Title 19 — Public Finance

(a) This subchapter shall be liberally construed to accomplish the intent and purposes of this subchapter and is the sole authority required for the accomplishment of those purposes. (b) This subchapter shall be construed in conjunction with the Uniform Commercial Code, § 4-1-101…

(a) (1) Each issuer may establish and maintain a system of registration with respect to each obligation that it issues. The system of registration may either be a system pursuant to which:(A) Only certificated registered public obligations are issued;(B) Only uncertificated regis…

(a) (1) A certificated registered public obligation shall be executed by the issuer by the manual or facsimile signatures of authorized officers.(2) A signature of an authorized officer may be attested by the manual or facsimile signature of another authorized officer. (1) A cert…

(a) A certificated registered public obligation signed by the authorized officers at the time of the signing of the certificated registered public obligation remains valid and binding, notwithstanding that before the issuance thereof any of the officers had ceased to fill their r…

When a seal is required or permitted in the execution of a certificated registered public obligation, an authorized officer may cause the seal to be printed, engraved, stamped, or otherwise placed in facsimile on the certificated registered public obligation. The facsimile seal h…

(a) (1) An issuer may:(A) Appoint for such term as may be agreed, including for so long as a registered public obligation may be outstanding, corporate or other authenticating agents, transfer agents, registrars, and paying or other agents; and(B) Specify the terms of the corpora…

(a) (1) Before or at original issuance of registered public obligations, an issuer may provide as a part of a system of registration that:(A) The transferor or transferee of the registered public obligations pay all or a designated part of the costs of the system of registration …

Obligations issued by public entities under the laws of one (1) or more states, territories, possessions, or the District of Columbia, which are in registered form, whether or not represented by an instrument, and which, except for their form, satisfy the requirements with regard…

(a) With regard to the ownership of or security interest in registered public obligations, records are not subject to inspection or copying under any law of this state relating to the right of the public to inspect or copy public records, notwithstanding any law to the contrary. …

The state covenants with the owners of registered public obligations that it will not amend or repeal this subchapter if the effect may be to impair the exemption from income taxation of interest on registered public obligations.

This subchapter shall be known and may be cited as the “Revenue Bond Reporting Act”.

(a) All state and local agencies, boards, commissions, institutions of higher education, and authorities authorized by the state and cities and counties shall annually file a report with the State Board of Finance, on or before October 1, reflecting any revenue bonds that have be…

This subchapter shall be known and may be cited as the “Revenue Bond Act of 1987”.

The people of the State of Arkansas, by the adoption of Arkansas Constitution, Amendment 65, have expressed their intention to provide governmental units expanded power and authority with respect to the creation of bonded indebtedness for capital improvements of a public nature, …

It is the specific intent of this subchapter that the provisions of this subchapter are procedural only and are supplemental to other constitutional or statutory provisions now existing or hereafter adopted that may authorize the issuance of revenue bonds for the financing of cap…

(1) As used in this subchapter:(1) “Bonds” or “revenue bonds” means:(A) Bonds issued pursuant to an act of the General Assembly under the authority of Arkansas Constitution, Amendment 65; and(B) All bonds or other obligations, the repayment of which are secured by rents, loan pay…

This subchapter shall be construed liberally to effectuate the legislative intent and the purposes of this subchapter as complete and independent authority for the performance of each act and thing authorized in this subchapter. All powers granted in this subchapter shall be broa…

(a) When a governmental unit determines the need to issue bonds for capital improvements of a public nature or industrial enterprise, the governing body shall authorize the issuance of those bonds by order, ordinance, or resolution or by letter bearing the signature of the execut…

(a) A proclamation, order, or ordinance prescribed by § 19-6-606 shall be not entered by a governing body until the governing body, the governmental unit, or the delegate of either has conducted a public hearing:(1) In the case of a regional water distribution district, regional …

This subchapter shall be known and may be cited as the “Taxable Bond Act of 1989”.

(1) The General Assembly finds and declares:(1) The United States Supreme Court, in the case of South Carolina v. Baker, 485 U.S. 505 (1988), held that no barrier exists under the United States Constitution to the imposition of federal income taxation on interest received by hold…

(1) As used in this subchapter:(1) “Bonds” means any bonds, issued pursuant to the Arkansas Constitution and pursuant to an act of the General Assembly heretofore or hereafter enacted, and means all debentures, notes, warrants, tax anticipation notes, bond anticipation notes, com…

(a) This subchapter is supplemental to all other provisions of state law governing the issuance of bonds by any governmental unit and, except as otherwise provided in this subchapter, the provisions of state law governing the issuance of bonds by any governmental unit shall conti…

This subchapter shall be liberally construed to effectively carry out the purposes of this subchapter.

A governmental unit may issue taxable bonds for any purpose permitted by the law heretofore or hereafter enacted under authority of which the taxable bonds are issued, whether those purposes are set forth in each law by specific category or by a general authorization to accomplis…

(1) The ordinance, resolution, indenture, agreement, or other instrument providing for the issuance of taxable bonds may provide for any of the following:(1) The bonds shall be in such denominations, in such form, either bearer or registered, and payable at such place or places, …

The bonds may be sold at public or private sale. If the governmental unit determines that a negotiated sale of the taxable bonds is in the best interest of the governmental unit, the governmental unit may negotiate for the sale of the taxable bonds.

(a) The proceeds of an issue of taxable bonds and the investment earnings on the proceeds shall be used in the manner and to the extent specified in the ordinance or resolution providing for the issuance of the taxable bonds, by the governmental unit issuing the taxable bonds for…

Notwithstanding any provisions of state law relating to the investment or reinvestment of surplus funds of any governmental unit or any more restrictive provisions of the law under authority of which the bonds are issued, the proceeds of taxable bonds issued to refund or advance …

(a) The Secretary of the Department of Finance and Administration shall file quarterly reports with the Legislative Council itemizing and summarizing all contracts or agreements entered into by the Governor with the United States Government, or any agencies or instrumentalities o…

(a) The Legislative Council shall review the quarterly reports filed by the Secretary of the Department of Finance and Administration as required in § 19-7-101 and shall submit its findings and recommendations to each succeeding regular session of the General Assembly for enablin…

(a) All state agencies, departments, and institutions receiving public funds are charged with the responsibility of the handling, receipt, and disbursement of these funds within their normal framework as provided by the laws of the State of Arkansas. The control of these funds ar…

From time to time, the Treasurer of State shall draw for and receive from the United States Secretary of the Treasury all sums of money that may accrue to the state on account of the five percent (5%) of the net proceeds of the sale of public lands of the United States lying with…

(a) Funds received by the Treasurer of State from the United States Government on account of the sale of public domain lands from any funds coming to the Treasurer of State from the Taylor Grazing Act, 43 U.S.C. § 315, shall be distributed to the respective counties in which the …

(1) All funds received by the Treasurer of State from the United States Government on account of the lease of lands acquired by the United States Government for flood control purposes, and distributed by the Treasurer of State to the respective counties, shall be distributed by e…

(a) All money paid into the State Treasury by the United States Government from the revenue derived from the forest reserves within this state for the benefit of public schools and public roads, as provided by congressional act, to the amount of fifty thousand dollars ($50,000) o…

(a) There is created in the Treasurer of State's office a fund to be known as the “Geological and Conservation Federal Fund”. (b) Federal funds as may be allotted to the Office of the State Geologist shall be deposited into the fund.

It is lawful for the Division of Correction and other state institutions and the counties of the state that produce cotton or other agricultural products to participate in government loans made available upon these agricultural products. The superintendent of any such state insti…

(a) All moneys received by the Treasurer of State from the United States Government from the sale of lumber and timber products on United States military installations shall be distributed to the respective counties in which the property is situated. (b) (1) Seventy-five percent …

This subchapter shall be known and may be cited as the “Miscellaneous Federal Grant Act”.

(a) If new or additional federal funds, new or additional Comprehensive Employment and Training Act, or its successor's, funds, or changes in state use of appropriations for programs combined into block grants from the United States Government become necessary, or if new federal …

(1) In addition to the limitations and procedures established in § 19-7-302, the following additional procedures and limitations shall be held in strict compliance:(1) All new or additional federal funds or new or additional state funds under the Arkansas Workforce Innovation and…

(a) Upon the convening of each regular session of the General Assembly, the Governor shall submit to the General Assembly and shall recommend to the General Assembly the appropriation of the necessary federal or state matching funds, or both, estimated to be necessary with respec…

It is found and determined by the General Assembly that all governmental units, various nongovernmental organizations, and the general public in the State of Arkansas should have the opportunity to review and comment upon applications for federal funding assistance. The General A…

(1) As used in this subchapter:(1) “Executive Order 12372, Intergovernmental Review of Federal Programs” means an instrument signed and placed into effect by the President of the United States on July 14, 1982;(2) “Federal funding assistance” means financial aid available from th…

The Office of Intergovernmental Services is responsible for carrying out the duties and responsibilities of this subchapter.

(a) (1) All formal applications for federal funds for grants, aids, and reimbursements originated by a state agency shall be submitted to the Department of Finance and Administration before their submission to the granting source.(2) Applications shall include, in a manner prescr…

(a) The Office of Intergovernmental Services is responsible for preparation of the Statewide Cost Allocation Plan for the allocation of state central services' overhead costs to state agencies that elect to seek reimbursement for them according to the provisions of United States …

The Secretary of the Department of Human Services may transfer from the Department of Human Services federal funds as designated by the Chief Fiscal Officer of the State to the appropriate state fund account those federal funds recovered as reimbursement for indirect costs that a…

The Department of Finance and Administration may receive federal funds, enter into contracts with federal agencies, and expend any such funds as necessary to accomplish the duties set out in this subchapter.