§ 20-10-916 - Long-Term Care Facility Receivership Fund Account. - Arkansas Statutes

20-10-916. Long-Term Care Facility Receivership Fund Account.

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund account to be known as the "Long-Term Care Facility Receivership Fund Account" of the Department of Human Services Fund. The fund account shall consist of general revenues and such other funds as may be provided by law.

(b) The fund account established in this section shall be administered and disbursed under the direction of the Director of the Department of Health and Human Services for the purpose of paying the expenses of receivers appointed under this subchapter.

(c) No money shall be expended from this fund account for any purpose except when the funds generated by a long-term care facility in this state are found to be insufficient by a court of law to pay the reasonable expenses of a receiver after all other operating expenses of the facility have been paid from the facility's revenue.

(d) Any balance remaining in the fund account at the close of each fiscal year shall be retained in that fund account to be available for the same purposes.

(e) Beginning July 1, 1991, and each July 1 of an odd-numbered year thereafter, the Treasurer of State shall transfer from the General Revenue Fund Account of the State Apportionment Fund to the Long-Term Care Facility Receivership Fund Account an amount sufficient to maintain a fund balance of one hundred thousand dollars ($100,000).