§ 22-3-922 - Lease to Arkansas Public Service Commission. - Arkansas Statutes

22-3-922. Lease to Arkansas Public Service Commission.

(a) The Arkansas Public Service Commission, or any successor commission, including the Arkansas Transportation Commission, exercising the functions now exercised by the Arkansas Public Service Commission, is expressly authorized, empowered, and directed to house itself in the Arkansas Justice Building. It is expressly authorized, empowered, and directed to enter into and execute a lease agreement with the Arkansas Building Authority covering the space in the Arkansas Justice Building to be utilized by the Arkansas Public Service Commission for such term, containing such provisions, and for such amount as the Arkansas Public Service Commission and the authority shall determine.

(b) The lease agreement may be executed at any time after the plans for the Arkansas Justice Building have been prepared and approved in the manner provided in this subchapter.

(c) If executed prior to the completion of the Arkansas Justice Building, the lease shall provide that the Arkansas Public Service Commission shall not be obligated to begin the rental payments provided therein until it shall actually occupy its facilities in the Arkansas Justice Building, which occupancy shall be as soon as practicable after the completion of the Arkansas Justice Building, and the lease agreement shall be effective and binding upon the parties from and after the date of its actual execution.

(d) The rental payments under the lease shall be made and handled as follows:

(1) The Secretary of the Arkansas Public Service Commission, or any successor commission, including the Arkansas Transportation Commission, exercising the functions now exercised by the Arkansas Public Service Commission, shall remit directly to the secretary of the commission for deposit in the Justice Building Fund the amount due on the annual rental under the lease from the fees or other imposts collected for its operation and maintenance, as provided by 23-2-101 and 23-16-101 et seq., and such rentals shall be an allowable charge in determining the amounts due by utilities, rail carriers, and other carriers;

(2) The rental payments shall be made by the Secretary of the Arkansas Public Service Commission from the moneys received by the Arkansas Public Service Commission prior to the payment of any of the moneys into the State Treasury; and

(3) Upon the discharge of all bonds authorized by this subchapter, rental payments shall be deposited into the Justice Building Fund and applied to the operation and maintenance of the Arkansas Justice Building, as set forth in this subchapter.