Method of financing

Ark. Code Ann. § 19-4-1406 — under GENERAL ACCOUNTING AND BUDGETARY PROCEDURES.

Ark. Code Ann. § 19-4-1406

(a) Before a state agency enters into a contract of employment with an architect or takes any other affirmative action toward the construction or financing of a project as provided in this subchapter, it shall submit to the Chief Fiscal Officer of the State, in writing, a summary statement setting forth:(1) A general description of the proposed project;(2) Its estimated overall costs; and(3) The method it proposes to use to finance its cost, which shall be a method of financing that must be approved by the Governor.

(1) A general description of the proposed project;

(2) Its estimated overall costs; and

(3) The method it proposes to use to finance its cost, which shall be a method of financing that must be approved by the Governor.

(b) (1) After examining the method of financing and making such investigation as he or she shall deem necessary or advisable, the Chief Fiscal Officer of the State shall notify the agency, in writing, of his or her and the Governor's approval or disapproval of the method of financing the project.(2) In the event of disapproval by the Chief Fiscal Officer of the State and the Governor under subdivision (b)(1) of this section, the agency may submit an alternate plan of financing the project.(3) In any event, affirmative action shall not be taken by the agency until a method of financing is approved by the Governor and the Chief Fiscal Officer of the State under subdivision (b)(1) of this section.(4) The Chief Fiscal Officer of the State may not pass upon the need for any construction of a project as provided in this subchapter, as such authority is vested solely in the agency.

(1) After examining the method of financing and making such investigation as he or she shall deem necessary or advisable, the Chief Fiscal Officer of the State shall notify the agency, in writing, of his or her and the Governor's approval or disapproval of the method of financing the project.

(2) In the event of disapproval by the Chief Fiscal Officer of the State and the Governor under subdivision (b)(1) of this section, the agency may submit an alternate plan of financing the project.

(3) In any event, affirmative action shall not be taken by the agency until a method of financing is approved by the Governor and the Chief Fiscal Officer of the State under subdivision (b)(1) of this section.

(4) The Chief Fiscal Officer of the State may not pass upon the need for any construction of a project as provided in this subchapter, as such authority is vested solely in the agency.

(c) (1) The method of financing as required by this subchapter shall include estimated dates for commencing and completing the project.(2) After the contracts for the project have been awarded, then the method of financing shall be amended to include the estimated dates of completion in accordance with the awarded contracts.

(1) The method of financing as required by this subchapter shall include estimated dates for commencing and completing the project.

(2) After the contracts for the project have been awarded, then the method of financing shall be amended to include the estimated dates of completion in accordance with the awarded contracts.