§ 13-5-301. Title
This subchapter shall be known as the “Arkansas Museum and Cultural Center Act”.
§ 13-5-302. Construction of subchapter
This subchapter shall be construed liberally. The enumeration of any object, purpose, power, manner, method, and thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods, and things.
§ 13-5-307. Funds for museum and cultural center — Issuance of bonds
(a) (1) The Secretary of the Department of Parks, Heritage, and Tourism is authorized to use any available funds for the construction, equipment, and operation of a museum and cultural center. (2) The secretary is authorized to issue revenue bonds, secured by and payable from the revenues specified in this subchapter, and to use the […]
§ 13-5-308. Authorizing resolutions
(a) Bonds shall be authorized by resolution of the Secretary of the Department of Parks, Heritage, and Tourism. (b) The authorizing resolution may contain or may provide for the execution of a trust indenture which may contain any other terms, covenants, and conditions that are deemed desirable by the secretary, including, without limitation, those pertaining […]
§ 13-5-309. Terms and characteristics of bonds
(a) As the Secretary of the Department of Parks, Heritage, and Tourism shall determine, bonds issued pursuant to this subchapter may: (1) Be coupon bonds, payable to bearer, or may be registrable as to principal only or as to principal and interest, and may be made exchangeable for bonds of another denomination; (2) Be in […]
§ 13-5-310. Contract with bond owners — Enforcement
(a) Any authorizing resolution and trust indenture shall, together with this subchapter, constitute a contract between the Secretary of the Department of Parks, Heritage, and Tourism and the holders and registered owners of the bonds. (b) This contract and all covenants, agreements, and obligations therein shall be promptly performed in strict compliance with the terms […]
§ 13-5-311. Sale of bonds
(a) The bonds shall be sold at public sale on sealed bids after such advertisement as the Secretary of the Department of Parks, Heritage, and Tourism shall determine to be necessary for the obtaining of favorable competitive bidding. (b) In no event shall any bid be accepted which results in a net interest cost, which […]
§ 13-5-312. Execution of bonds and coupons
(a) The bonds shall be executed by the manual or facsimile signature of the Secretary of the Department of Parks, Heritage, and Tourism. The coupons attached to the bonds shall be executed by the facsimile signature of the secretary. (b) In case any of the officers whose signatures appear on the bonds or coupons shall […]
§ 13-5-313. Statements on bonds — Liability
(a) It shall be plainly stated on the face of each bond that: (1) The bond has been issued under the provisions of this subchapter; (2) The bonds are obligations only of the Secretary of the Department of Parks, Heritage, and Tourism; (3) In no event do the bonds constitute an indebtedness for which the […]
§ 13-5-314. Disposition of revenues
(a) All revenues derived from the operation of the Arkansas Museum and Cultural Center and all other funds received by the Secretary of the Department of Parks, Heritage, and Tourism from other sources for use in connection with the center and its operation are center revenues and are specifically declared to be cash funds, restricted […]
§ 13-5-315. Debt service — Pledge of revenues and earnings — Admission charges
(a) The payment of debt service, including principal, interest, and trustee’s and paying agent’s fees, shall be secured by a lien on and pledge of net center revenues, which are gross revenues less those revenues applied to operation and maintenance as set forth in § 13-5-314. (b) As additional security, the payment of debt service […]
§ 13-5-316. Administration of debt-servicing provisions — Bond guaranty fund
(a) The Secretary of the Department of Parks, Heritage, and Tourism shall notify the State Board of Finance or the appropriate officer, board, or agency then having jurisdiction over the moneys involved when the secretary has determined to issue bonds under this subchapter and the amount of investment earnings pledged. (b) (1) Thereafter, the secretary […]
§ 13-5-317. Refunding bonds
(a) The Director of the Department of Parks and Tourism is authorized to issue bonds to refund any bonds issued under the authority of this subchapter. (b) All refunding bonds issued under this section shall in all respects be authorized, issued, and secured in the manner provided for other bonds issued under this subchapter and […]
§ 13-5-318. Tax exemptions
Bonds issued under this subchapter shall be exempt from all state, county, and municipal taxes.
§ 13-5-319. Investment by retirement systems
The board of trustees of any retirement system now existing or created by the General Assembly may invest its funds in bonds issued under this subchapter.
§ 13-5-320. Audit of records and accounts
Arkansas Legislative Audit is authorized and directed to audit the records and accounts of the Secretary of the Department of Parks, Heritage, and Tourism and to furnish a copy of the report of that audit to the Department of Parks, Heritage, and Tourism.
§ 13-5-321. Employment of personnel
(a) The Secretary of the Department of Parks, Heritage, and Tourism is authorized to employ such full-time or temporary professional, technical, and other consulting services as the secretary shall determine necessary or desirable in assisting the Department of Parks, Heritage, and Tourism to carry out effectively the authority, functions, powers, and duties conferred and imposed […]