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15-5-420. Obligation of authority — Disposition of proceeds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-420. Obligation of authority — Disposition of proceeds.
(a) All bonds issued under this subchapter shall be obligations of the Arkansas Development Finance Authority only and shall not be obligations of the State of Arkansas and shall not be secured by a lien on any revenues of the State of Arkansas.
(b) The bonds shall be payable from the Guaranty Bond Fund created by § 15-5-421(e) and the revenues which, pursuant to the provisions of this subchapter, are to be deposited therein.
(c) The net proceeds, being gross proceeds less all expenses of authorizing and issuing the bonds, which shall be first paid out of the proceeds, of all bonds issued under this subchapter shall be deposited into the Bond Guaranty Reserve Account, except accrued interest paid by the purchaser shall be deposited into the fund.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-420
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:15-5-420
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: bdd4f524fc6ef6fc69a282d218b85cc656926240e5fb48398a4bd65383bccc68
Source location: content.xml paragraph 8180
Stored source content
15-5-420. Obligation of authority — Disposition of proceeds.
(a) All bonds issued under this subchapter shall be obligations of the Arkansas Development Finance Authority only and shall not be obligations of the State of Arkansas and shall not be secured by a lien on any revenues of the State of Arkansas.
(b) The bonds shall be payable from the Guaranty Bond Fund created by § 15-5-421(e) and the revenues which, pursuant to the provisions of this subchapter, are to be deposited therein.
(c) The net proceeds, being gross proceeds less all expenses of authorizing and issuing the bonds, which shall be first paid out of the proceeds, of all bonds issued under this subchapter shall be deposited into the Bond Guaranty Reserve Account, except accrued interest paid by the purchaser shall be deposited into the fund.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-421. Bond debt service amount.
(a) The Arkansas Development Finance Authority shall notify the Treasurer of State when it has determined to issue bonds under this subchapter and the amount that will be needed each month after the bonds are issued to provide for the payment, when due, of interest, principal, trustee's and paying agent's fees, and any other necessary expenses, and to provide for the establishing and maintaining of reserves, if the authority determines to establish reserves, which monthly amount is referred to in this section as the “bond debt service amount”.
(b) Excluding the interest income classified as special revenue as authorized by §§ 15-41-110 and 27-70-204, interest income derived from investment of state funds pursuant to the State Treasury Management Law, § 19-3-201 et seq. [repealed], received by the Treasurer of State from and after receipt of the bond debt service amount notice from the authority are declared to be cash funds restricted in their use and dedicated and are to be used solely as authorized in this subchapter.
(c)(1) The cash funds shall not be placed into the State Treasury or be deemed to be a part of the State Treasury for purposes of Arkansas Constitution, Article 5, § 29; Arkansas Constitution, Article 16, § 12; Arkansas Constitution, Amendment 20; or any other constitutional or statutory provision.
(2) The Treasurer of State shall deposit the cash funds into a depository other than the State Treasury to the credit of the State Board of Finance Trust Fund Account, a trust fund which shall be maintained by the State Board of Finance so long as any bonds authorized by this section and §§ 15-5-414 — 15-5-420 are outstanding.
(d) From the moneys deposited into the account, the Secretary of the State Board of Finan
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-421
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 15-5-421. This identifies an authority to review, not proof of applicability.