Browse Arkansas Code titles and sections
26-55-223. Bonds — Deposit or pledge of government obligations as alternative.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-55-223. Bonds — Deposit or pledge of government obligations as alternative.
In lieu of furnishing a bond executed by a surety company, as hereinbefore provided, any distributor may furnish the distributor's bond or bonds not so executed, if the distributor concurrently therewith deposits and pledges with the Secretary of the Department of Finance and Administration direct obligations of the United States or obligations of any agency of the United States fully guaranteed by it or bonds of the State of Arkansas of equal full amount to the amount of the bond required by § 26-55-222, as collateral security for the payment of the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-55-223
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:26-55-223
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4eb97e0d7bd4a3f9f8463e6814c25ee2b7e00aa77f0897002f7486850be3cd9a
Source location: content.xml paragraph 23376
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26-55-223. Bonds — Deposit or pledge of government obligations as alternative.
In lieu of furnishing a bond executed by a surety company, as hereinbefore provided, any distributor may furnish the distributor's bond or bonds not so executed, if the distributor concurrently therewith deposits and pledges with the Secretary of the Department of Finance and Administration direct obligations of the United States or obligations of any agency of the United States fully guaranteed by it or bonds of the State of Arkansas of equal full amount to the amount of the bond required by § 26-55-222, as collateral security for the payment of the bonds.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-55-222. Bonds — Requirement — Amounts — Waiver.
(a)(1) Every distributor shall file with the Secretary of the Department of Finance and Administration a surety bond of not less than one and one-half (1½) times or one hundred fifty percent (150%) of the prior six (6) months' average motor fuel tax due, based upon the gallonage of motor fuel to be sold or distributed as shown by the application for a permit if the applicant has not heretofore been engaged in the business of a distributor as herein defined, or as shown by sales for the previous year if the applicant theretofore has been engaged in the business in this state.
(2) However, no bond shall be filed for less than one thousand dollars ($1,000).
(3) If the secretary deems it necessary to protect the state in the collection of gasoline taxes, the secretary may require any distributor to post a bond in an amount up to three (3) times or three hundred percent (300%) of the prior six (6) months' average motor fuel tax due.
(b)(1) Provided further, the secretary or the secretary's authorized agent is authorized to waive the posting of bond by any licensed motor fuel distributor that is organized and operating under the laws of Arkansas and that is wholly owned by residents of this state and who has been licensed for a period of at least three (3) years and who has not been delinquent in remitting motor fuel taxes during the three-year period immediately preceding application by the distributor for waiver of bond.
(2) If any motor fuel distributor whose bond has been waived by the secretary or the secretary's agent as authorized in this subsection subsequently becomes delinquent in remitting motor fuel taxes to the secretary, the secretary or the secretary's agent may require that the distributor post a bon
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-55-222
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 26-55-222. This identifies an authority to review, not proof of applicability.