§ 15-5-1504 — Brownfield Revolving Loan Fund - Sources - Deposits

Arkansas § 15-5-1504

• Jurisdiction: Arkansas
• Title: 15

Text

(a) The following moneys shall be deposited directly into the Brownfield Revolving Loan Fund: (1) Grants from the federal government or federal agencies allotted to the state for capitalization of the Brownfield Revolving Loan Fund; (2) State matching grants; (3) Proceeds of bonds issued by the Arkansas Development Finance Authority under this subchapter; (4) Loan payments of principal, interest, and premiums under this subchapter; (5) Any money received from the Hazardous Substance Remedial Action Trust Fund; (6) Any money received by the state as a gift or donation to the Brownfield Revolving Loan Fund; (7) Any interest earned upon money deposited into the Brownfield Revolving Loan Fund; and (8) Any other money legally designated for the Brownfield Revolving Loan Fund. (b) (1) All moneys received after July 1, 2003, from whatever source for direct deposit into the Brownfield Revolving Loan Fund or paid to the authority for deposit into the Brownfield Revolving Loan Fund are cash funds restricted in their use and shall not be deposited into the State Treasury or deemed to be a part of the State Treasury for the purposes of Arkansas Constitution, Article 5, § 29; Arkansas Constitution, Article 16, § 12; Arkansas Constitution, Amendment 20; or any other constitutional or statutory provisions, but shall be held by the authority and used solely for the purposes stated under this subchapter. (2) All moneys received by the authority under this subchapter shall be deposited into the Brownfield Revolving Loan Fund when received unless otherwise provided by state law. (3) (A) Interest and other moneys received from the investment of moneys, the purchase of bonds, notes, or other evidences of indebtedness, or the making of loans with moneys in the Brownfield Revolving Loan Fund shall be cash funds to be used solely as authorized under this subchapter. (B) Interest earnings that are transferred directly to the authority shall be cash funds to be used solely as authorized under this subchapter. (c) The authority may accept grants for deposit into the Brownfield Revolving Loan Fund from any state or federal agency, municipality, corporation, foundation, individual, or authority and may accept any appropriation from the State Treasury that the authority received before, as of, or after July 1, 2003.

Legislative History

Acts 2003, No. 1194, § 1.