Arkansas § 2-16-108 - State Plant Board Operations and Facilities Construction Fund — Definitions.

§ 2-16-108. State Plant Board Operations and Facilities Construction Fund — Definitions.

As used in this section: “Board” means the State Plant Board; and “Fund” means the State Plant Board Operations and Facilities Construction Fund. There is created in accordance with §§ 19-4-801 — 19-4-803, 19-4-805, and 19-4-806 and the Revenue Classification Law, § 19-6-101 et seq., a cash fund entitled the State Plant Board Operations and Facilities Construction Fund, which shall be maintained in such depository bank or banks as may be designated from time to time by the board. The first two hundred thousand dollars ($200,000) in each fiscal year of all fees, interest, penalities, and costs collected by the board that constitute the special revenues specified in § 19-6-301(51) and all income, interest, and earnings thereof are declared to be cash funds to be used solely for paying the cost of operations and maintenance of the board and the financing of the acquisition, construction, and maintenance of facilities for the board's operations, including any additions, extensions, and improvements thereto, the renovation thereof, and the equipping of such facilities. Such cash funds shall not be deemed to be a part of the State Treasury for any purpose, including, without limitation, the provisions of Arkansas Constitution, Article 5, § 29, Article 16, § 12, or Arkansas Constitution, Amendment 20, or any other constitutional or statutory provision. The fund shall be held and the amounts therein invested by the board in accordance with the laws of the state pertaining to cash funds. The board may also pledge and use moneys in the fund to provide for the repayment of obligations issued by the Arkansas Development Finance Authority under the State Agencies Facilities Acquisition Act of 1991, § 22-3-1401 et seq., to accomplish the purposes specified in subdivision (b)(2)(A) of this section and to pay the costs and expenses related to the issuance of such obligations. The provisions of §§ 22-3-1402(c) [repealed] and 22-3-1406 [repealed] shall not be applicable in any respect to the acquisition, construction, extension, or renovation of or the equipping of facilities for the board and shall not under any circumstances constitute a limitation on or prohibition to the financing of the capital improvements by the authority. On July 30, 1999, all moneys then held in the Plant Board Fund created by § 19-6-408 that were derived from the special revenues described in subdivision (b)(2)(A) of this section shall be transferred to the State Plant Board Operations and Facilities Construction Fund, except that the amount transferred shall not exceed the maximum amount provided in subdivision (b)(2)(A) of this section.