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15-5-421. Bond debt service amount.
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 [repealed], received by the Treasurer of State from and after receipt of the bond debt service amount notice from the authority are declared to be cash funds restricted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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:15-5-421
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8bd5dce96090b4a9c4ed3cbc5f7eab19b7b2ba2394e738acda1489b8a3c4415f
Source location: content.xml paragraph 8190
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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 Finance shall from the first moneys accruing to the benefit of the account pay to the authority the amounts of money required for the bond debt service amount, when needed, if any, and the remaining moneys shall be paid to the Treasurer of State for deposit into the State Treasury as trust funds income to the credit of the Securities Reserve Fund, there to be used for the purposes as authorized by law.
(e) The bond debt service amounts as paid by the secretary to the authority shall be paid directly to the authority for deposit into a special fund of the authority designated the “Guaranty Bond Fund” in a financial institution selected by the authority.
(f) Moneys in the Guaranty Bond Fund shall be used to pay interest on, premium, if any, and principal of the bonds, trustee's and paying agent's fees and to establish and maintain reserves all as shall be specified by the authority in the resolution or trust indenture authorizing and securing the bonds.
(g) The interest earnings, the bond debt service amount, transferred directly to the authority are declared to be cash funds restricted in their use and dedicated and to be used solely as authorized in this subchapter.
(h) So long as any bonds issued under this subsection are unpaid, no changes shall be made in laws of the State of Arkansas which would or could result in the authority not receiving as cash funds amounts of interest equaling the bond debt service amount.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-41-110. Interest earned on game and fish funds.
(a) The Treasurer of State shall on the second business day that the State Treasury is open after the twenty-fifth day of the month compute the balance of the Game Protection Fund or any other funds administered by the Arkansas State Game and Fish Commission during the preceding month. The Treasurer of State shall transfer on that day to the Game Protection Fund interest on the balances to be computed as authorized under § 19-3-518(d)(4).
(b) All interest earned on the Arkansas State Game and Fish Commission funds shall be classified as special revenues and, after deducting three percent (3%) for credit to the Constitutional Officers Fund and State Central Services Fund, the Treasurer of State shall credit the remaining interest earned to the Game Protection Fund.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-41-110
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 15-41-110. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-414. Authority to use money committed to other projects.
(a) If the Arkansas Development Finance Authority shall at any time determine that the moneys in the Bond Guaranty Reserve Account are not or will not be sufficient to meet the obligations of the Bond Guaranty Reserve Account, the authority is authorized to use the necessary amount of any available moneys that it may have which are not needed then or in the foreseeable future for or committed to, other authorized functions and purposes of the authority, and any such moneys so used may be reimbursed out of the Bond Guaranty Reserve Account if and when there are moneys therein available for the purposes.
(b)(1) In addition to the procedure described in subsection (a) of this section, the authority, at its discretion by a majority vote of the Board of Directors of the Arkansas Development Finance Authority, may establish a Supplemental Guaranty Reserve Account by depositing into a separate account moneys from unpledged reserves of the authority, which may include grants from any state or federal agencies, municipalities, corporations, foundations, individual donors, or authorities.
(2) However, upon determination that the Bond Guaranty Reserve Account is sufficient to honor all foreseeable obligations of the guaranty program, the authority may use the funds in the Supplemental Guaranty Reserve Account for other purposes approved by a majority vote of the board.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-414
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 15-5-414. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-3-201 — 19-3-223. [Repealed.]
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-3-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: repealed. The source passage cites 19-3-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-70-204. Interest on funds of Arkansas Department of Transportation.
(a) On the second business day that the State Treasury is open after the twenty-fifth day of the month, the Treasurer of State shall compute the balance of the State Highway and Transportation Department Fund, including all internal accounts and funds, including, but not limited to, the State Highway Special Construction Account, the State Aid Road Fund, the State Aid Street Fund, the State Highway and Transportation Department Fund, and any other funds administered by the Arkansas Department of Transportation during the preceding month and shall transfer on that day to the State Highway and Transportation Department Fund interest on the balance to be computed as authorized under § 19-3-518(d)(4), excluding the interest rate paid on open account deposits, during the preceding month.
(b)(1) Except as provided in subdivision (b)(2) of this section, interest earned on the accounts described in subsection (a) of this section shall be classified as special revenues to be used as authorized under § 19-6-405.
(2) Interest income generated from the Arkansas Four-Lane Highway Construction and Improvement Bond Account shall be distributed as required under § 27-70-206.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-70-204
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 27-70-204. This identifies an authority to review, not proof of applicability.