(a) There is created on the books of the Treasurer of State, Auditor of State, and Chief Fiscal Officer of the State, a revolving loan fund which shall be known as the Historic Preservation Revolving Loan Fund. The Arkansas Historic Preservation Program shall administer the Historic Preservation Revolving Loan Fund and may make loans from the Historic Preservation Revolving Loan Fund in accordance with this subchapter.
(b) The program shall deposit in the Historic Preservation Revolving Loan Fund all receipts from the repayment of loans made pursuant to this subchapter.
(c) The program may deposit in the Historic Preservation Revolving Loan Fund any private funds made available for the purposes of this subchapter and any federal funds made available for the purpose of making grants or loans to owners of registered historic properties. Such funds may be used by the program to make or to subsidize loans made pursuant to this subchapter.
(d) The program may deposit in the Historic Preservation Revolving Loan Fund any portion of the real estate transfer taxes deemed appropriate by the program.
(e) In the event the program ceases to make loans from the Historic Preservation Revolving Loan Fund, any moneys remaining in the Historic Preservation Revolving Loan Fund may be transferred to the Natural and Cultural Resources Historic Preservation Fund, as certified to the Chief Fiscal Officer of the State by the Department of Arkansas Heritage.
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