§ 15-4-1808 - Major Industry Facilities Incentive Fund -- Creation. - Arkansas Statutes

15-4-1808. Major Industry Facilities Incentive Fund -- Creation.

(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Major Industry Facilities Incentive Fund".

(b) The Treasurer of State shall monthly, before making the percentage distributions of general revenues as provided by law, deduct from the General Revenue Fund Account of the State Apportionment Fund an amount of money necessary to meet the quarterly payments to state agencies and political subdivisions provided for in this subchapter and shall credit them to the Major Industry Facilities Incentive Fund, and shall quarterly pay over the amounts to each state agency or political subdivision, provided that the General Assembly shall have appropriated funds for them.

(c) (1) The State Board of Finance shall certify to the Treasurer of State the amount of assistance to each state agency or political subdivision for paying debt service on the bonds issued to finance the eligible facilities.

(2) If it should be determined that overpayments were made to the entity, then the overpayments shall be recovered by reducing the succeeding fiscal year's entitlement by the overpayment.