(a) (1) The Board of Corrections and any regional corrections commission may cooperate and contract with the Arkansas Development Finance Authority to provide for the payment of the principal of, premium, if any, interest on, and trustee's and paying agent's fees in connection with bonds issued to finance the acquisition, construction, and operation of prison facilities authorized under this chapter to be secured by a lien on and pledge of one (1) or more of the following:
(A) All revenues derived from payments to be made by the Department of Correction for the housing of prisoners;
(B) All revenues derived from payments to be made by political subdivisions for the housing of prisoners; or
(C) Any other revenues authorized by the General Assembly or the governing body of any political subdivision.
(2)
(A) Any documents relating to a pledge under subdivision (a)(1) of this section shall state that the pledge is subject to annual appropriation by the governing body or annual appropriation of the General Assembly, respectively.
(B) It is not necessary to the perfection of the lien and pledge for those purposes that the trustee in connection with the bond issue or the holders of the bonds take possession of the collateral security.
(b) In addition to any other approved method of financing, counties may utilize the provisions of the County Jail Revenue Bond Act of 1981, § 12-41-601 et seq., as a permissible means of financing correctional facilities to be used pursuant to the contracts entered into under the provisions of this chapter.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.