§ 22-3-1201. Title
This subchapter shall be known and may be cited as the “Public Facilities Finance Act of 1983”.
§ 22-3-1202. Purpose
It has been found by the General Assembly that adequate construction, equipping, maintenance, and operation of facilities for the Division of Correction and the state-supported institutions of higher education are essential to the well-being of this state and that the pledging of the motor vehicles safety inspection fee, the fees derived from the agriculture and […]
§ 22-3-1203. Definitions
As used in this subchapter: (1) “Agency” or “state agency” means any agency, board, officer, commission, department, division, or institution of the State of Arkansas; (2) (A) “Building” or “buildings” means any and all buildings and related facilities constructed or acquired and equipped for the housing of inmates committed to, or in the custody of, […]
§ 22-3-1204. Provisions exclusive and overriding
(a) This subchapter shall be the complete and sole authority for the establishment of the purposes set forth in this subchapter. (b) To the extent that there is a conflict between the purposes of this subchapter and Chapter 2 of this title, the provisions of this subchapter shall govern.
§ 22-3-1205. Powers of Building Authority Division generally
(a) In addition to the powers, purposes, and authorities set forth elsewhere in this subchapter or in other laws, the Building Authority Division is authorized and empowered to: (1) Acquire, construct, repair, renovate, alter, maintain, and equip existing or new buildings and capital improvements and the sites upon which they are situated for use by […]
§ 22-3-1206. Plan for proposed construction — Hearings and review — Filing of financial statement
(a) Before certificates of indebtedness as authorized by this subchapter may be issued by the Building Authority Division and purchased by the State Board of Finance, the division shall develop a plan for all proposed construction work to be performed, the location at which the work is to be performed, and the proposed use of […]
§ 22-3-1207. Certificates of indebtedness — Issuance and purchase authorized
(a) (1) For the purpose of providing funds for the construction of buildings as authorized in this subchapter, the Director of the Building Authority Division, with the approval of the Governor and the Secretary of the Department of Transformation and Shared Services, is authorized and empowered to issue, and the State Board of Finance is […]
§ 22-3-1208. Certificates of indebtedness — Terms and execution
(a) (1) The certificates of indebtedness shall be in such form and denomination, and shall have such dates and maturities, and may be issued in such series, as the Building Authority Division shall determine. (2) The schedule of principal and interest maturities shall be arranged so that the aggregate amount maturing each year, except for […]
§ 22-3-1209. Certificates of indebtedness — Pledge of revenues and restrictions generally
(a) The certificates shall be the obligations of the Building Authority Division, and the nontax revenues available to the division under the provisions of § 22-3-1210, as distinguished from any tax moneys which may be made available for the operation of the division, are pledged to secure the payment of the certificates. (b) The certificates […]
§ 22-3-1210. Certificates of indebtedness — Public Facilities Debt Service Fund
(a) The principal of and interest on the certificates of indebtedness issued under this subchapter shall be secured, except as stated in subdivision (c)(1) of this section, by a lien on and pledge of: (1) All revenue derived from payments by the Arkansas Development Finance Authority pursuant to § 22-3-1225(b) which is a portion of […]
§ 22-3-1211. Certificates of indebtedness — Tax exemption
Certificates of indebtedness issued under the provisions of this subchapter, and the interest thereon, shall be exempt from all state, county, and municipal taxes. This exemption shall include income, property, inheritance, and estate taxes.
§ 22-3-1212. Certificates of indebtedness — Funds used for purchase — Retirement
(a) (1) The state funds which may be used by the State Board of Finance in making the purchases of the certificates of indebtedness are those specifically referred to under the provisions of the State Treasury Management Law, § 19-3-501 et seq. (2) All certificates purchased or received shall be held in trust for the […]
§ 22-3-1213. Certificates of indebtedness — Alternative method of payment
(a) In the event it shall be determined that the procedure set forth in § 22-3-1212 for the retirement of the certificates is unconstitutional or invalid for any reason, the Building Authority Division is authorized and directed to establish an account in its name in a bank to be approved by the State Board of […]
§ 22-3-1214. Certificates of indebtedness — Disposition of proceeds
Proceeds from the sale of the certificates of indebtedness shall be deposited into the State Treasury as follows: (1) All funds held as a debt service reserve fund in the Public Facilities Debt Service Fund pursuant to the provisions hereof and the earnings thereon shall be applied on or after January 2, 1990, to redeem, […]
§ 22-3-1216. Authorizing resolution as enforceable contract — Covenants
Any authorizing resolution shall, together with this subchapter, constitute a contract between the Building Authority Division, and the State Board of Finance, and the Treasurer of State, which contract and all covenants, agreements, and obligations therein shall be promptly performed in strict compliance with its terms and provisions, and the covenants, agreements, and obligations of […]
§ 22-3-1217. Disposition of revenues from agricultural and livestock activities of correctional facility
(a) (1) Prior to the issuance of certificates of indebtedness as authorized by this subchapter, all moneys collected by the Division of Correction from the sale or disposition of farm products, livestock, or other products produced in connection with agricultural and livestock activities at institutions under the control of the Board of Corrections, from the […]
§ 22-3-1218. Disposition of revenues from prison labor
(a) (1) Prior to the issuance of certificates of indebtedness as authorized by this subchapter, all moneys collected by the Board of Corrections from the sale or disposition of articles and products manufactured or produced by prison labor shall be forthwith deposited with the Treasurer of State, to be there kept and maintained as a […]
§ 22-3-1219. Employment of architects and other professionals — Notice for bids for construction
(a) The Building Authority Division is authorized to employ architects to prepare plans, specifications, and estimates of costs for the construction of any and all facilities authorized by the provisions of this subchapter and to supervise and inspect the construction. (b) After the division has approved the plans and specifications prepared by the architect, the […]
§ 22-3-1225. Prison Construction Trust Fund
(a) The Arkansas Development Finance Authority shall establish in its records a trust fund to be entitled the “Prison Construction Trust Fund”. All moneys derived by or remitted to the Arkansas Development Finance Authority, from the sale of annual license plate validation decals, pursuant to § 27-14-1015(c), shall be deposited to the credit of the […]