Ark. Code Ann. § 15-4-520
This is the official text of Ark. Code Ann. § 15-4-520, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Excess funds
Official statutory text
(a) Any funds remaining with the corporation in excess of the amount necessary to finance a project, including the cost of lands, buildings, and facilities and other expenses necessary to its completion, shall be used by the corporation to reduce the amount of its first lien obligations. (b) For this purpose, the corporation shall call its first lien obligations for payment in inverse numerical order not later than the next interest payment date after completion of the project. Acts 1955, No. 404, § 28; 1957, No. 47, § 6; A.S.A. 1947, § 9-531.
(a) Any funds remaining with the corporation in excess of the amount necessary to finance a project, including the cost of lands, buildings, and facilities and other expenses necessary to its completion, shall be used by the corporation to reduce the amount of its first lien obligations.
(b) For this purpose, the corporation shall call its first lien obligations for payment in inverse numerical order not later than the next interest payment date after completion of the project.
Acts 1955, No. 404, § 28; 1957, No. 47, § 6; A.S.A. 1947, § 9-531.
(a) Any funds remaining with the corporation in excess of the amount necessary to finance a project, including the cost of lands, buildings, and facilities and other expenses necessary to its completion, shall be used by the corporation to reduce the amount of its first lien obligations.
(b) For this purpose, the corporation shall call its first lien obligations for payment in inverse numerical order not later than the next interest payment date after completion of the project.
Acts 1955, No. 404, § 28; 1957, No. 47, § 6; A.S.A. 1947, § 9-531.
Status: in_force
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