§ 15-5-1204 - Issuance of revenue bonds by the authority.
15-5-1204. Issuance of revenue bonds by the authority.
(a) (1) Upon the request of the Director of the Arkansas Department of Environmental Quality and based upon an estimate by the Department of Finance and Administration of the pledged fees to be collected, the Arkansas Development Finance Authority may issue bonds for the purpose of:
(A) Providing money for the Petroleum Storage Tank Trust Fund; and
(B) Paying the cost of issuing the bonds and establishing the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund, if necessary.
(2) The money in the Petroleum Storage Tank Trust Fund shall be used as provided in the Petroleum Storage Tank Trust Fund Act, 8-7-901 et seq.
(b) (1) The bonds are special obligations payable only from:
(A) The pledged fees collected by the Director of the Department of Finance and Administration pursuant to 8-7-906;
(B) The amounts on deposit in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund, if any; and
(C) The investment income on the amounts in the Petroleum Storage Tank Trust Fund, the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund, and the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund.
(2) The bonds do not constitute an indebtedness of the state as prohibited by the Arkansas Constitution.
(c) (1) (A) Bonds issued under this subchapter shall be authorized by resolution of the Board of Directors of the Arkansas Development Finance Authority and shall have the form and characteristics and bear the designations as are provided in the resolution and permitted under the Arkansas Development Finance Authority Act, 15-5-101 -- 15-5-106, 15-5-201 -- 15-5-211, 15-5-213, and 15-5-301 -- 15-5-316.
(B) The resolution may include such provisions and covenants as the board determines necessary.
(2) The board may approve and have executed any other proceedings, agreements, trust agreements, or other instruments necessary and convenient to the issuance of the bonds.