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6-62-105. Private borrowing by institutions of higher education.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-62-105. Private borrowing by institutions of higher education.
(a)(1) Upon approval of the board of trustees of a state-supported institution of higher education, the Division of Higher Education, and the Chief Fiscal Officer of the State, a state-supported institution of higher education may borrow funds determined by the board to be necessary to continue the operation of the state-supported institution of higher education from a private financial institution if the Revolving Loan Fund is insufficient, as certified by the Chief Fiscal Officer of the State, for a state-supported institution of higher education to participate in the fund.
(2) A state-supported institution of higher education shall not have outstanding loans in the aggregate under this section in excess of eighty-five percent (85%) of the total of the actual May and June general revenues distributed during the immediately preceding fiscal year to the state-supported institution of higher education.
(b)(1) The principal amount of the loans described in subsection (a) of this section shall be repaid from general revenues distributed to the state-supported institution of higher education during the months of May and June of the fiscal year in which the loans were obtained.
(2) All interest and other charges shall be paid from cash funds of the state-supported institution of higher education.
(c)(1) Notwithstanding subsections (a) and (b) of this section or § 19-4-705, the Chief Fiscal Officer of the State and the Director of the Division of Higher Education may authorize a state-supported institution of higher education to borrow funds from a private financial institution provided that the board of trustees certifies that borrowing funds from a private financial institution:
(A) Is required to
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-62-105
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:6-62-105
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b1544999513fe0137526a4d1a0e514b03095eafe2a25f52c4be761bbbd7c4736
Source location: content.xml paragraph 37226
Stored source content
6-62-105. Private borrowing by institutions of higher education.
(a)(1) Upon approval of the board of trustees of a state-supported institution of higher education, the Division of Higher Education, and the Chief Fiscal Officer of the State, a state-supported institution of higher education may borrow funds determined by the board to be necessary to continue the operation of the state-supported institution of higher education from a private financial institution if the Revolving Loan Fund is insufficient, as certified by the Chief Fiscal Officer of the State, for a state-supported institution of higher education to participate in the fund.
(2) A state-supported institution of higher education shall not have outstanding loans in the aggregate under this section in excess of eighty-five percent (85%) of the total of the actual May and June general revenues distributed during the immediately preceding fiscal year to the state-supported institution of higher education.
(b)(1) The principal amount of the loans described in subsection (a) of this section shall be repaid from general revenues distributed to the state-supported institution of higher education during the months of May and June of the fiscal year in which the loans were obtained.
(2) All interest and other charges shall be paid from cash funds of the state-supported institution of higher education.
(c)(1) Notwithstanding subsections (a) and (b) of this section or § 19-4-705, the Chief Fiscal Officer of the State and the Director of the Division of Higher Education may authorize a state-supported institution of higher education to borrow funds from a private financial institution provided that the board of trustees certifies that borrowing funds from a private financial institution:
(A) Is required to continue essential operations of the state-supported institution of higher education into the following fiscal year; and
(B) Will be repaid not later than one hundred twenty (120) days after the start of the following fiscal year.
(2) The aggregate amount of funds borrowed from private financial institutions may not exceed the limits set in subsection (a) of this section.
(3) Upon repayment, the chief financial officer of the state-supported institution of higher education shall certify in writing to the Chief Fiscal Officer of the State and the director the:
(A) Date of the repayment; and
(B) Amount of the repayment.
(4) This subsection (c) shall expire on June 30, 2011.
(d) The Chief Fiscal Officer of the State shall promulgate rules necessary for the implementation of this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-4-705. Obligations limited to funds available.
(a) No state agency for which regular operating appropriations are made on a fiscal-year basis shall incur any obligations under the appropriations unless there are funds on hand or an approved federal grant, or estimated to become available, during the fiscal year for the payment of the obligation; nor shall any agency create any obligation in one (1) fiscal year which will make it necessary to use the revenues of the following fiscal year in order to meet the obligation except in the case of multiyear contracts for commodities or services and as provided in § 19-4-707.
(b) In the event an agency had bank funds which are not required by law to be deposited into the State Treasury, the agency shall have the authority to create additional obligations to the extent of the bank funds on hand, or which are estimated to become available during the fiscal period. However, the agency shall not create any obligations, in the aggregate, which would make the total of such obligations exceed the total of all funds available to the agency during the fiscal period, except in the case of multiyear contracts for commodities or services and as provided in § 19-4-707.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-4-705
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 19-4-705. This identifies an authority to review, not proof of applicability.