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Arkansas Code Title 11. Labor and Industrial Relations § 11-10-1018. Department of Workforce Services--Bond Financing Trust Fund

Current as of March 28, 2024 | Updated by Findlaw Staff

(a)(1) There is established on the books of the Division of Workforce Services a special restricted fund to be known as the “Bond Financing Trust Fund”, to be maintained and administered by the division under this subchapter for the purposes stated in this subchapter.

(2) The following shall be deposited into the Bond Financing Trust Fund:

(A) Collections of the unemployment obligation assessment; and

(B) Any penalties and interest with respect to the unemployment obligation assessment.

(b) Moneys in the Bond Financing Trust Fund may be used to:

(1) Pay debt service on the bonds;

(2) Make refunds of the unemployment obligation assessment and interest and penalty payments that were erroneously paid;

(3) Return moneys to the Unemployment Compensation Fund Clearing Account that may have been incorrectly identified and erroneously transferred to the Bond Financing Trust Fund; and

(4) Purchase or redeem outstanding bonds.

(c) The division shall maintain the Bond Financing Trust Fund at the Arkansas Development Finance Authority or at one (1) or more financial institutions within or outside the state.

(d) Income from investment of moneys in the Bond Financing Trust Fund shall be deposited into and credited to the Bond Financing Trust Fund.

(e)(1) All moneys received for, deposited into, or paid to the division for deposit into the Bond Financing Trust Fund:

(A) Are specifically declared to be cash funds restricted in their use;

(B) Shall not be deposited into the State Treasury for the purposes of:

(i) Arkansas Constitution, Article 5, § 29;

(ii) Arkansas Constitution, Article 16, § 12;

(iii) Arkansas Constitution, Amendment 20; or

(iv) Any other constitutional provision or statutory law; and

(C) Shall be held and applied by the division and the Arkansas Development Finance Authority as agent for the division solely for the uses set forth in this subchapter.

(2) Interest and other moneys received from the investment of moneys in the Bond Financing Trust Fund are cash funds restricted in their use and shall not be deposited into the State Treasury but shall be held and applied by the division and the Arkansas Development Finance Authority as agent for the division solely for the uses set forth in this subchapter.

(f) Upon retirement of all bonds, the following shall be transferred to the Unemployment Compensation Fund:

(1) Surplus unemployment obligation assessment collections; and

(2) Delinquent taxes, penalties, or interest due under the unemployment obligation assessment.

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Cite this article: FindLaw.com - Arkansas Code Title 11. Labor and Industrial Relations § 11-10-1018. Department of Workforce Services--Bond Financing Trust Fund - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-11-labor-and-industrial-relations/ar-code-sect-11-10-1018/

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