§ 15-4-1809 - Payments. - Arkansas Statutes

15-4-1809. Payments.

(a) Payments of state assistance to state agencies and political subdivisions under this subchapter shall be made by remitting them directly to the trustee for the holders of the bonds issued to finance the eligible facilities.

(b) The trustee shall apply the state assistance money to the payment or redemption of the bonds and to the payment of interest thereon.

(c) When the bonds issued to finance the eligible facilities are fully retired or the investment of the state agency or political subdivision of its revenues in the eligible facilities has been repaid with accrued and accruing interest, any money then held by the trustee derived from the state assistance shall be returned to the Treasurer of State and deposited in the State Treasury as general revenues to the credit of the General Revenue Fund Account of the State Apportionment Fund, and future eligibility for that project shall be terminated.