§ 19-5-1087 - Justice Building Construction Fund. - Arkansas Statutes

19-5-1087. Justice Building Construction Fund.

(a) There is hereby created in accordance with 19-4-801 -- 19-4-806, inclusive, and 19-6-101 et seq., a cash fund entitled the "Justice Building Construction Fund", which shall be maintained in such depository bank or banks as may, from time to time, be designated by the Arkansas Building Authority.

(b) All moneys transferred to and deposited in the fund, whether pursuant to 16-10-310 or otherwise, and all income, interest, and earnings thereof, are declared to be cash funds, restricted in their use, and dedicated and are to be used solely for the financing of additions, extensions, and improvements to, the renovation of, and the equipping of such additions, extensions, and improvements of the State Justice Building situated on the Capitol grounds. Such cash funds shall not be deemed to be a part of the State Treasury for any purpose, including, without limitation, the provisions of Arkansas Constitution, Article 5, 29, Article 16, 12, or Amendment 20, or any other constitutional or statutory provision.

(c) The fund shall be held and the amounts therein invested by the Arkansas Building Authority in accordance with the authority provided in 22-3-901 et seq. The Arkansas Building Authority may also use the fund to provide for the repayment of obligations issued by the Arkansas Development Finance Authority pursuant to the State Agencies Facilities Acquisition Act of 1991, as amended, 22-3-1401 et seq., to accomplish the purposes specified in subsection (b) of this section and to pay the costs and expenses related to the issuance of such obligations.

(d) The provisions of 22-3-1402(c) [Repealed] and 22-3-1406 [Repealed] shall not be applicable in any respect to the construction of additions or extensions to, the renovation of, or the equipping of such additions, extensions, and renovations of the State Justice Building, and shall not, under any circumstances, constitute a limitation on or prohibition to the financing of such capital improvements by the Arkansas Development Finance Authority.