Arkansas § 19-5-406 Transfer of remaining revenues

Arkansas Statutes

§ 19-5-406 — Transfer of remaining revenues

(a)After making the maximum annual allocation as provided for in § 19-5-402 , the first two hundred million dollars ($200,000,000) shall be distributed as follows:

(1)Seventy-five percent (75%) of the remaining general revenues available for distribution during each fiscal year shall be transferred on the last day of business in each calendar month to the General Revenue Allotment Reserve Fund, there to be used as stated under subsection (b) of this section; and (2) Twenty-five percent (25%) of the remaining general revenues available for distribution during each fiscal year, but not to exceed fifty million dollars ($50,000,000) each fiscal year, shall be transferred on the last day of business in each calendar month to the State Highway and Transportation Department Fund.

(b)(1) The Ch

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(a) After making the maximum annual allocation as provided for in § 19-5-402 , the first two hundred million dollars ($200,000,000) shall be distributed as follows: (1) Seventy-five percent (75%) of the remaining general revenues available for distribution during each fiscal year shall be transferred on the last day of business in each calendar month to the General Revenue Allotment Reserve Fund, there to be used as stated under subsection (b) of this section; and (2) Twenty-five percent (25%) of the remaining general revenues available for distribution during each fiscal year, but not to exceed fifty million dollars ($50,000,000) each fiscal year, shall be transferred on the last day of business in each calendar month to the State Highway and Transportation Department Fund. (b) (1) The Chief Fiscal Officer of the State shall determine whether the balance of the Catastrophic Reserve Fund is twenty percent (20%) of the total amount of general revenue funds last distributed under § 19-5-402 . (2) If the Chief Fiscal Officer of the State determines that the balance of the Catastrophic Reserve Fund is less than twenty percent (20%) of the total amount of general revenue funds last distributed under § 19-5-402 , then after the distributions under subsection (a) of this section, any additional revenue, including the distributions under subdivision (a)(1) of this section and any additional revenues in excess of those distributed under subsection (a) of this section, shall be transferred to the Catastrophic Reserve Fund to ensure that the Catastrophic Reserve Fund balance equals but does not exceed twenty percent (20%) of the total amount of general revenue funds last distributed under § 19-5-402 . (3) If it is determined that the balance of the Catastrophic Reserve Fund exceeds twenty percent (20%) of the total amount of general revenue funds last distributed under § 19-5-402 , the amount in excess shall remain in the Catastrophic Reserve Fund unless the General Assembly directs otherwise. (c) Any additional revenues available after the distributions in subsection (b) of this section shall be transferred on the last day of business in each calendar month to the General Revenue Allotment Reserve Fund, there to be used for the respective purposes as provided by law.

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Legislative History

Amended by Act 2021EX2, No. 2,§ 1, eff. 12/9/2021. Amended by Act 2021EX2, No. 1,§ 1, eff. 12/9/2021. Amended by Act 2021, No. 1058,§ 6, eff. 4/29/2021. Amended by Act 2016EX3, No. 1,§ 6, eff. 7/1/2016. Acts 1973, No. 750, § 11; 1974 (1st Ex. Sess.), No. 90, § 1; 1975, No. 868, § 15; 1977, No. 955, § 1; 1977 (1st Ex. Sess.), No. 7, § 1; 1979, No. 1115, § 1; 1981, No. 937, § 1; 1983, No. 801, § 12; 1983 (1st Ex. Sess.), No. 119, § 1; 1985, No. 888, § 25; A.S.A. 1947, § 13-515; Acts 1987, No. 928, § 15; 2010, No. 262, § 6; 2010, No. 296, § 6.