§ 22-3-1213 - Certificates of indebtedness -- Alternative method of payment. - Arkansas Statutes

22-3-1213. Certificates of indebtedness -- Alternative method of payment.

(a) In the event it shall be determined that the procedure set forth in 22-3-1212 for the retirement of the certificates is unconstitutional or invalid for any reason, the Arkansas Building Authority is authorized and directed to establish an account in its name in a bank to be approved by the State Board of Finance and to deposit therein so much of the first moneys received by it each year under the provisions of 22-3-1210 as shall be required to meet the next ensuing principal and interest maturities of its outstanding certificates, together with such additional amounts as may be necessary to pay any certificates which it shall determine to retire in advance of maturity.

(b) The authority is authorized and directed to reimburse the funds so deposited for the purpose of paying the principal of and interest on its outstanding certificates of indebtedness authorized under this subchapter.