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22-3-1412. Deposit of bond proceeds.
Arkansas Code — all titles (historical 2020) · legal_authorities
22-3-1412. Deposit of bond proceeds.
(a) The Arkansas Development Finance Authority shall include necessary provisions in the authorizing resolution or trust indenture to provide for the deposit of the proceeds of the bonds pursuant to the provisions of § 15-5-209.
(b) The authority may create and establish one (1) or more special funds in such depositories and make such investment as it may designate to provide for the construction, secure the bonds, establish reserves, and fund other necessary functions or activities authorized by this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 22-3-1412
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:22-3-1412
Source file: gov.ar.code.title.22.odt
Pages: Not recorded – Not recorded
Passage SHA-256: dead635b9f06ccb23f0c6a18b92a2af5596d14d9dadcdaab60c71a27c39efa0d
Source location: content.xml paragraph 2694
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22-3-1412. Deposit of bond proceeds.
(a) The Arkansas Development Finance Authority shall include necessary provisions in the authorizing resolution or trust indenture to provide for the deposit of the proceeds of the bonds pursuant to the provisions of § 15-5-209.
(b) The authority may create and establish one (1) or more special funds in such depositories and make such investment as it may designate to provide for the construction, secure the bonds, establish reserves, and fund other necessary functions or activities authorized by this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-209. Disposition and use of funds.
(a) All revenues received by the Arkansas Development Finance Authority, except revenues derived from appropriations, are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided in this subchapter and §§ 15-5-101 — 15-5-106 and 15-5-301 — 15-5-316.
(b) The authority is authorized and empowered to use the proceeds of any bond issues, together with any other available funds, for the making of loans, purchasing mortgages, security interests in loan participations as herein authorized and paying all incidental expenses in connection therewith, paying expenses of authorizing and issuing the bonds, paying interest on the bonds until revenues thereof are available in sufficient amounts, and funding such reserves as the authority deems necessary and desirable.
(c) All moneys received by the authority, other than moneys received by virtue of an appropriation, are specifically declared to be cash funds restricted in their use and to be used solely as provided herein.
(d) No moneys of the authority other than moneys received by appropriation shall be deposited into the State Treasury.
(e) No part of the funds of the authority shall inure to the benefit of or be distributed to its employees or officers or the Board of Directors of the Arkansas Development Finance Authority, except that the authority shall be authorized and empowered to pay its employees reasonable compensation.
(f) The revenues pledged to any bonds of the authority shall not be deposited into the State Treasury but when received shall be deposited by the authority into an account or accounts in a depository or depositories specified by resolution of the authority and used by the authority solely for the purpos
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-209
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 15-5-209. This identifies an authority to review, not proof of applicability.