§ 15-5-903 — Fund - Grants - Deposits - Cash funds

(a) The Arkansas Natural Resources Commission and the Arkansas Development Finance Authority as agent for the commission are authorized to accept grants for the use of the Construction Assistance Revolving Loan Fund from any state or federal agencies, municipalities, corporations, foundations, individual donors, or authorities, specifically including without limitation appropriations from the State Treasury as heretofore or hereafter provided. (b) All moneys received by the commission or the authority under and pursuant to the provisions of this subchapter shall be deposited as and when received into the fund except as otherwise specifically provided by federal or state law. (c) (1) Except for moneys hereafter deposited into or paid to the commission or the authority for deposit into the State Grants Account, all moneys now or hereafter received for, deposited into, or paid to the commission or the authority for deposit into the fund are specifically declared to be cash funds restricted in their use and which 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 and applied by the commission or the authority as agent for the commission solely for the uses set forth in this subchapter. (2) Interest and other moneys received from the investment of moneys, the purchase of bonds, notes, or other evidences of indebtedness issued by local governmental entities, or the making of loans with moneys in the fund, including in each case moneys in the State Grants Account, are declared to be cash funds restricted in their use and shall not be deposited into the State Treasury but shall be held and applied by the commission or the authority solely for the uses set forth in this subchapter.

Legislative History

Acts 1991, No. 718, § 1; 2003, No. 548, § 2; 2009, No. 458, § 3.