§ 13-5-314 - Disposition of revenues. - Arkansas Statutes

13-5-314. Disposition of revenues.

(a) All revenues derived from the operation of the Arkansas Museum and Cultural Center and all other funds received by the Director of the Department of Parks and Tourism from other sources for use in connection with the center and its operation are center revenues and are specifically declared to be cash funds, restricted in their use and to be used solely as provided in this subchapter.

(b) These revenues shall not be deposited in the State Treasury but shall be deposited by the Department of Parks and Tourism as and when received in a bank or banks as the director may from time to time select.

(c) (1) Center revenues shall be applied annually in the following order:

(A) To the extent necessary after taking into consideration any other funds which may be available for the purpose, for operation and maintenance expenses of the center; and

(B) To the payment of the principal of, interest on, and trustee's and paying agent's fees in connection with bonds issued under this subchapter, and the establishing and maintaining of any debt service reserves.

(2) Should there be any excess after subdivisions (c)(1)(A) and (B) of this section, the excess may be applied, as determined by the director, to the redemption of bonds prior to maturity or for the payment of any costs and expenses incurred by the director in the accomplishment of the powers and authorities conferred upon the director by 13-5-304 [repealed].