(a) (1) The Building Authority Division of the Department of Finance and Administration is authorized and empowered to obtain the necessary funds for accomplishing its powers, purposes, and authority from any source or sources necessary and consistent with this subchapter, including without limitation contracting with the Arkansas Development Finance Authority to provide for the issuance of bonds by the Arkansas Development Finance Authority in accordance with the State Agencies Facilities Acquisition Act of 1991, § 22-3-1401 et seq.
(2) (A) For the purpose of securing bonds issued pursuant to the State Agencies Facilities Acquisition Act of 1991, § 22-3-1401 et seq., the division is authorized hereby to grant to the Arkansas Development Finance Authority, on behalf of the State of Arkansas, one (1) or more leasehold interests, each of which shall be for a term not to exceed fifty (50) years from the date of the grant, in a part of the State Capitol grounds as shall be determined by the division to be a suitable site for the location of parking facilities.
(B) Any leasehold interest granted to the Arkansas Development Finance Authority may be assigned or mortgaged from time to time by the Arkansas Development Finance Authority to secure bonds of the Arkansas Development Finance Authority for the construction, extension, renovation, or repair of parking facilities, but any assignment or mortgage shall include in each case a provision that the assignment or mortgage shall terminate upon full and final payment of the particular bonds secured thereby and the discharge of the obligations of the Arkansas Development Finance Authority or of the division related to the bonds secured thereby.
(C) Any leasehold interest granted also may include any easements over, above, or below the State Capitol grounds for vehicular or utility access to and from the parking facilities as the division shall determine to be necessary.
(3) In the event of a default on any bonds, the assignee of the leasehold interest securing the bonds may occupy and control the parking facilities related thereto for the term of the leasehold interest and may impose fees, charges, licenses, or rents as it may determine without obtaining the approval of any agency or instrumentality of the State of Arkansas.
(b) All fees, charges, licenses, rents, or other income of any nature derived from the operation of the parking facilities, or provided for that purpose to the division from whatever source, are hereby specifically declared to be cash funds restricted in their use and are dedicated and shall be used solely as provided and authorized in this subchapter.
(c) (1) Commencing on the first of the month following the first issuance of the bonds of the Arkansas Development Finance Authority pursuant to the State Agencies Facilities Acquisition Act of 1991, § 22-3-1401 et seq., and for so long as any of the bonds are outstanding for the purposes authorized by this subchapter, the revenues shall not be deposited into the State Treasury and shall not be subject to legislative appropriation but, as and when received by the division, the Arkansas Development Finance Authority or a trustee or agent acting on behalf of either the division or the Arkansas Development Finance Authority, as the case may be, shall be deposited into a bank or banks selected by the division to the credit of a fund designated as the "Building Authority Division Parking Facilities Revenue Bond Fund", with appropriate accounts therein for separate bond issues or series, where applicable.
(2) Notwithstanding any other provision of law, moneys in the fund may be pledged from time to time to secure the payment of bonds of the Arkansas Development Finance Authority issued to finance the parking facilities and may be deposited and invested by or on behalf of the division in the manner as may be directed or required by a bond resolution or trust indenture related to any bond financing of the Arkansas Development Finance Authority.
Section: Previous 22-3-1502 22-3-1503 22-3-1504 22-3-1505 22-3-1506 NextLast modified: November 15, 2016