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Arkansas Code Title 20. Public Health and Welfare § 20-78-503. Arkansas Child Care Facilities Loan Guarantee Trust Fund--Creation

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

(a)(1) There is established a cash fund account of the Division of Child Care and Early Childhood Education of the Department of Education to be known as the “Arkansas Child Care Facilities Loan Guarantee Trust Fund”.

(2) The cash fund account established under subdivision (a)(1) of this section shall be:

(A) Maintained in one (1) or more financial institutions of the state; and

(B) Administered in accordance with this subchapter.

(b) The division is hereby authorized to accept moneys for the fund from any source, including, but not limited to, allocations from the Treasurer of State as provided in § 20-78-504.

(c) The fund shall be a continuing fund, not subject to fiscal year limitations, and shall be used to guarantee loans for the expansion or development of childcare facilities in this state and as provided in subsection (d) of this section.

(d) Any interest at the end of the fiscal year which exceeds the amount necessary to cover loan defaults occurring during that fiscal year shall be made available for professional development and quality improvement activities and grants, including without limitation to support an early childhood foundation or public-private partnership.

(e) The fund shall be administered by the division with technical assistance from the Arkansas Early Childhood Commission and the Arkansas Development Finance Authority.

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Cite this article: FindLaw.com - Arkansas Code Title 20. Public Health and Welfare § 20-78-503. Arkansas Child Care Facilities Loan Guarantee Trust Fund--Creation - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-20-public-health-and-welfare/ar-code-sect-20-78-503/

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