§ 15-4-1807 - State assistance. - Arkansas Statutes

15-4-1807. State assistance.

(a) If the application is approved, the State Board of Finance shall fix the amount of state assistance to the state agency or political subdivision to repay its investment or for paying debt service on the bonds issued to finance, in whole or in part, the eligible facilities, if requested by the state agency or political subdivision and, on behalf of the state, shall enter into an agreement providing for the payment of the amount so fixed in quarterly payments and shall certify the amount to the Treasurer of State.

(b) If the state agency or political subdivision issues two (2) or more issues of bonds to finance eligible facilities, the amount of state assistance shall be fixed separately for each issue.

(c) The total amount of state assistance shall be fixed at no more than the additional state income tax revenues directly generated by the eligible facilities.

(d) It shall be a condition to any payments under this subchapter that the state agency or political subdivision has issued and has outstanding its bonds for the purpose of financing, in whole or in part, the eligible facilities, but this shall not limit the provisions in this subchapter for repayment of a state agency's or political subdivision's investment heretofore made in eligible facilities.

(e) The payments provided for in this subchapter shall be subject to the specific appropriation by the General Assembly and shall be for a term of not longer than two (2) years, but, subject to the appropriation by the General Assembly, shall be extended from time to time for additional terms of not to exceed two (2) years each.