(a) If the Arkansas Development Finance Authority shall at any time determine that the moneys in the Bond Guaranty Reserve Account are not or will not be sufficient to meet the obligations of the Bond Guaranty Reserve Account, the authority is authorized to use the necessary amount of any available moneys that it may have which are not needed then or in the foreseeable future for or committed to, other authorized functions and purposes of the authority, and any such moneys so used may be reimbursed out of the Bond Guaranty Reserve Account if and when there are moneys therein available for the purposes.
(b)
(1) In addition to the procedure described in subsection (a) of this section, the authority, at its discretion by a majority vote of the Board of Directors of the Arkansas Development Finance Authority, may establish a Supplemental Guaranty Reserve Account by depositing into a separate account moneys from unpledged reserves of the authority, which may include grants from any state or federal agencies, municipalities, corporations, foundations, individual donors, or authorities.
(2) However, upon determination that the Bond Guaranty Reserve Account is sufficient to honor all foreseeable obligations of the guaranty program, the authority may use the funds in the Supplemental Guaranty Reserve Account for other purposes approved by a majority vote of the board.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 5 - Arkansas Development Finance Authority
Subchapter 4 - Arkansas Development Finance Authority Bond Guaranty Act of 1985
§ 15-5-402. Legislative findings and declaration of public necessity
§ 15-5-404. Power of authority to grant or deny guaranty bonds
§ 15-5-405. When bonds may be guaranteed
§ 15-5-406. Standards and rules for evaluations
§ 15-5-407. Bond Guaranty Reserve Account — Investment of funds
§ 15-5-408. Evidence to support guaranty — Premium payment
§ 15-5-409. Review of applications
§ 15-5-410. No private right against authority under §§ 15-5-408 and 15-5-409
§ 15-5-412. Guaranty agreement provision
§ 15-5-414. Authority to use money committed to other projects
§ 15-5-415. Issuance of bonds to provide additional moneys
§ 15-5-416. Authorizing resolution
§ 15-5-418. Execution of bonds and coupons — Temporary notes or bonds
§ 15-5-419. Sale of bonds — Statement on face of bond
§ 15-5-420. Obligation of authority — Disposition of proceeds
§ 15-5-421. Bond debt service amount
§ 15-5-422. Moneys for Correction Facilities Construction Fund