§ 15-4-3015 - Annual determination of moneys required for bond repayment.
15-4-3015. Annual determination of moneys required for bond repayment.
(a) (1) On or before commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for payment of all or a part of the debt service on the bonds issued during the fiscal year and deduct therefrom the estimated moneys to be available to the Arkansas Development Finance Authority from other sources and the amount available in the Economic Development Superprojects Project Fund to determine what amount of general revenues, if any, will be required.
(2) The Chief Fiscal Officer of the State shall certify the estimated amount to the Treasurer of State.
(3) The Treasurer of State shall then make monthly transfers from the project fund and, if necessary, from the State Apportionment Fund to the bond fund of the amount of general revenues as shall be required to pay the maturing debt service on the bonds.
(b) (1) The obligation to make monthly transfers of general revenues from the State Apportionment Fund to the bond fund shall constitute a first charge against the general revenues prior to all other uses to which the general revenues are devoted, either under present law or under any laws that may be enacted in the future.
(2) To the extent other general obligation bonds of the state may have been issued or may subsequently be issued, they shall rank on a parity of security with respect to payment from general revenues.
(c) (1) Moneys credited to the project fund shall be used for the purposes identified in 15-4-3012(b), and for those purposes the Treasurer of State is designated as the disbursing officer to administer those funds in accordance with this subchapter.
(2) If no bonds are issued, upon the request of the Arkansas Economic Development Commission and with the approval of the Governor, moneys in the project fund may be used on a pay-as-you-go basis as department grants to local entities for infrastructure project costs.
(d) Moneys in the bond fund over and above the amount necessary to ensure the prompt payment of debt service on the bonds and the establishment and maintenance of a reserve fund, if any, may be used for the redemption of bonds prior to maturity in the manner and in accordance with the provisions pertaining to redemption prior to maturity as set forth in the resolution or trust indenture authorizing or securing the bonds.