Arkansas § 11-10-1004 Authorization - Purposes

Arkansas Statutes

§ 11-10-1004 — Authorization - Purposes

Arkansas § 11-10-1004

Title11

This text of Arkansas § 11-10-1004 (Authorization - Purposes) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 11-10-1004 (2026).

Text

(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

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(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.