§ 15-5-411 - Grants to fund. - Arkansas Statutes

15-5-411. Grants to fund.

(a) The Arkansas Development Finance Authority is authorized to accept grants to its Bond Guaranty Reserve Account from any state or federal agencies, municipalities, corporations, foundations, individual donees, or authorities, specifically including, but not limited to, allocations from the Treasurer of State as hereinafter provided.

(b) (1) Excluding the interest income classified as special revenues as authorized by 15-41-110 and 27-70-204, the first six million dollars ($6,000,000) of interest income received by the Treasurer of State during the fiscal year commencing July 1, 1985, from the investment of state funds as authorized by the State Treasury Management Law, 19-3-201 et seq. [repealed], are declared to be cash funds restricted in their use and dedicated and are to be used solely as authorized by this subchapter.

(2) (A) Such cash funds as received by the Treasurer of State shall not be deposited or deemed to be a part of the State Treasury for purposes of Arkansas Constitution, Article 5, 29; Arkansas Constitution, Article 16, 12; Arkansas Constitution, Amendment 20; or any other constitutional or statutory provision.

(B) The Treasurer of State shall pay such cash funds to the authority for depositing those amounts in the account for the purposes authorized by this subchapter.

(3) The interest earnings transferred directly to the authority are declared to be cash funds restricted in their use and dedicated and to be used solely as authorized in this subchapter.