15-5-1206. Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund — Payment of debt service — Tax exemption.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-5-1206. Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund — Payment of debt service — Tax exemption.

15-5-1206. Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund — Payment of debt service — Tax exemption. (a) Payment of principal and interest on the bonds shall be paid from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund when due. (b) If and so long as all payments of debt service are properly made, on the last day of each fiscal quarter the pledged fees remaining in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund in excess of a reserve of two (2) months' requirements of debt service shall be withdrawn from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and deposited into the Petroleum Storage Tank Trust Fund as special revenues. (c) The interest on the bonds shall be exempt from state, county, and municipal income, inheritance, and estate taxes.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1206

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.