Arkansas § 15-4-520 Excess funds

Arkansas Statutes

§ 15-4-520 — Excess funds

Arkansas § 15-4-520

Title15

This text of Arkansas § 15-4-520 (Excess funds) 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. § 15-4-520 (2026).

Text

(a)Any funds remaining with the corporation in excess of the amount necessary to finance a project, including the cost of lands, buildings, and facilities and other expenses necessary to its completion, shall be used by the corporation to reduce the amount of its first lien obligations.

(b)For this purpose, the corporation shall call its first lien obligations for payment in inverse numerical order not later than the next interest payment date after completion of the project.

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(a) Any funds remaining with the corporation in excess of the amount necessary to finance a project, including the cost of lands, buildings, and facilities and other expenses necessary to its completion, shall be used by the corporation to reduce the amount of its first lien obligations. (b) For this purpose, the corporation shall call its first lien obligations for payment in inverse numerical order not later than the next interest payment date after completion of the project.