Proceeds from the sale of the certificates of indebtedness shall be deposited into the State Treasury as follows:
(1) All funds held as a debt service reserve fund in the Public Facilities Debt Service Fund pursuant to the provisions hereof and the earnings thereon shall be applied on or after January 2, 1990, to redeem, to the extent possible, certificates of indebtedness identified as Series B; and
(2) The remainder thereof shall be credited as trust funds to the “Public Facilities Construction Fund”, which is established by this subdivision (2), and shall be used only for the redemption of the 1977 Bonds and the 1979 Bonds and for the construction of buildings authorized under this subchapter.
Structure Arkansas Code
Chapter 3 - Public Buildings and Other Facilities
Subchapter 12 - Public Facilities Finance Act of 1983
§ 22-3-1204. Provisions exclusive and overriding
§ 22-3-1205. Powers of Building Authority Division generally
§ 22-3-1206. Plan for proposed construction — Hearings and review — Filing of financial statement
§ 22-3-1207. Certificates of indebtedness — Issuance and purchase authorized
§ 22-3-1208. Certificates of indebtedness — Terms and execution
§ 22-3-1209. Certificates of indebtedness — Pledge of revenues and restrictions generally
§ 22-3-1210. Certificates of indebtedness — Public Facilities Debt Service Fund
§ 22-3-1211. Certificates of indebtedness — Tax exemption
§ 22-3-1212. Certificates of indebtedness — Funds used for purchase — Retirement
§ 22-3-1213. Certificates of indebtedness — Alternative method of payment
§ 22-3-1214. Certificates of indebtedness — Disposition of proceeds
§ 22-3-1216. Authorizing resolution as enforceable contract — Covenants
§ 22-3-1218. Disposition of revenues from prison labor
§ 22-3-1219. Employment of architects and other professionals — Notice for bids for construction