§ 15-4-416 - Deposit and use of revenues. - Arkansas Statutes

15-4-416. Deposit and use of revenues.

(a) All revenues received by the Division of Minority Business Enterprise of the Arkansas Economic Development Commission in behalf of the Arkansas Economic Development Council under the authority of this subchapter, except revenues derived from appropriations, are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided in this subchapter.

(b) The pledged revenues shall not be deposited in the State Treasury, but, when received, shall be deposited by the council in the account or accounts and in the depository or depositories specified by resolution of the council and shall be used by the council solely for the purpose of carrying out the provisions of this subchapter and in conformity with the provisions of any resolution or indenture-securing bonds of the council or other agreement entered into by the council pursuant to the provisions of this subchapter.

(c) Any revenues at any time held by the council in excess of the amount necessary to accomplish the purpose for which the revenues were received and to comply with all covenants and agreements of the agency relating thereto shall be deposited to the credit of the state in such depositories and shall be reported to the Treasurer of State at such time and in such manner as shall be designated and prescribed by the Treasurer of State.