Arkansas Statutes
§ 15-5-1206 — Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund - Payment of debt service - Tax exemption
Arkansas·Title 15
(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Fund Revenue Bond Debt Service Fund in excess of a reserve of two (2) months' requirements of debt service shall be withdrawn from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and deposited into the Petroleum Storage Tank Trust Fund as special revenues.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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Arkansas § 15-5-1206 (Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund - Payment of debt service - Tax exemption) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1995, No. 1054, § 1.
Nearby Sections
15
§ 15-1-101
Economic Advisor§ 15-10-201
Title§ 15-10-202
Declaration of policy§ 15-10-203
Arkansas Energy Office - Creation§ 15-10-204
Arkansas Energy Office - Director§ 15-10-301
Declaration of policy§ 15-10-302
Definitions§ 15-10-303
License or permit requirement§ 15-10-304
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