Stricken language will be deleted and underlined language will be added.
Act 60 of the Fiscal Session
1 State of Arkansas
2 94th General Assembly A Bill
3 Fiscal Session, 2024 HOUSE BILL 1039
4
5 By: Joint Budget Committee
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7 For An Act To Be Entitled
8 AN ACT TO MAKE AN APPROPRIATION FOR PAYMENT OF THE
9 MATURING BONDS AND INTEREST OF THE COLLEGE SAVINGS
10 AND HIGHER EDUCATION GENERAL OBLIGATION BONDS AND THE
11 STATE WATER, WASTE DISPOSAL, AND POLLUTION ABATEMENT
12 GENERAL OBLIGATION BONDS BY THE OFFICE OF THE
13 TREASURER OF STATE FOR THE FISCAL YEAR ENDING JUNE
14 30, 2025; AND FOR OTHER PURPOSES.
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17 Subtitle
18 AN ACT FOR THE OFFICE OF THE TREASURER OF
19 STATE - GENERAL OBLIGATION BONDS
20 APPROPRIATION FOR THE 2024-2025 FISCAL
21 YEAR.
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24 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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26 SECTION 1. APPROPRIATION - COLLEGE SAVINGS & HIGHER EDUCATION BONDS.
27 There is hereby appropriated, to the Office of the Treasurer of State, to be
28 payable from the College Savings Bond Fund, for the purpose of meeting the
29 debt service requirements of the State of Arkansas College Savings General
30 Obligation Bonds authorized and issued under the provisions of Arkansas Code
31 6-62-701 through 6-62-726 and the State of Arkansas Higher Education General
32 Obligation Bonds authorized and issued under provisions of Arkansas Code 6-
33 62-1101 through 6-62-1122 for the fiscal year ending June 30, 2025, the
34 following:
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36 ITEM FISCAL YEAR
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1 NO. 2024-2025
2 (01) REFUNDS/REIMBURSEMENTS $10,000,000
3 (02) DEBT SERVICE 32,000,000
4 TOTAL AMOUNT APPROPRIATED $42,000,000
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6 SECTION 2. APPROPRIATION - WATER, WASTE DISPOSAL & POLLUTION ABATEMENT.
7 There is hereby appropriated, to the Office of the Treasurer of State, to be
8 payable from the Water, Waste Disposal and Pollution Abatement Facilities
9 Bond Fund, for the purpose of meeting the debt service requirements of the
10 Water, Waste Disposal and Pollution Abatement General Obligation Bonds which
11 are authorized and issued under the provisions of Arkansas Code 15-22-601
12 through 15-22-622 and Arkansas Code 15-22-701 through 15-22-721, for the
13 fiscal year ending June 30, 2025, the following:
14
15 ITEM FISCAL YEAR
16 NO. 2024-2025
17 (01) REFUNDS/REIMBURSEMENTS $15,000,000
18 (02) DEBT SERVICE 28,000,000
19 TOTAL AMOUNT APPROPRIATED $43,000,000
20
21 SECTION 3. SPECIAL LANGUAGE. NOT TO BE INCORPORATED INTO THE ARKANSAS
22 CODE NOR PUBLISHED SEPARATELY AS SPECIAL, LOCAL AND TEMPORARY LAW.
23 TRANSFER PROVISION. If the State Treasurer should determine that the
24 appropriations made available for payments of maturing bonds and interest for
25 the College Savings General Obligation Bonds, the Higher Education General
26 Obligation Bonds, the State Waste Disposal and Pollution Abatement Facilities
27 General Obligation Bonds, and the State Water Resources Development General
28 Obligation Bonds are insufficient, appropriation may be transferred from the
29 Refunds/Reimbursement line item to the Debt Service line item for payment of
30 said bonds.
31 The provisions of this section shall be in effect only from July 1, 2023
32 2024 through June 30, 2024 2025.
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34 SECTION 4. COMPLIANCE WITH OTHER LAWS. Disbursement of funds
35 authorized by this act shall be limited to the appropriation for such agency
36 and funds made available by law for the support of such appropriations; and
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1 the restrictions of the State Procurement Law, the General Accounting and
2 Budgetary Procedures Law, the Revenue Stabilization Law, the Regular Salary
3 Procedures and Restrictions Act, or their successors, and other fiscal
4 control laws of this State, where applicable, and regulations promulgated by
5 the Department of Finance and Administration, as authorized by law, shall be
6 strictly complied with in disbursement of said funds.
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8 SECTION 5. LEGISLATIVE INTENT. It is the intent of the General
9 Assembly that any funds disbursed under the authority of the appropriations
10 contained in this act shall be in compliance with the stated reasons for
11 which this act was adopted, as evidenced by the Agency Requests, Executive
12 Recommendations and Legislative Recommendations contained in the budget
13 manuals prepared by the Department of Finance and Administration, letters, or
14 summarized oral testimony in the official minutes of the Arkansas Legislative
15 Council or Joint Budget Committee which relate to its passage and adoption.
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17 SECTION 6. EMERGENCY CLAUSE. It is found and determined by the General
18 Assembly, that the Constitution of the State of Arkansas prohibits the
19 appropriation of funds for more than a one (1) year period; that the
20 effectiveness of this Act on July 1, 2024 is essential to the operation of
21 the agency for which the appropriations in this Act are provided, and that in
22 the event of an extension of the legislative session, the delay in the
23 effective date of this Act beyond July 1, 2024 could work irreparable harm
24 upon the proper administration and provision of essential governmental
25 programs. Therefore, an emergency is hereby declared to exist and this Act
26 being necessary for the immediate preservation of the public peace, health
27 and safety shall be in full force and effect from and after July 1, 2024.
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30 APPROVED: 4/25/24
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