§ 15-5-209 — Disposition and use of funds

Arkansas § 15-5-209

• Jurisdiction: Arkansas
• Title: 15

Text

(a) All revenues received by the Arkansas Development Finance Authority, except revenues derived from appropriations, are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided in this subchapter and §§ 15-5-101 - 15-5-106 and 15-5-301 - 15-5-316 . (b) The authority is authorized and empowered to use the proceeds of any bond issues, together with any other available funds, for the making of loans, purchasing mortgages, security interests in loan participations as herein authorized and paying all incidental expenses in connection therewith, paying expenses of authorizing and issuing the bonds, paying interest on the bonds until revenues thereof are available in sufficient amounts, and funding such reserves as the authority deems necessary and desirable. (c) All moneys received by the authority, other than moneys received by virtue of an appropriation, are specifically declared to be cash funds restricted in their use and to be used solely as provided herein. (d) No moneys of the authority other than moneys received by appropriation shall be deposited into the State Treasury. (e) No part of the funds of the authority shall inure to the benefit of or be distributed to its employees or officers or the Board of Directors of the Arkansas Development Finance Authority, except that the authority shall be authorized and empowered to pay its employees reasonable compensation. (f) The revenues pledged to any bonds of the authority shall not be deposited into the State Treasury but when received shall be deposited by the authority into an account or accounts in a depository or depositories specified by resolution of the authority and used by the authority solely for the purpose of carrying out the provisions of this subchapter and §§ 15-5-101 - 15-5-106 and 15-5-301 - 15-5-316 and in conformity with the provisions of any resolution or any indenture securing bonds of the authority or other agreement entered into by the authority pursuant to the provisions of this subchapter and §§ 15-5-101 - 15-5-106 and 15-5-301 - 15-5-316 . (g) Any revenues at any time held by the authority in excess of the amount necessary to accomplish the purposes of this subchapter and §§ 15-5-101 - 15-5-106 and 15-5-301 - 15-5-316 and to comply with all covenants and agreements of the authority relating thereto may by resolution of the board be declared to be surplus moneys and may be designated for deposit to such other fund or funds as the General Assembly may deem appropriate. (h) The authority may create and establish one (1) or more special funds or accounts as appropriate to secure bonds issued under this subchapter and §§ 15-5-101 - 15-5-106 and 15-5-301 - 15-5-316 , as determined by the authority.

Legislative History

Amended by Act 2015, No. 1060,§ 7, eff. 4/4/2015. Acts 1985, No. 1062, §§ 4.00, 6.00, 13.00, 14.00; 1986 (2nd Ex. Sess.), No. 18, § 2; A.S.A. 1947, §§ 13-2904, 13-2906, 13-2913, 13-2914.