§ 15-5-422 - Moneys for Correction Facilities Construction Fund. - Arkansas Statutes

15-5-422. Moneys for Correction Facilities Construction Fund.

(a) The Arkansas Development Finance Authority is authorized to accept moneys for the Correction Facilities Construction Fund from any source, including, but not limited to, allocations from the Treasurer of State as provided in this section.

(b) (1) After providing for the exclusion of the interest income classified as special revenues as authorized by 15-41-110 and 27-70-204, the first two million dollars ($2,000,000) of interest income received each fiscal year by the Treasurer of State beginning with the fiscal year commencing July 1, 1988, and ending with the fiscal year ending June 30, 2008, from the investment of state funds invested 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 [repealed], are declared to be cash funds restricted in their use and dedicated and are to be used solely as authorized in 15-5-213.

(2) (A) The cash funds when 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 the cash funds to the authority for deposit in the Correction Facilities Construction Fund for the purposes authorized by 15-5-213.

(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 15-5-213.