Ark. Code § 11-10-1003

Current with legislation from 2024 Fiscal and Special Sessions.

Section 11-10-1003 - Definitions

As used in this subchapter:

(1) "Authority" means the Arkansas Development Finance Authority;

(2) "Bonds" means the "Arkansas Unemployment Trust Fund Bonds", as authorized in this subchapter;

(3) "Debt service" means all amounts required for the payment of principal, interest, and premium, if any, due with respect to the bonds in any fiscal year along with all associated costs, including the fees and costs of paying agents and trustees, remarketing agent fees, credit enhancement costs, and other amounts necessary in connection with the bonds;

(4) "Designated revenues" means revenues derived from the unemployment obligation assessment under § 11-10-1017;

(5) "Employer" means the same as under § 11-10-209;

(6) "Federal interest rate" means at the time an issue of bonds is sold, the weighted average interest rate charged on advances from the federal trust fund under Title XII of the Social Security Act; and

(7) "Federal Unemployment Trust Fund debt" means the principal and interest on advances from the federal trust fund under Title XII of the Social Security Act, 42 U.S.C. § 1321, as it existed on January 1, 2011.

Ark. Code § 11-10-1003

Acts 2011, No. 1125, § 1.