Ark. Code § 15-5-1203

Current with legislation from 2024 effective through May 3, 2024.

Section 15-5-1203 - Definitions

As used in this subchapter:

(1) "Act" means the Arkansas Development Finance Authority Act, § 15-5-101 et seq.;

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

(3) "Bonds" means the Arkansas Development Finance Authority Petroleum Storage Tank Trust Fund revenue bonds or other obligations authorized to be issued or incurred by the authority pursuant to this subchapter and the Arkansas Development Finance Authority Act, §§ 15-5-101 et seq., 15-5-201 et seq., and 15-5-301 et seq.;

(4) "Debt service fund" means the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and any subaccount of the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund to be established on the books of the authority for the purpose of paying the principal of and interest on the bonds as they come due;

(5) [Repealed.]

(6) "Pledged fees" means the fees collected by the Secretary of the Department of Finance and Administration pursuant to § 8-7-906;

(7) "Reserve fund" means the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund and any subaccount of the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund established on the books of the authority pursuant to this subchapter as a reserve for the payment of the principal or any interest on the bonds;

(8) "Trust fund" means the Petroleum Storage Tank Trust Fund established in the State Treasury pursuant to § 8-7-905; and

(9) "Trust fund act" means the Petroleum Storage Tank Trust Fund Act, § 8-7-901 et seq.

Ark. Code § 15-5-1203

Amended by Act 2019, No. 910,§ 3400, eff. 7/1/2019.

Acts 1995, No. 1054, § 1.