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20-78-503. Arkansas Child Care Facilities Loan Guarantee Trust Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
20-78-503. Arkansas Child Care Facilities Loan Guarantee Trust Fund.
(a) There is established a cash fund account of the Division of Child Care and Early Childhood Education of the Department of Human Services to be known as the “Arkansas Child Care Facilities Loan Guarantee Trust Fund”. This cash fund account is to be maintained in one (1) or more financial institutions of the state and shall be administered in accordance with this subchapter.
(b) The division is hereby authorized to accept moneys for the fund from any source, including, but not limited to, allocations from the Treasurer of State as provided in § 20-78-504.
(c) The fund shall be a continuing fund, not subject to fiscal year limitations, and shall be used to guarantee loans for the expansion or development of childcare facilities in this state and as provided in subsection (d) of this section.
(d) Any interest at the end of the fiscal year which exceeds the amount necessary to cover loan defaults occurring during that fiscal year shall be made available for professional development and quality improvement activities and grants, including without limitation to support an early childhood foundation or public-private partnership.
(e) The fund shall be administered by the division with technical assistance from the Arkansas Early Childhood Commission and the Arkansas Development Finance Authority.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-78-503
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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Record provenance
Stable record: arkansas_code:legal_authorities:20-78-503
Source file: gov.ar.code.title.20.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3a2d309afd3bcbcaa417e07d2d26cb715b2fed32fbc185a75789b53a007bd0f2
Source location: content.xml paragraph 39837
Stored source content
20-78-503. Arkansas Child Care Facilities Loan Guarantee Trust Fund.
(a) There is established a cash fund account of the Division of Child Care and Early Childhood Education of the Department of Human Services to be known as the “Arkansas Child Care Facilities Loan Guarantee Trust Fund”. This cash fund account is to be maintained in one (1) or more financial institutions of the state and shall be administered in accordance with this subchapter.
(b) The division is hereby authorized to accept moneys for the fund from any source, including, but not limited to, allocations from the Treasurer of State as provided in § 20-78-504.
(c) The fund shall be a continuing fund, not subject to fiscal year limitations, and shall be used to guarantee loans for the expansion or development of childcare facilities in this state and as provided in subsection (d) of this section.
(d) Any interest at the end of the fiscal year which exceeds the amount necessary to cover loan defaults occurring during that fiscal year shall be made available for professional development and quality improvement activities and grants, including without limitation to support an early childhood foundation or public-private partnership.
(e) The fund shall be administered by the division with technical assistance from the Arkansas Early Childhood Commission and the Arkansas Development Finance Authority.
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Arkansas Code — all titles (historical 2020) · legal_authorities
20-78-504. Moneys for Arkansas Child Care Facilities Loan Guarantee Trust Fund.
(a)(1) After providing for the exclusion of the interest income classified as special revenues as authorized by §§ 15-41-110 and 27-70-204, and for the first two million dollars ($2,000,000) of interest income received each fiscal year by the Treasurer of State as authorized in § 15-5-422, the next one hundred thousand dollars ($100,000) of interest income received each fiscal year in the State Treasury beginning with the fiscal year commencing July 1, 1989, and continuing as set forth in subsection (b) of this section from the investment of state funds as authorized by the State Treasury Management Law, § 19-3-501 et seq., is declared to constitute cash funds restricted in their use and dedicated to be used solely as authorized in § 20-78-503.
(2) The cash funds as received by the Treasurer of State shall not be deposited into or 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. The Treasurer of State shall pay the cash funds to the Division of Child Care and Early Childhood Education of the Department of Human Services for depositing those amounts into the Arkansas Child Care Facilities Loan Guarantee Trust Fund for the purposes authorized by § 20-78-503.
(3) The interest earnings transferred directly to the division are declared to be cash funds restricted in their use and dedicated to be used solely as authorized in § 20-78-503.
(b) The Treasurer of State shall continue to pay the cash funds as authorized in subsection (a) of this section until the balance of the fund reaches three hundred fifty thousand
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-78-504
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 20-78-504. This identifies an authority to review, not proof of applicability.