Arkansas § 12-8-606 - Use of pledged revenues.

§ 12-8-606. Use of pledged revenues.

The debt service payments and other costs relating to a headquarters facility or communication and information technology equipment shall be secured by a lien on and pledge of the pledged revenues. To the extent that pledged revenues are not required to make debt service payments, the pledged revenues shall be released to the Division of Arkansas State Police to provide operating funds as described in this section. All pledged revenues are cash funds restricted in their use and dedicated and to be used solely as provided in this subchapter. When pledged revenues are received by the Commissioner of Motor Vehicles, the Office of Motor Vehicle, the Division of Arkansas State Police, the Arkansas State Police Commission, the Department of Finance and Administration, or any other state agency, the pledged revenues shall be deposited as cash funds into a bank selected by the Division of Arkansas State Police to the credit of the Division of Arkansas State Police Financing Fund. On the date that the Arkansas Development Finance Authority issues bonds under this subchapter and the Arkansas Development Finance Authority Act, § 15-5-101 et seq., §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316, any revenues in the Division of Arkansas State Police Financing Fund shall be pledged revenues. Debt service payments shall be paid from the Division of Arkansas State Police Financing Fund as stated in the financing documents. If all debt service payments have been properly made on the last day of each fiscal quarter, the pledged revenues remaining in the Division of Arkansas State Police Financing Fund shall be withdrawn from the Division of Arkansas State Police Financing Fund and deposited into the State Treasury as special revenues to the credit of the Division of Arkansas State Police Fund. However, if any debt service payments remain to be paid under this subchapter, all moneys in the Division of Arkansas State Police Financing Fund shall continue to be pledged to the debt service payments and other costs in connection with the bonds and the maintenance of reserves, notwithstanding the right of the Division of Arkansas State Police to withdraw funds on the last day of each fiscal quarter if debt service payments are current. If any debt service payments remain to be made, the General Assembly may modify or change the pledged revenues only if there are always maintained in effect and made available for the payment of debt service payments sources of revenue comparable in amount and time of receipt that produce revenues sufficient to provide for and secure debt service payments when due.