§ 22-3-1212 — Certificates of indebtedness - Funds used for purchase - Retirement

Arkansas § 22-3-1212

• Jurisdiction: Arkansas
• Title: 22

Text

(a) (1) The state funds which may be used by the State Board of Finance in making the purchases of the certificates of indebtedness are those specifically referred to under the provisions of the State Treasury Management Law, § 19-3-501 et seq. (2) All certificates purchased or received shall be held in trust for the use and benefit of the various state funds used in the purchase. (b) With respect to each certificate of indebtedness, at maturity thereof, the Treasurer of State shall: (1) Withdraw the certificate from the Securities Account, charge the Securities Account with the principal thereof, and cancel the certificate; (2) Withdraw from the Public Facilities Debt Service Fund established by this subchapter the aggregate amount of principal and interest then due on the certificate; (3) Deposit into the State Treasury to the credit of the Cash Account that part of the aggregate amount representing the principal indebtedness evidenced by the certificate; and (4) Deposit into the Securities Reserve Fund, as nonrevenue receipts, that part of the aggregate amount representing interest then due on the certificate. (c) The certificates of indebtedness which have been paid and cancelled by the Treasurer of State shall be delivered to the Building Authority Division.

Legislative History

Amended by Act 2019, No. 910,§ 6203, eff. 7/1/2019. Acts 1983, No. 458, § 7; A.S.A. 1947, § 13-2607.