§ 13-5-307 - Funds for museum and cultural center -- Issuance of bonds. - Arkansas Statutes

13-5-307. Funds for museum and cultural center -- Issuance of bonds.

(a) (1) The Director of the Department of Parks and Tourism is authorized to use any available funds for the construction, equipment, and operation of a museum and cultural center.

(2) The director is authorized to issue revenue bonds, secured by and payable from the revenues specified in this subchapter, and to use the proceeds of the bonds for the acquisition, construction, and equipment of the center.

(b) The principal amount of bonds to be issued by the director shall be sufficient, together with any available funds, to pay the cost of accomplishing the specified purposes, the costs of authorizing and issuing bonds, the amounts necessary for reserves if deemed desirable by the director, the amounts necessary for interest during and for up to one (1) year after construction, and all other costs of whatever nature incidental to the accomplishment of the center, but in no event shall the aggregate principal amount of bonds exceed twelve million dollars ($12,000,000).

(c) (1) No bonds shall be issued under the provisions of this subchapter unless and until the director, or a department, or educational or other institution, or agency of the State of Arkansas has entered into a signed agreement with the Smithsonian Institution, an agency thereof, or organization affiliated therewith, which agreement shall provide that the Smithsonian Institution, the agency, or organization shall involve itself with the Arkansas Museum and Cultural Center and its operation.

(2) The agreement must first be approved in writing by the Governor of the State of Arkansas.