§ 22-3-1011 - Establishment by Stadium Commission of bank accounts -- Deposits and withdrawals -- Preaudit. - Arkansas Statutes

22-3-1011. Establishment by Stadium Commission of bank accounts -- Deposits and withdrawals -- Preaudit.

(a) The Stadium Commission may, by resolution duly adopted, open accounts in its name in one (1) or more banks and deposit therein all moneys received from the sale of its bonds and from admissions, fees, concessions, rents, and other charges collected for the use of the stadium or from any other source.

(b) From the accounts, the commission may withdraw funds for payment of the following:

(1) Cost of the construction of the stadium;

(2) Principal of and interest on any bonds that may be issued by it under authority of this subchapter;

(3) Expenses of its members;

(4) Salary and expenses of its secretary;

(5) Salaries of its custodian, groundskeepers, and such other personnel as it may employ;

(6) Insurance premiums for fire, lightning, and tornado insurance;

(7) Such other items of reasonable expense as, in its opinion, may be required to maintain and operate the stadium; and

(8) Amounts paid contesting colleges or schools.

(c) All withdrawals of funds in the bank accounts shall be made by use of voucher-checks, the form of which shall be prescribed by the Director of the Department of Finance and Administration. All voucher-checks so drawn shall be subject to preaudit by the director.