§ 25-10-121 - Proceeds from the sale of land -- Deposit in special trust fund. - Arkansas Statutes

25-10-121. Proceeds from the sale of land -- Deposit in special trust fund.

(a) Pursuant to the process delineated in 22-6-601, in lieu of depositing the proceeds of the sale of lands in the fund from which the division or state agency is operated, a board of a state agency or a division within the Department of Human Services holding lands in its name may request, as a condition for sale of the lands, that the proceeds be deposited in a special trust fund to be created in the name of the board, state agency, or division on the books of the Treasurer of State, Auditor of State, and Chief Fiscal Officer of the State.

(b) Proceeds placed in the special trust fund shall be used solely for the maintenance and operation of the programs of the division, state agency, or board under whose name the lands were held.

(c) If the division, state agency, or board requests the proceeds to be deposited in a special trust fund, the creation of the trust fund and the transfer of the proceeds to the trust fund shall be subject to approval by the Governor as a condition for approval of the sale.