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22-3-1213. Certificates of indebtedness — Alternative method of payment.
Arkansas Code — all titles (historical 2020) · legal_authorities
22-3-1213. Certificates of indebtedness — Alternative method of payment.
(a) In the event it shall be determined that the procedure set forth in § 22-3-1212 for the retirement of the certificates is unconstitutional or invalid for any reason, the Building Authority Division is authorized and directed to establish an account in its name in a bank to be approved by the State Board of Finance and to deposit therein so much of the first moneys received by it each year under the provisions of § 22-3-1210 as shall be required to meet the next ensuing principal and interest maturities of its outstanding certificates, together with such additional amounts as may be necessary to pay any certificates which it shall determine to retire in advance of maturity.
(b) The division is authorized and directed to reimburse the funds so deposited for the purpose of paying the principal of and interest on the division's outstanding certificates of indebtedness authorized under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 22-3-1213
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:22-3-1213
Source file: gov.ar.code.title.22.odt
Pages: Not recorded – Not recorded
Passage SHA-256: aa730e0bd6450d2e16c99cd96226608d693fc7f34444f05cc68d7d6a1ffdf852
Source location: content.xml paragraph 2312
Stored source content
22-3-1213. Certificates of indebtedness — Alternative method of payment.
(a) In the event it shall be determined that the procedure set forth in § 22-3-1212 for the retirement of the certificates is unconstitutional or invalid for any reason, the Building Authority Division is authorized and directed to establish an account in its name in a bank to be approved by the State Board of Finance and to deposit therein so much of the first moneys received by it each year under the provisions of § 22-3-1210 as shall be required to meet the next ensuing principal and interest maturities of its outstanding certificates, together with such additional amounts as may be necessary to pay any certificates which it shall determine to retire in advance of maturity.
(b) The division is authorized and directed to reimburse the funds so deposited for the purpose of paying the principal of and interest on the division's outstanding certificates of indebtedness authorized under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
22-3-1210. Certificates of indebtedness — Public Facilities Debt Service Fund.
(a) The principal of and interest on the certificates of indebtedness issued under this subchapter shall be secured, except as stated in subdivision (c)(1) of this section, by a lien on and pledge of:
(1) All revenue derived from payments by the Arkansas Development Finance Authority pursuant to § 22-3-1225(b) which is a portion of the funds received by the Arkansas Development Finance Authority from the sale of certificates for the inspection of motor vehicles;
(2) All moneys from the sale of or disposition of farm products, livestock, or other products produced in connection with the agriculture and livestock activities at any institution under the control of the Board of Corrections or any successor entity, excluding those moneys that may be accountable from, or the value of, products consumed within the Division of Correction and from rental of farm properties under the control of the board or any successor entity;
(3) All moneys from the sale or disposition of articles and products manufactured or produced by prison labor through the operations of the prison industry program, excluding those moneys that may be accountable from, or the value of, articles and products used or consumed within the Division of Correction; and
(4) Fifty percent (50%) of the gross revenue, if any, derived from the leasing or renting to tenants, other than state agencies, of space in any new facility constructed or acquired with proceeds of any certificates issued under this subchapter.
(b) The pledging of the revenues enumerated in subsection (a) of this section, which are, collectively, the pledged revenues, is authorized. All pledged revenues are specifically declared to be nontax revenues restric
Source: Arkansas Code — historical release 78 (November 6, 2020) · 22-3-1210
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 22-3-1210. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
22-3-1212. Certificates of indebtedness — Funds used for purchase — Retirement.
(a)(1) The state funds which may be used by the State Board of Finance in making the purchases of the certificates of indebtedness are those specifically referred to under the provisions of the State Treasury Management Law, § 19-3-501 et seq.
(2) All certificates purchased or received shall be held in trust for the use and benefit of the various state funds used in the purchase.
(b) With respect to each certificate of indebtedness, at maturity thereof, the Treasurer of State shall:
(1) Withdraw the certificate from the Securities Account, charge the Securities Account with the principal thereof, and cancel the certificate;
(2) Withdraw from the Public Facilities Debt Service Fund established by this subchapter the aggregate amount of principal and interest then due on the certificate;
(3) Deposit into the State Treasury to the credit of the Cash Account that part of the aggregate amount representing the principal indebtedness evidenced by the certificate; and
(4) Deposit into the Securities Reserve Fund, as nonrevenue receipts, that part of the aggregate amount representing interest then due on the certificate.
(c) The certificates of indebtedness which have been paid and cancelled by the Treasurer of State shall be delivered to the Building Authority Division.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 22-3-1212
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 22-3-1212. This identifies an authority to review, not proof of applicability.