§ 14-137-115 - Use of funds and revenue -- Bonds. - Arkansas Statutes

14-137-115. Use of funds and revenue -- Bonds.

(a) Public facilities boards are authorized to use any available funds and revenues for the accomplishment of all or a portion of public facilities projects and may issue bonds, as authorized by this chapter, for the accomplishment of all or a portion of public facilities projects, either alone or together with other available funds and revenues.

(b) Bonds may be issued in principal amounts as shall be sufficient to pay the costs of issuing bonds, the amount necessary for a reserve, if deemed desirable, the amount necessary to provide for debt service until revenues for the payment thereof are available, the amount necessary to acquire a contract providing for payments to the board at a rate or rates at least sufficient to provide for, alone or with any other revenues that may be pledged, debt service on the bonds, if deemed desirable, and to pay any other costs and expenditures of whatever nature incidental to the accomplishment of all or a portion of the public facilities project involved and the placing of it in operation.

(c) Each county public facilities board in a county having a population of one hundred fifty thousand (150,000) or more according to the most recent federal decennial census and each public facilities board established by a municipality having a population of more than one hundred thousand (100,000) according to the most recent federal decennial census, regardless of where located, shall annually contract with a certified public accountant to perform an audit of the board's revenues which are not pledged to outstanding bonded indebtedness. The board shall furnish a copy of the audit report to the governing body of the municipality or county which created the board and the board shall make the audit report available to the public for inspection under the Freedom of Information Act, 25-19-101 et seq.