§ 19-5-995 - Uniform Tax Rate Trust Fund.
19-5-995. Uniform Tax Rate Trust Fund.
(a) There is hereby created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the Uniform Tax Rate Trust Fund.
(b) The fund shall consist of those moneys received from local governments and transmitted to the State Treasury as required by Arkansas Constitution, Amendment 74, and shall be used for such purposes as set out therein.
(c) The Auditor of State shall issue warrants drawn from the fund as requested by vouchers submitted by the Treasurer of State upon certification by the Chief Fiscal Officer of the State that funds will be available when the warrants are presented for payment.
(d) The Treasurer of State may voucher a single warrant payable to the Treasurer of State for the purpose of distributing funds to multiple payees from the fund. Documentation shall accompany the voucher indicating the payees, amount, and account numbers to which the distribution is to be made.