§ 15-5-1507 - Allocation from Treasurer of State. - Arkansas Statutes

15-5-1507. Allocation from Treasurer of State.

(a) (1) The Arkansas Development Finance Authority may accept moneys from the Treasurer of State for deposit into the Brownfield Revolving Loan Fund, as provided by law, to be used for the purposes authorized under this subchapter.

(2) Federal or state grants transferred directly to the authority for deposit into the fund are declared to be cash funds restricted in their use solely for the purposes under this subchapter.

(b) Notwithstanding the provisions of 19-6-108 and 19-6-601, federal or state grants received by the Treasurer of State for purposes authorized under this subchapter are declared to be cash funds to be used solely as authorized under this subchapter.

(c) (1) Moneys received under this section shall not be considered to be a part of the State Treasury for the purposes of:

(A) Arkansas Constitution, Article 5, 29;

(B) Arkansas Constitution, Article 16, 12;

(C) Arkansas Constitution, Amendment 20; or

(D) Any other constitutional or statutory provision.

(2) The Treasurer of State shall not deposit moneys received under this section into the State Treasury but shall remit the moneys to the authority for deposit in the fund.