Ark. Code Ann. § 15-4-702
This is the official text of Ark. Code Ann. § 15-4-702, 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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Authority to use Arkansas Economic Development Council moneys if account is insufficient
Official statutory text
If the Arkansas Economic Development Council shall at any time determine that the moneys in the Revenue Bond Guaranty Reserve Account, sometimes referred to in this subchapter as "account", created and being maintained pursuant to the provisions of the Industrial Revenue Bond Guaranty Law, § 15-4-601 et seq., are not or will not be sufficient to meet the obligations of the account, the council is authorized to use the necessary amount of any available moneys that it may have which are not needed for or committed to other authorized functions and purposes of the council then or in the foreseeable future. Any such moneys so used may be reimbursed out of the account if and when there are moneys therein available for the purpose. Acts 1969, No. 397, § 1; A.S.A. 1947, § 9-567; Acts 1997, No. 540, § 30.
If the Arkansas Economic Development Council shall at any time determine that the moneys in the Revenue Bond Guaranty Reserve Account, sometimes referred to in this subchapter as "account", created and being maintained pursuant to the provisions of the Industrial Revenue Bond Guaranty Law, § 15-4-601 et seq., are not or will not be sufficient to meet the obligations of the account, the council is authorized to use the necessary amount of any available moneys that it may have which are not needed for or committed to other authorized functions and purposes of the council then or in the foreseeable future. Any such moneys so used may be reimbursed out of the account if and when there are moneys therein available for the purpose.
Acts 1969, No. 397, § 1; A.S.A. 1947, § 9-567; Acts 1997, No. 540, § 30.
If the Arkansas Economic Development Council shall at any time determine that the moneys in the Revenue Bond Guaranty Reserve Account, sometimes referred to in this subchapter as "account", created and being maintained pursuant to the provisions of the Industrial Revenue Bond Guaranty Law, § 15-4-601 et seq., are not or will not be sufficient to meet the obligations of the account, the council is authorized to use the necessary amount of any available moneys that it may have which are not needed for or committed to other authorized functions and purposes of the council then or in the foreseeable future. Any such moneys so used may be reimbursed out of the account if and when there are moneys therein available for the purpose.
Acts 1969, No. 397, § 1; A.S.A. 1947, § 9-567; Acts 1997, No. 540, § 30.
Status: in_force
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