§ 19-5-976 - College Savings Debt Service Reserve Fund. - Arkansas Statutes

19-5-976. College Savings Debt Service Reserve Fund.

(a) There is hereby established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the College Savings Debt Service Reserve Fund.

(b) Such fund shall consist of proceeds from the sale of bonds as issued by the Arkansas Development Finance Authority and revenues derived from any project financed under the Arkansas College Savings Bond Act of 1989, 6-62-701 et seq., in amounts or portions as set forth in the resolution or trust indenture authorizing or securing such bonds; general revenues; and any other funds made available by the General Assembly; there to be used only to ensure prompt payment of debt service on bonds issued under the Arkansas College Savings Bond Act of 1989, 6-62-701 et seq., either at maturity or upon redemption prior to maturity, as administered by the Treasurer of State.