§ 20-7-408 - Disposition of certain fees. - Arkansas Statutes

20-7-408. Disposition of certain fees.

(a) (1) Except as set forth in this subchapter, all fee revenues shall be treated as cash funds and shall not be deposited into the State Treasury, but shall be deposited as and when received into a bank or banks approved by the State Board of Health or the Director of the Division of Health of the Department of Health and Human Services in an account or accounts of the board designated the "State Board of Health Laboratory Revenue Fund".

(2) So long as the loan is outstanding, all moneys in the State Board of Health Laboratory Revenue Fund shall not be subject to the provisions of 19-4-801 -- 19-4-806 and shall be deposited, handled, and disbursed as set forth in this subchapter.

(b) Moneys held in the State Board of Health Laboratory Revenue Fund shall be withdrawn and deposited no less frequently than bimonthly as follows and in the following order of priority:

(1) An annual amount sufficient to provide for principal, interest, servicing fees, and reserve requirements with respect to the loan but not to exceed two million six hundred thousand dollars ($2,600,000) per fiscal year:

(A) Prior to the commencement of the loan, in the State Board of Health Public Health Laboratory Construction Fund; and

(B) Beginning upon commencement of the loan, in an account or accounts in the name of the board or the Arkansas Development Finance Authority, as determined by the board and the authority, designated the "State Board of Health Laboratory Revenue Loan Fund"; and

(2) Any balance remaining shall be distributed fifty percent (50%) to the Public Health Fund and fifty percent (50%) to the State Health Department Building and Local Grant Trust Fund.

(c) (1) All funds held in the State Board of Health Laboratory Revenue Fund, the State Board of Health Laboratory Revenue Loan Fund, and the State Board of Health Public Health Laboratory Construction Fund shall be deemed to be cash funds, shall not be deposited into the State Treasury, and shall be transferred, deposited, and applied as set forth in this subchapter without the necessity of appropriation.

(2) All transfers from the State Board of Health Laboratory Revenue Fund and the State Board of Health Public Health Laboratory Construction Fund shall be made by or at the direction of the director.

(3) All transfers from the State Board of Health Laboratory Revenue Loan Fund shall be made by:

(A) The director; or

(B) The authority, if approved by the board.

(d) So long as the loan is outstanding, funds held in the State Board of Health Laboratory Revenue Loan Fund shall be used solely for the purpose of paying and providing for the principal of, interest on, and servicing fees, if any, in connection with the loan and providing for the creation and maintenance of necessary reserves. The funds may be pledged by the board to secure the loan and may be pledged and used by the authority to pay and secure bonds issued by the authority to finance the construction.

(e) (1) So long as the loan is outstanding, all fees shall be imposed and all fee revenues shall be collected and applied as provided in this subchapter.

(2) However, particular fees may be reduced or eliminated so long as remaining fees are increased or new fees are added to the end that the aggregate annual amount of fee revenues shall always equal at least three million dollars ($3,000,000).

(f) Upon payment or discharge of the loan and all bonds issued by the authority under this subchapter the fees authorized by this subchapter shall terminate.