Arkansas § 15-5-1206 Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund - Payment of debt service - Tax exemption

Arkansas Statutes

§ 15-5-1206 — Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund - Payment of debt service - Tax exemption

Arkansas § 15-5-1206

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This text of Arkansas § 15-5-1206 (Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund - Payment of debt service - Tax exemption) 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. § 15-5-1206 (2026).

Text

(a)Payment of principal and interest on the bonds shall be paid from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund when due.

(b)If and so long as all payments of debt service are properly made, on the last day of each fiscal quarter the pledged fees remaining in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund in excess of a reserve of two (2) months' requirements of debt service shall be withdrawn from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and deposited into the Petroleum Storage Tank Trust Fund as special revenues.

(c)The interest on the bonds shall be exempt from state, county, and municipal income, inheritance, and estate taxes.

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(a) Payment of principal and interest on the bonds shall be paid from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund when due. (b) If and so long as all payments of debt service are properly made, on the last day of each fiscal quarter the pledged fees remaining in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund in excess of a reserve of two (2) months' requirements of debt service shall be withdrawn from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and deposited into the Petroleum Storage Tank Trust Fund as special revenues. (c) The interest on the bonds shall be exempt from state, county, and municipal income, inheritance, and estate taxes.