust Fund Act, § 8-7-901 et seq.
(c)(1) Commencing on the first day of the month next succeeding the issuance of bonds by the authority, the pledged fees shall not be deposited into the State Treasury and shall not be subject to legislative appropriations, but, as received by the Secretary of the Department of Finance and Administration or the Treasurer of State, shall be deposited into a bank or banks selected by the authority and approved by the Treasurer of State.
(2) The pledged fees shall be deposited to the credit of a fund established on the books of the authority created and designated as the “Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund”.
(d)(1) There is established on the books of the authority a reserve fund to be known as the “Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund”.
(2) The Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund shall be funded from the proceeds of the bonds and shall be held and used to ensure prompt payment of debt service on the bonds in such a mann
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1205
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:15-5-1205
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e85345b76c20b12825e81a741daf406663d7b7a3cd2be635af21123b60edc564
Source location: content.xml paragraph 9027
Stored source content
15-5-1205. Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund — Pledged fees.
(a)(1) The debt service on the bonds shall be secured by a lien on and pledge of the petroleum environmental assurance fee established by § 8-7-906.
(2) The pledging of such fees is authorized.
(b) Commencing on the first day of the month next succeeding the issuance of bonds by the Arkansas Development Finance Authority, the pledged fees are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided and authorized in this subchapter, 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, and the Petroleum Storage Tank Trust Fund Act, § 8-7-901 et seq.
(c)(1) Commencing on the first day of the month next succeeding the issuance of bonds by the authority, the pledged fees shall not be deposited into the State Treasury and shall not be subject to legislative appropriations, but, as received by the Secretary of the Department of Finance and Administration or the Treasurer of State, shall be deposited into a bank or banks selected by the authority and approved by the Treasurer of State.
(2) The pledged fees shall be deposited to the credit of a fund established on the books of the authority created and designated as the “Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund”.
(d)(1) There is established on the books of the authority a reserve fund to be known as the “Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund”.
(2) The Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund shall be funded from the proceeds of the bonds and shall be held and used to ensure prompt payment of debt service on the bonds in such a manner and pursuant to such conditions as may be specified by the authority in the resolution or trust indenture authorizing or securing the bonds.
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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
15-5-201. Creation of authority.
There is created, with such duties and powers as are hereinafter set forth to carry out the provisions of this subchapter and §§ 15-5-101 — 15-5-106 and 15-5-301 — 15-5-316, a public body politic and corporate, with corporate succession, to be an independent instrumentality exercising essential public functions, and to be known as the “Arkansas Development Finance Authority”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-201
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 15-5-201. 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.