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19-5-1130. Economic Development Superprojects Project Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-1130. Economic Development Superprojects Project Fund.
(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “Economic Development Superprojects Project Fund”.
(b) The fund may consist of the proceeds from the sale of bonds, together with all revenues derived by the Arkansas Development Finance Authority from any superproject financed or refinanced under § 15-4-3012 or may consist of other funds authorized by law.
(c) The fund may be used to provide for payment of all or a part of debt service on bonds and to directly fund superprojects on a pay-as-you-go basis as set out in § 15-4-3012 or to fund projects authorized under Arkansas Constitution, Amendment 82.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-1130
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:19-5-1130
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3ed1f076e180d1ffa3807ac28066dcdc10ad0a9e478fa0e94a7b0ef8bbc08a84
Source location: content.xml paragraph 8884
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19-5-1130. Economic Development Superprojects Project Fund.
(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “Economic Development Superprojects Project Fund”.
(b) The fund may consist of the proceeds from the sale of bonds, together with all revenues derived by the Arkansas Development Finance Authority from any superproject financed or refinanced under § 15-4-3012 or may consist of other funds authorized by law.
(c) The fund may be used to provide for payment of all or a part of debt service on bonds and to directly fund superprojects on a pay-as-you-go basis as set out in § 15-4-3012 or to fund projects authorized under Arkansas Constitution, Amendment 82.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3012. Deposit of bond proceeds.
(a) The proceeds from the sale of the bonds, together with all revenues derived by the Arkansas Development Finance Authority from any superproject financed or refinanced under this subchapter shall be deposited by the recipient, as received, into trust funds either established in the State Treasury or into accounts established outside the State Treasury in the name of the authority to accomplish the purposes of this subchapter, in amounts or portions as set forth in the resolution or trust indenture authorizing or securing the bonds issued to finance or refinance the superproject.
(b) There is created as a trust fund in the State Treasury an account designated as the “Economic Development Superprojects Project Fund” to provide for payment of all or a part of debt service on bonds issued under this subchapter and to directly fund superprojects on a pay-as-you-go basis should bonds neither be approved nor issued.
(c)(1) The Treasurer of State shall establish separate accounts and subaccounts within the fund to correspond to the applicable series of bonds.
(2) In addition, there may be created in the State Treasury other funds, accounts, or subaccounts as the authority may determine to be necessary to accomplish the purposes of this subchapter.
(d) All procedures and methods for application of proceeds of any series of bonds to the financing or refinancing of project costs shall be developed in consultation with and approved by the Arkansas Economic Development Commission and shall be set forth in writings and shall be maintained as part of the records of the authority.
(e) Any arrangements undertaken pursuant to subsection (b) of this section whereby a local entity will administer funds composed in whole or in part of proc
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3012
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 15-4-3012. This identifies an authority to review, not proof of applicability.