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Arkansas Revenue Department Building Expansion Acts — Acts 1977, No. 749, as amended by Acts 1997, No. 250.

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SECTION 1. This Act may be referred to and cited as the “Arkansas Revenue Department Building Expansion Act.”

SECTION 2. Whenever used in this Act, unless a different meaning clearly appears from the context:

“Act No. 38” means Act No. 38 of the First Extraordinary Session of the Sixty-Fourth General Assembly of the State of Arkansas, approved September 8, 1961, as amended.
“Agency” or “Agencies” means any agency, board, officer, commission, department, division or institution of the State of Arkansas.
“Bonds” means bonds and any series of bonds authorized by and issued pursuant to the provisions of this Act.
“1965 Bonds” means the Arkansas Revenue Department Building Commission Revenue Bonds, dated October 1, 1965, authorized by and issued under Act No. 38.
“Building” means the Revenue Department Building constructed and financed under the provisions of Act No. 38.
“Commission” means the Arkansas Revenue Department Building Commission, established by Act No. 38.
“Construct” means to acquire, construct, reconstruct, remodel, install and equip any lands, buildings, structures, improvements, or other property, real, personal or mixed, useful in connection with the Expansion, and to make other necessary expenditures in connection therewith, by such methods and in such manner as the Commission shall determine to be necessary or desirable to accomplish the authorities, powers and purposes set forth in this Act. This Act shall be the sole authority needed and it shall not be necessary to comply with other laws pertaining to the acquiring, constructing and equipping of public buildings.
“Department” means the Department of Finance and Administration of the State of Arkansas, or any successor or agencies.
“Divisions” means any division, bureau, section, or office of the Department.
“Expansion” means additions, extensions, or improvements to the Building, appropriate remodeling of and improvements to the present Building, and appropriate equipment and furnishings, all as determined by the Commission.
“Fee Revenues” means all revenues derived from the Fees.
“Fees” means the fees confirmed, fixed, ratified, and imposed by this Act.
“Pledged Revenues” means all revenues authorized by Section 10 of this Act to be pledged for the security and payment of the Bonds, being Fee Revenues and gross revenues derived from leasing or rental of space.

SECTION 3. In addition to authorities, powers and purposes set forth in this Act, the Arkansas Revenue Department Building Commission is hereby authorized and empowered to:

Construct the Expansion.
Arrange for the housing of various Divisions of the Department and other Agencies as space and facilities may permit from time to time and with reference to other Agencies to rent, lease or otherwise make available space upon such terms and conditions and for such rents and charges, if any, as the Commission may determine.
Construct parking facilities.
Obtain the necessary funds for accomplishing its authorities, powers and purposes.
Purchase, lease or rent and receive bequests or donations of, or otherwise acquire and sell, trade or barter, any property (real, personal or mixed) and convert into money and/or other property and property not needed or which cannot be used in its then current form.
Refund and/or pay and discharge, or provide therefor, the outstanding 1965 Bonds.
Establish accounts in one or more banks, and thereafter from time to time make deposits in and withdrawals from such accounts.
Contract and be contracted with.
Apply for, receive, accept and use any moneys and property from the Government of the United States or of any state, political subdivision or agency or from any public or private corporation, agency or organization of any nature, or from any individual.
Invest and reinvest any of its moneys (in securities selected by the Commission).
Take such other action, not inconsistent with law, as may be necessary or desirable to carry out the authorities, powers and purposes conferred by this Act and to carry out the intent of this Act.

SECTION 4. (a) In addition to the authorities, powers and purposes conferred by this Act, the authorities, powers and purposes conferred by, and the provisions of Act No. 38, except as they may be inconsistent with any of the provisions of this Act, are hereby confirmed, ratified, continued and reenacted, including, without limitation, the provisions of Act No. 38 pertaining to organization of the Commission, and meetings of the Commission. Members of the Commission may receive expense reimbursement in accordance with Arkansas Code § 25-16-901 et seq.

(b) This Act shall constitute the sole authority necessary for the accomplishment of the authorities, powers and purposes of this Act. The authorities, powers and purposes of this Act may be exercised by or on behalf of the Commission without necessity of approval by any other branch, department, agency, or officer of the State of Arkansas, and without compliance with any other act or law pertaining to such authorities, powers and purposes.

SECTION 5. The Building and the Expansion, after its completion, shall house all or such part of the Department as the Commission shall determine. In addition, the Building and Expansion may house such other Agencies as space and facilities will permit from time to time, as determined by the Commission.

SECTION 6. (a) The following fees and charges fixed and imposed by Section 83 of Act No. 142 of 1949, as amended by Act No. 493 of 1965 (and referred to in Section 10 of this Act) are hereby confirmed, ratified, fixed and imposed:

For each certificate of title, $1.00
For each duplicate certificate of title, $1.00
For noting each lien, $0.50
For transfer of registration, $1.00
For duplicate or substitute registration certificate, $1.00
For duplicate or substitute registration plate, $1.00

(b) Fee Revenues are hereby declared to be cash funds, and shall not be deposited in the Treasury, but shall be deposited in a bank or banks, as determined by the Commission. The Fee Revenues shall be collected and applied as in the Act provided until the principal of, premiums, if any, and interest on all Bonds issued under this Act shall be paid or the required provision made for their payment; provided, however, particular Fees may be varied as to amount or new Fees substituted or added so long as there is no reduction in gross Fee Revenues that would have been collected had there been no such change, substitution or addition, and the term “Fee Revenues” includes the revenues derived from all such Fees.

SECTION 7. (a) There is hereby created a trust fund which shall be designated “Revenue Department Building Expansion Fund” (the “Building Fund”) which shall be maintained by the Commission in such depository bank or banks as may from time to time be designated by the Commission. Commencing on the date of the issuance of Bonds under this Act, there shall be deposited into the Building Fund all moneys received by the Commission from any other source whatever, including, without limitation, Fee Revenues and revenues derived from leasing or renting of space in the Building.

(b) All moneys in the Building Fund shall be used solely, and in the order of priority, as follows:

Beginning on the first day of the month immediately following the month within which Bonds are issued under this Act, and continuing on the first day of each month thereafter until the principal of, premiums, if any, and interest on all Bonds issued under this Act are paid, or the required provision made for their payment, there shall be transferred from the Building Fund and deposited in a trust fund which is hereby created and designated “Revenue Department Building Expansion Bond Fund” (the “Bond Fund”) a sum equal to at least one-sixth (1/6) of the next installment of interest on and one-twelfth (1/12) of the next installment of principal (or Sinking Fund Payment in the case of term Bonds) of all outstanding Bonds and the amounts necessary to provide for trustee's and paying agent's fees, plus such additional amounts, if any, as shall be required to insure that on the next interest paying date and the next principal (or Sinking Fund) paying date there will be sufficient funds in the Bond Fund to pay principal, premiums, if any, and interest then due and plus such additional amounts, if any, as shall be necessary to establish over such period of time and maintain a debt service reserve in the Bond Fund (if the Commission deems it desirable to provide for such reserve) in such amount as the Commission may determine; provided, however, the required deposits for principal need not start until twelve (12) months prior to the first principal (or Sinking Fund) paying date. The Bond Fund shall be maintained by the Commission in such depository bank or banks as may from time to time be designated by the Commission. The moneys in the Bond Fund shall be used for no other purpose than to pay the principal of, premiums, if any, and interest on and trustee's and paying agent's fees in connection with, all outstanding Bonds issued under this Act, at maturity or at redemption prior to maturity.
If and so long as all deposits required by Section 7(b)(1) are properly made, and are fully current, then commencing on the first business day of the month during which deposits are required to be made into the Bond Fund pursuant to the provisions of Section 7(b)(1) and continuing on the first business day of each month thereafter as long as deposits into the Bond Fund are required to be made by the provisions hereof, there shall be withdrawn from the Building Fund and deposited in the State Treasury (and there credited to the Constitutional and Fiscal Agencies Fund) that portion of the moneys in the Building Fund not required to be deposited into the Bond Fund by the provisions of Section 7(b)(1) of this Act.

(c) After the principal of premiums, if any, and interest on all Bonds are fully paid, or the required provision made for their payment, all moneys then remaining in the Building Fund and in the Bond Fund and all moneys received from the Fees shall be deposited in the State Treasury, as a special revenue, and by the State Treasurer credited to the Constitutional and Fiscal Agencies Fund.

SECTION 8. (a) The Commission is hereby authorized and empowered to issue Bonds, at one time or in series from time to time, and to use the proceeds thereof, together with any other available funds, for defraying the costs of Constructing the Expansion together with all expenses incidential to and reasonably necessary in connection therewith, the expenses of the issuance of the Bonds, the creation of all or any part of a debt service reserve, if the Commission deems such a reserve desirable, and for providing for the payment of interest on the Bonds during the Construction and for up to six (6) months thereafter, if the Commission deems such desirable.

(b) The Bonds shall be authorized by resolution or resolutions of the Commission. The Bonds may be coupon bonds, payable to bearer, or may be registrable as to principal only, or may be registrable as to both principal and interest; may be in such form and denomination; may have such date or dates; may mature at such time or times; may bear interest payable at such times and at such rate or rates, provided that no Bonds may bear interest at a rate or rates exceeding ten percent (10%) per annum; may be made payable at such place or places, within or without the State of Arkansas; may be subject to redemption prior to maturity at such times, in such manner and at such prices; may contain such exchange privileges, and may contain such other terms and conditions; all as the Commission shall determine. Subject to provisions as to registration the Bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas. The authorizing resolution may contain any terms, covenants and conditions that are deemed desirable by the Commission, including, without limitation, those pertaining to the creation and maintenance of funds and reserves, the nature and extent of the security, the issuance of additional series of bonds (and the priority of lien and pledge in that event) and the rights, duties and obligations of the Commission and of the holders and registered owners of the bonds, all as the Commission shall determine. The authorizing resolution may provide for the execution of a trust indenture, with a bank or trust company located within or without the State of Arkansas, containing terms, covenants and conditions authorized by this Act.

(c) Bonds issued hereunder shall be sold at public sale on sealed bids. Notice of the sale shall be published in such publications, within or without the State of Arkansas, for such time or times, and information pertaining to the Act, the Commission and the Bonds and their security, shall be prepared and distributed in such form and manner and to such prospective purchasers as the Commission shall determine to be best designed to get the most favorable bidding. The Bonds may be sold at such price as the Commission may determine to accept, but in no event shall any bid be accepted which results in a net interest cost in excess of ten percent (10%) per annum (treating the amount of any discount as interest). The award, if made, shall be to the bidder whose bid results in the lowest net interest cost, determined by computing the aggregate interest cost at the rate or rates bid and deducting the amount of any premium and adding the amount of any discount.

(d) Bonds issued hereunder shall be executed by the Chairman and Secretary (manual or facsimile with one manual required) of the Commission. The coupons attached to the Bonds shall be executed by the facsimile signature of the Chairman of the Commission. In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of such Bonds or coupons, their signatures shall nevertheless be valid and sufficient for all purposes. Each Bond shall be sealed with the seal of the Commission.

SECTION 9. It shall be plainly stated on the face of each Bond that it has been issued under the provisions of this Act. Bonds issued hereunder shall be obligations only of the Commission, and in no event shall they constitute an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues (as used in Amendment No. 20 of the Constitution of Arkansas) are pledged, and the Bonds shall not be secured by a mortgage or lien on any land, building or property belonging to the State of Arkansas. No member of the Commission shall be personally liable on the Bonds or for any damages sustained by anyone in connection with any contracts entered into or action taken in carrying out the authorities, powers and purposes of this Act unless he shall have acted with a corrupt intent.

SECTION 10. The principal of premiums, if any, interest on, and trustee's and paying agent's fees in connection with all Bonds issued under this Act shall be secured solely by a lien on and pledge of the Fee Revenues and the gross revenues derived from the leasing or renting to others of space in the Building (collectively the “Pledged Revenues”), and such Pledged Revenues are hereby specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided and authorized in this Act. The Pledged Revenues shall not be deposited into the State Treasury, but as and when received, shall be deposited as set forth in and authorized by this Act.

Subject to the condition that there is no violation of the pledge or any covenant of the Commission pertaining to the Outstanding 1965 Bonds, the Commission may use any of the Pledged Revenues prior to the issuance of any Bonds hereunder for defraying costs of accomplishing the authorities, powers and purposes of the Commission under this Act. The principal of premiums, if any, interest on, and trustee's and paying agent's fees in connection with the bonds shall be payable solely from the moneys in the Bond Fund and the moneys required by this Act to be deposited into the Bond Fund.

The Commission is directed to insert appropriate provisions in the authorizing resolution or trust indenture for the investing and reinvesting of moneys in the Bond Fund (in securities selected by the Commission), and all income derived from such investments shall be and become a part of the Bond Fund.

SECTION 11. All Agencies are hereby expressly authorized to execute and enter into agreement with the Commission for the leasing or renting of space in the Building when there is space therein over and above the requirements of the Department and the Divisions thereof. Such agreements may be upon such conditions, for such terms, for such amounts, and containing such other provisions as may be determined by the Commission and the Agency involved to be appropriate and in the best interests of all concerned. All such agreements and all covenants and agreements therein contained on the part of the parties thereto shall be binding in all respects upon the parties thereto and their successors from time to time, including any successor Agency performing the functions exercised by the Agency executing the agreement, in accordance with the terms of such covenants and agreements, and all of the provisions thereof shall be enforceable by mandamus or other appropriate proceedings at law or in equity.

SECTION 12. Each authorizing resolution or trust indenture shall, together with this Act, constitute a contract by and between the Commission and the holders and registered owners of the Bonds issued hereunder, which contract, and all covenants, agreements and obligations therein, shall be promptly performed in strict accordance with the terms and provisions thereof and the covenants, agreements and obligations of the Commission may be enforced by mandamus or other appropriate proceedings of law or in equity.

SECTION 13. Bonds issued under the provisions of this Act, and the interest thereon, shall be exempt from all state, county and municipal taxes, except property taxes, and this exemption shall include income, inheritance and estate taxes.

SECTION 14. Any municipality, or any board, commission or other governing authority duly established by ordinance of any municipality, or the governing authority, respectively, of the Fireman's Relief and Pension Fund and the Policeman's Pension and Relief Fund of any municipality, or the governing authority of any retirement system created by the General Assembly of the State of Arkansas, or any Agency, may, in its discretion, invest any of its funds not immediately needed for its purposes in Bonds issued under the provisions of this Act, and Bonds issued under the provisions of this Act shall be eligible to secure the deposit of public funds.

SECTION 15. The Commission is hereby authorized to employ an architect to prepare plans, specifications and estimates of cost for the Construction of the Expansion and to supervise and inspect such Construction. In addition, the Commission is hereby authorized to engage and pay such professional, technical and other help as it shall determine to be necessary or desirable in assisting it effectively to carry out the authorities, powers and purposes conferred and imposed by this Act.

SECTION 16. (a) Unless refunded or defeased as hereafter authorized, the 1965 Bonds, so long as they are outstanding, shall be secured by a prior lein on and pledge of the Fee Revenues, and nothing herein shall be construed as impairing their security as authorized by Act No. 38 and as provided in the Resolution of the Commission securing the 1965 Bonds. However, subject to the above, all moneys in the Construction Fund established and maintained by the Commission pursuant to the Resolution securing the 1965 Bonds shall be transferred to the Construction Fund into which the proceeds of the Bonds issued hereunder are deposited and used for the Construction of the Expansion.

(b) The Commission is hereby authorized, in its discretion, to refund or defease the outstanding 1965 Bonds, as hereafter provided, in which event the moneys in the Construction Fund established by the Resolution securing the 1965 Bonds shall be transferred to the Construction Fund established pursuant to the provisions of this Act and the moneys in the Bond Fund established pursuant to the provisions of the Resolution authorizing the 1965 Bonds shall be transferred to the Bond Fund established pursuant to the provisions of this Act. If the Commission determines to so proceed, the necessary additional principal amount of Bonds to accomplish the refunding or defeasing shall be issued and proceeds thereof shall be applied by the Commission to the payment (principal, premiums, if any, interest and fees and expenses) of all of the outstanding 1965 Bonds at maturity or earlier redemption (as the Commission shall determine). The necessary moneys shall be deposited in trust in the Bond Fund established pursuant to the provisions of the Resolution authorizing the 1965 Bonds. The Commission shall invest, or authorize the investment of, the moneys in the 1965 Bond Fund to the full extent feasible, as determined by the Commission, in direct or fully guaranteed obligations of the United States of America. All moneys in the 1965 Bond Fund shall be deemed to be cash funds, shall not be deposited in the State Treasury and shall be used for no other purpose than the payment of the principal, premiums, if any, interest and fees and expenses incurred in connection with the payment of the 1965 Bonds. Upon deposit in the 1965 Bond Fund of the moneys provided for herein, the 1965 Bonds shall be deemed to be paid, defeased and retired.

(c) The Commission shall include necessary provisions in the Resolution securing the Bonds issued under this Act, or in the Trust Indenture, for deposit of the proceeds of the Bonds (other than accrued interest which shall be deposited in the Bond Fund and the amount, if any, to be deposited pursuant to provisions of Subsection (b) of this Section 16) into a special Construction Fund (the “Construction Fund”) which shall be a trust fund maintained in such depository as the Commission shall designate. The moneys in the Construction Fund shall be used to carry out the authorities, powers and purposes of the Commission specified in this Act. The Commission shall include appropriate provisions in the Resolution or Trust Indenture authorizing and securing the Bonds governing the securing of and the investing and reinvesting of moneys in the Construction Fund (in such securities as shall be determined by the Commission to be appropriate and as shall be specified in the authorizing Resolution or Trust Indenture).

SECTION 17. In the event of the refunding or defeasing of the 1965 Bonds as authorized by Section 16 hereof, Sections 10, 11, 12, 13 and 15 of Act No. 38 shall be repealed and of no further force and effect.

SECTION 18. This Act shall be construed liberally. The enumeration of any object, purpose, power, manner, method and thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods or things.

SECTION 19. This Act shall not create any right of any character, and no right of any character shall arise under or pursuant to it, unless and until the bonds authorized by this Act, or the initial series, shall have been sold and delivered by the Commission.

SECTION 20. The provisions of this Act are hereby declared to be severable. If any section, paragraph, sentence or clause of this Act shall be held unconstitutional or invalid, the invalidity of such section, paragraph, sentence or clause shall not affect the validity of the remainder of this Act.

SECTION 21. All laws and portions thereof in conflict herewith are hereby repealed to the extent of such conflict.

SECTION 22. It is hereby found and declared by the General Assembly that the Building is inadequate to house the Department and the divisions thereof, with the result that it is impossible properly and efficiently to carry out functions and duties required by law and required for the proper administration of the State Government, to the detriment of the public health and safety and that only by the immediate operation of this Act can these conditions be alleviated. Therefore, an emergency is hereby declared to exist and this Act, being necessary for the preservation of the public peace, health and safety, shall take effect upon its passage and approval. APPROVED: March 24, 1977.

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