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20-48-507. Revenue bonds secured by pledge of gross charges and surplus charges — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
20-48-507. Revenue bonds secured by pledge of gross charges and surplus charges — Definition.
(a) The principal of, interest on, and paying agent's fees in connection with the revenue bonds of each issue shall be secured by a pledge of and payable in the first instance from the gross charges imposed by the Board of Developmental Disabilities Services pursuant to the provisions of § 20-48-411 applicable to the particular properties financed in whole or in part by the proceeds of the bonds of the particular issue involved.
(b)(1) In addition, the board is authorized to pledge and to use for the payment of the principal of and interest on the bonds of any issue, and paying agent's fees, surplus charges applicable to existing properties and any other properties operated by the board, whether or not the other properties were financed in whole or in part by bonds issued under this subchapter.
(2) “Surplus charges”, as that term is used in this section, means gross charges which are not pledged to any bond issue and also that amount of any charges that are pledged which is in excess of the amount necessary to meet all requirements of resolutions securing bonds to finance the particular properties to the payment of which the charges are specifically pledged.
(c) As specified in this subchapter, the resolution of the board pledging specific charges can control priorities as to the lien on the charges between successive issues.
(d) In addition, the board is authorized to use, as distinguished from pledge, any available revenues and funds of the board, including without limitation appropriated and cash funds, if available.
(e) All charges assessed and collected by the board pursuant to the authority conferred by § 20-48-411 are specifically declared to be cash funds an
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-48-507
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:20-48-507
Source file: gov.ar.code.title.20.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 965bb4a83a87c62c7a19ab319196ee77b82166b7329fcda89b3601a5371d82d3
Source location: content.xml paragraph 28755
Stored source content
20-48-507. Revenue bonds secured by pledge of gross charges and surplus charges — Definition.
(a) The principal of, interest on, and paying agent's fees in connection with the revenue bonds of each issue shall be secured by a pledge of and payable in the first instance from the gross charges imposed by the Board of Developmental Disabilities Services pursuant to the provisions of § 20-48-411 applicable to the particular properties financed in whole or in part by the proceeds of the bonds of the particular issue involved.
(b)(1) In addition, the board is authorized to pledge and to use for the payment of the principal of and interest on the bonds of any issue, and paying agent's fees, surplus charges applicable to existing properties and any other properties operated by the board, whether or not the other properties were financed in whole or in part by bonds issued under this subchapter.
(2) “Surplus charges”, as that term is used in this section, means gross charges which are not pledged to any bond issue and also that amount of any charges that are pledged which is in excess of the amount necessary to meet all requirements of resolutions securing bonds to finance the particular properties to the payment of which the charges are specifically pledged.
(c) As specified in this subchapter, the resolution of the board pledging specific charges can control priorities as to the lien on the charges between successive issues.
(d) In addition, the board is authorized to use, as distinguished from pledge, any available revenues and funds of the board, including without limitation appropriated and cash funds, if available.
(e) All charges assessed and collected by the board pursuant to the authority conferred by § 20-48-411 are specifically declared to be cash funds and may be collected and deposited into such banks and depositories as shall be determined from time to time by the board.
(f) Furthermore, in connection with any charges which are pledged to the payment of any issue of bonds pursuant to this subchapter, the board is expressly authorized to make such agreements and contracts with the bondholders, or the trustee for the bondholders, embodied in a resolution or trust indenture, referred to above, authorizing and securing the particular issue of bonds, with reference to the maintenance of the maximum possible occupancy and the maintenance of charges at a specified level, as the board may determine to be necessary or desirable in connection with the issuance of bonds on the most favorable terms possible.
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Arkansas Code — all titles (historical 2020) · legal_authorities
20-48-411. Charges.
(a)(1) In the case of each petition for admission, the Board of Developmental Disabilities Services shall investigate and determine whether the individual or his or her parents or guardian can pay for the maintenance, training, education, or care of the individual.
(2) The board is authorized to establish a system of charges to be based upon the ability of the individual or his or her parents or guardian to pay for maintenance, training, education, or care and to impose the charges.
(3) However, if the board determines that the individual or his or her parents or guardian is unable to pay for all or part of the maintenance, training, education, or care of the individual, the board may provide all or part without charge.
(4) The board may vary the schedule of charges from time to time as circumstances warrant.
(b)(1) If any individual or his or her parents or guardian shall fail or refuse to pay the charges so assessed by the board, the board shall have and is granted the authority to institute appropriate legal proceedings in a court of competent jurisdiction for the collection of the charges.
(2) The board is authorized to retain the services of legal counsel and pay a reasonable fee for any services furnished the board.
(c) All fees provided for by subsections (a) and (b) of this section for the benefit of the human development centers shall be deposited into the State Treasury as special revenues and shall be credited to the Developmental Disabilities Services Fund Account.
(d) Subsections (a) and (b) of this section shall be liberally construed. The enumeration of any object, purpose, power, manner, method, and thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods, or things.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-48-411
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 20-48-411. This identifies an authority to review, not proof of applicability.