Arkansas § 11-10-1004 Authorization - Purposes

Arkansas Statutes

§ 11-10-1004 — Authorization - Purposes

(a)The Arkansas Development Finance Authority is authorized, subject to the approval of the voters in a statewide election, to issue bonds to be known as the Arkansas Unemployment Trust Fund Bonds in an aggregate principal amount not to exceed five hundred million dollars ($500,000,000).

(b)The purpose of the bond issuance shall be to:

(1)Repay the principal of and interest on advances from the federal trust fund under Title XII of the Social Security Act, 42 U.S.C. § 1321 ;

(2)Pay the costs of issuance of the bonds including without limitation the costs of bond insurance or other credit enhancement;

(3)Pay unemployment benefits by depositing bond proceeds into the Unemployment Compensation Fund;

(4)Provide a debt service reserve; and (5) Pay capitalized interest on the bonds for a p

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The Arkansas Development Finance Authority is authorized, subject to the approval of the voters in a statewide election, to issue bonds to be known as the Arkansas Unemployment Trust Fund Bonds in an aggregate principal amount not to exceed five hundred million dollars ($500,000,000). (b) The purpose of the bond issuance shall be to: (1) Repay the principal of and interest on advances from the federal trust fund under Title XII of the Social Security Act, 42 U.S.C. § 1321 ; (2) Pay the costs of issuance of the bonds including without limitation the costs of bond insurance or other credit enhancement; (3) Pay unemployment benefits by depositing bond proceeds into the Unemployment Compensation Fund; (4) Provide a debt service reserve; and (5) Pay capitalized interest on the bonds for a period not to exceed two (2) years.

Arkansas § 11-10-1004 (Authorization - Purposes) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.