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22-3-1214. Certificates of indebtedness — Disposition of proceeds.
Arkansas Code — all titles (historical 2020) · legal_authorities
22-3-1214. Certificates of indebtedness — Disposition of proceeds.
Proceeds from the sale of the certificates of indebtedness shall be deposited into the State Treasury as follows:
(1) All funds held as a debt service reserve fund in the Public Facilities Debt Service Fund pursuant to the provisions hereof and the earnings thereon shall be applied on or after January 2, 1990, to redeem, to the extent possible, certificates of indebtedness identified as Series B; and
(2) The remainder thereof shall be credited as trust funds to the “Public Facilities Construction Fund”, which is established by this subdivision (2), and shall be used only for the redemption of the 1977 Bonds and the 1979 Bonds and for the construction of buildings authorized under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 22-3-1214
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:22-3-1214
Source file: gov.ar.code.title.22.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3bfc69e5b7072bf493471d4d1dc6c35241f73541357ff2287736c8ea8bb09c7b
Source location: content.xml paragraph 2322
Stored source content
22-3-1214. Certificates of indebtedness — Disposition of proceeds.
Proceeds from the sale of the certificates of indebtedness shall be deposited into the State Treasury as follows:
(1) All funds held as a debt service reserve fund in the Public Facilities Debt Service Fund pursuant to the provisions hereof and the earnings thereon shall be applied on or after January 2, 1990, to redeem, to the extent possible, certificates of indebtedness identified as Series B; and
(2) The remainder thereof shall be credited as trust funds to the “Public Facilities Construction Fund”, which is established by this subdivision (2), and shall be used only for the redemption of the 1977 Bonds and the 1979 Bonds and for the construction of buildings authorized under this subchapter.
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