§ 11-10-1018. Division of Workforce Services — Bond Financing Trust Fund
(a) (1) There is established on the books of the Division of Workforce Services a special restricted fund to be known as the “Bond Financing Trust Fund”, to be maintained and administered by the division under this subchapter for the purposes stated in this subchapter. (2) The following shall be deposited into the Bond Financing […]
§ 11-10-1017. Unemployment obligation assessment
(a) (1) (A) Except employers that have made an election to reimburse the Unemployment Compensation Fund under § 11-10-713(c), each employer shall pay a separate and additional assessment, to be known as the “unemployment obligation assessment”, on wages paid by that employer with respect to employment in addition to the contributions, stabilization and extended benefits […]
§ 11-10-1002. Legislative findings and intent
The General Assembly finds that: (1) With a recession or economic slowdown now underway, the state’s unemployment trust fund faces higher claims levels and longer benefit durations that accompany any economic downturn; (2) The Arkansas Unemployment Trust Fund: (A) Provides partial wage replacement to workers who find themselves out of work; (B) Provides economic stability […]
§ 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 […]
§ 11-10-1004. Authorization — Purposes
(a) The Arkansas Development Finance Authority is authorized, subject to the approval of the voters in a statewide election, to issue bonds to be known as the Arkansas Unemployment Trust Fund Bonds in an aggregate principal amount not to exceed five hundred million dollars ($500,000,000). (b) The purpose of the bond issuance shall be to: […]
§ 11-10-1005. Governor’s proclamation
(a) The Arkansas Development Finance Authority shall prepare and distribute to the Governor a report that shall contain a plan for repaying the federal Unemployment Trust Fund debt and the estimated time and cost to repay the debt. (b) Upon receipt of the report described in subsection (a) of this section, the Governor shall, if […]
§ 11-10-1006. Election
(a) (1) Arkansas Unemployment Trust Fund Bonds shall not be issued under this subchapter unless the issuance of bonds has been approved by a majority of the qualified electors of the state voting on the question at a statewide election called by proclamation of the Governor as provided under § 11-10-1005. (2) (A) An election […]
§ 11-10-1007. Procedure for issuing Arkansas Unemployment Trust Fund Bonds
(a) Prior to the issuance of Arkansas Unemployment Trust Fund Bonds, the Arkansas Development Finance Authority shall adopt a resolution authorizing the issuance of the bonds. (b) Each resolution adopted under this section shall contain the terms, covenants, and conditions as are deemed desirable and consistent with this subchapter, including without limitation those pertaining to: […]
§ 11-10-1008. Terms of bonds
The Arkansas Unemployment Trust Fund Bonds are subject to the following terms and conditions: (1) (A) The bonds may be issued in more than one (1) series in an amount sufficient to accomplish the purposes of this subchapter. (B) The respective series of bonds shall be designated by the year in which the bonds are […]
§ 11-10-1009. Sale of bonds
(a) The Arkansas Unemployment Trust Fund Bonds may be sold in any manner, either at private or public sale, and upon terms as the Arkansas Development Finance Authority shall determine to be reasonable and expedient for effecting the purposes of this subchapter. (b) (1) If the bonds are to be sold at public sale, the […]