§ 11-10-1011 — Sources of repayment

(a) The Arkansas Unemployment Trust Fund Bonds shall be payable from the designated revenues. (b) (1) The unemployment obligation assessment shall be collected until the end of the quarter immediately following the repayment of all bonds authorized under this subchapter. (2) The unemployment obligation assessment shall not be collected until the qualified voters of the state approve the issuance of bonds under this subchapter. (c) (1) In order to secure the payment of debt service, any trust instrument, resolution, or other document for the security for the bondholders may provide for the payment of the designated revenues directly into a trust fund or to a paying agent for the payment of debt service on the bonds. (2) It is not necessary for the funds to be deposited into the State Treasury. (d) Designated revenues remaining after the payment of scheduled debt service on the bonds in any year shall be used to redeem or purchase outstanding bonds.

Legislative History

Acts 2011, No. 1125, § 1.