Ark. Code Ann. § 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, to the extent possible, certificates of indebtedness identified as Series B; and

(2) The remainder thereof shall be credited as trust funds to the "Public Facilities Construction Fund", which is established by this subdivision (2), and shall be used only for the redemption of the 1977 Bonds and the 1979 Bonds and for the construction of buildings authorized under this subchapter.