As Engrossed:
H3/8/11 H3/11/11 H3/14/11 H3/16/11
HJR1001
1
Highway Construction and Improvement Bond Account in the State Highway and
2
Transportation Department Fund for the payment of debt service on, and, if
3
applicable, a reserve for, each series of bonds is a first charge against
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amounts on deposit.
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(e)
Funds on deposit in the Arkansas Four-Lane Highway Construction
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and Improvement Bond Account in the State Highway and Transportation
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Department Fund that are in excess of the obligations set forth in (d) above
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may be used to:
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(1)
Redeem bonds prior to maturity in the manner and in
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accordance with the provisions pertaining to redemption prior to maturity as
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set forth in the trust indentures authorizing or securing each series of
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bonds; or (2)
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Fund additional four-lane highway construction and
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improvements in the manner and in accordance with the provisions set forth in
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the trust indentures authorizing or securing each series of bonds.
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(f)
If there are insufficient amounts in the Arkansas Four-Lane
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Highway Construction and Improvement Bond Account in the State Highway and
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Transportation Department Fund to pay the debt service on bonds issued and
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outstanding under this amendment or to fund any necessary reserves at the
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required level, the State Treasurer shall transfer additional amounts to the
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Arkansas Four-Lane Highway Construction and Improvement Bond Account in the
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State Highway and Transportation Department Fund from the general revenues of
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the State.
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SECTION 17.
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(a)
Investment of revenues.
Moneys held in the Arkansas Four-Lane Highway Construction and
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Improvement Bond Account in the State Highway and Transportation Department
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Fund and any fund in the State Treasury created under this amendment shall be
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invested by the State Board of Finance to the full extent practicable pending
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disbursement for the purposes intended.
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(b)
Notwithstanding any other provision of law, the investments and
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disbursements shall be in accordance with the terms of the resolution or
33
trust indenture authorizing or securing the series of bonds to which the fund
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appertains to the extent the terms of the resolution or trust indenture are
35
applicable.
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02-02-2011 16:00:20 JSE116