§ 12-8-307 - Lease fund -- Pledged revenues. - Arkansas Statutes

12-8-307. Lease fund -- Pledged revenues.

(a) (1) The lease payments and other costs relating to the communications equipment shall be secured solely by a lien on and pledge of all revenues derived from the following fees and charges fixed and imposed by 27-16-801, or pursuant to any subsequent similar laws, which are confirmed, ratified, fixed, and imposed, and which are as follows:

(A) An operator's or a motorcycle driver's license for two (2) years -- six dollars ($6.00);

(B) A chauffeur's license for two (2) years -- ten dollars ($10.00);

(C) A motor scooter license for not more than two (2) years -- two dollars ($2.00);

(D) An operator's license or a motorcycle driver's license for four (4) years -- twelve dollars ($12.00); and

(E) A chauffeur's license for four (4) years -- twenty dollars ($20.00).

(2) The pledging of such revenues, collectively the "pledged revenues", is authorized.

(b) On the first day of the month next succeeding the execution of any leasing agreement authorized by this subchapter, all pledged revenues are specifically declared to be cash funds restricted in their use and dedicated to be used solely as authorized in this subchapter.

(c) (1) On the first day of the month next succeeding the execution of the lease authorized by this subchapter and so long as lease payments remain to be paid, the pledged revenues shall not be deposited into the State Treasury and shall not be subject to legislative appropriation.

(2) The pledged revenues shall be deposited into a bank or banks selected by the Department of Arkansas State Police, as and when received by the Commissioner of Motor Vehicles, the Office of Motor Vehicle, the Department of Arkansas State Police, the Arkansas State Police Commission, the Director of the Department of Finance and Administration, or any other state agency.

(3) The pledged revenues shall be deposited to the credit of a fund created and designated as the Department of Arkansas State Police Communications Equipment Lease Fund, referred to in this subchapter as the lease fund.

(d) So long as there are remaining any lease payments to be made, the General Assembly may eliminate or change the driver's license fees referred to as pledged revenues within this section, under 27-16-801, or any subsequent similar law, but only on condition that there is always maintained in effect and made available for the payment of lease payments sources of revenue which produce revenues at least sufficient in amount to provide for the payment when due of the lease payments.