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6-62-1115. Use of bond proceeds.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-62-1115. Use of bond proceeds.
(a) The proceeds of the State of Arkansas Higher Education General Obligation Bonds issued under this subchapter for nonrefunding purposes, after the funding of any necessary reserve and the costs associated with the issuance of and security for the bonds, shall only be disbursed for project costs when requisitioned by the Chair of the Arkansas Higher Education Coordinating Board or his or her designee and approved by the Chief Fiscal Officer of the State or his or her designee.
(b) The requisition under subsection (a) of this section shall certify that the funds disbursed are for the payment of project costs that are authorized to be financed under this subchapter and that have been duly approved by the board.
(c) The proceeds of the bonds issued pursuant to this subchapter for refunding purposes, after the funding of any necessary reserve and costs associated with the issuance of and security for the bonds and the defeasance of the bonds to be refunded, shall be used by the Arkansas Development Finance Authority to directly pay or establish a trust fund to serve as an escrow account for the purpose of payment or defeasance of bonds issued under this subchapter or under the Arkansas College Savings Bond Act of 1989, § 6-62-701 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-62-1115
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:6-62-1115
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c755f74328eb2b6edb9d2dc756a94094208a8d3f0f44780710197ea7bf83aebc
Source location: content.xml paragraph 38399
Stored source content
6-62-1115. Use of bond proceeds.
(a) The proceeds of the State of Arkansas Higher Education General Obligation Bonds issued under this subchapter for nonrefunding purposes, after the funding of any necessary reserve and the costs associated with the issuance of and security for the bonds, shall only be disbursed for project costs when requisitioned by the Chair of the Arkansas Higher Education Coordinating Board or his or her designee and approved by the Chief Fiscal Officer of the State or his or her designee.
(b) The requisition under subsection (a) of this section shall certify that the funds disbursed are for the payment of project costs that are authorized to be financed under this subchapter and that have been duly approved by the board.
(c) The proceeds of the bonds issued pursuant to this subchapter for refunding purposes, after the funding of any necessary reserve and costs associated with the issuance of and security for the bonds and the defeasance of the bonds to be refunded, shall be used by the Arkansas Development Finance Authority to directly pay or establish a trust fund to serve as an escrow account for the purpose of payment or defeasance of bonds issued under this subchapter or under the Arkansas College Savings Bond Act of 1989, § 6-62-701 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-62-701. Title.
This subchapter may be referred to and cited as the “Arkansas College Savings Bond Act of 1989”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-62-701
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 6-62-701. This identifies an authority to review, not proof of applicability.