§ 22-3-1206 - Plan for proposed construction -- Hearings and review -- Filing of financial statement. - Arkansas Statutes

22-3-1206. Plan for proposed construction -- Hearings and review -- Filing of financial statement.

(a) Before certificates of indebtedness as authorized by this subchapter may be issued by the Arkansas Building Authority and purchased by the State Board of Finance, the authority shall develop a plan for all proposed construction work to be performed, the location at which the work is to be performed, and the proposed use of the improvements to be carried out under the construction, together with the estimated cost thereof, and shall file a copy thereof with the Legislative Council, the Governor, and the Chief Fiscal Officer of the State at least sixty (60) days prior to the issuance of the certificates of indebtedness.

(b) (1) Upon receipt of a copy of a plan for proposed construction, the Legislative Council shall review the plan and may hold hearings in connection therewith, and upon the conclusion of the hearings and review, the Legislative Council may offer such advice to the authority as it deems appropriate in accomplishing the purposes set forth in this subchapter.

(2) Copies of the advice of the Legislative Council shall be furnished to the authority, the Governor, and the Chief Fiscal Officer of the State for their respective review and consideration.

(3) Nothing in this subsection is intended to prohibit or limit the authority of the authority to proceed in accordance with the purposes and intent of this subchapter, but in each instance in which the authority shall elect not to follow the advice of the Legislative Council, the authority shall file a written statement of the reasons therefor with the Legislative Council within thirty (30) days after receiving the advice of the Legislative Council.

(4) The Legislative Council shall report to the next following regular session of the General Assembly its advice offered to the authority in performing its duties under the provisions of this subchapter and shall attach to the report any statements in writing filed with the Legislative Council by the authority setting forth its reasons for not following the advice of the Legislative Council.

(c) (1) Whenever any certificates of indebtedness are issued under the provisions of this subchapter, the authority shall thereafter quarterly file with the Legislative Council a detailed financial statement reflecting all expenditures or transfers of funds, by major categories, made during the calendar quarter.

(2) The authority shall furnish the Legislative Council additional information concerning the use of funds provided in this subchapter that the Legislative Council may reasonably request.