§ 20-78-503 - Arkansas Child Care Facilities Loan Guarantee Trust Fund.
20-78-503. Arkansas Child Care Facilities Loan Guarantee Trust Fund.
(a) There is established a cash fund account of the Division of Child Care and Early Childhood Education to be known as the Arkansas Child Care Facilities Loan Guarantee Trust Fund. This cash fund account is to be maintained in one (1) or more financial institutions of the state and shall be administered in accordance with this subchapter.
(b) The division is hereby authorized to accept moneys for the fund from any source, including, but not limited to, allocations from the Treasurer of State as provided in 20-78-504.
(c) The fund shall be a continuing fund, not subject to fiscal year limitations, and shall be used to guarantee loans for the expansion or development of child care facilities in this state and as provided in subsection (d) of this section.
(d) Any interest at the end of the fiscal year which exceeds the amount necessary to cover loan defaults occurring during that fiscal year shall be made available for professional development and quality improvement activities and grants.
(e) This fund shall be administered by the division with technical assistance from the Arkansas Early Childhood Commission and the Arkansas Development Finance Authority.