Debt service — Pledge of revenues and earnings — Admission charges

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  1. (a) The payment of debt service, including principal, interest, and trustee's and paying agent's fees, shall be secured by a lien on and pledge of net center revenues, which are gross revenues less those revenues applied to operation and maintenance as set forth in § 13-5-314.

  2. (b) As additional security, the payment of debt service may be secured by a pledge of earnings to the extent specified in this section derived from the investment of state funds pursuant to the State Treasury Management Law, § 19-3-501 et seq., known as the “investment earnings”.

  3. (c) Any pledge of investment earnings shall be subordinate to pledges authorized by the Industrial Development Guaranty Bond Act, § 15-4-701 et seq.

  4. (d) No earnings from the investment of state funds shall be pledged to secure bonds issued by the Secretary of the Department of Parks, Heritage, and Tourism under this subchapter unless the secretary shall first enter into an agreement with the State Board of Finance to charge appropriate fees for admission to the Arkansas Museum and Cultural Center and to set aside in a special sinking fund, to be used exclusively to pay the principal of, interest on, and paying agent's fees in connection with, bonds issued by the secretary, at least seventy-five cents (75¢) of the admission fee collected for each adult and fifty cents (50¢) of the admission fee collected for each person six (6) years of age to seventeen (17) years of age, inclusive.

  5. (e) However, the secretary may waive all admission charges or establish special reduced admission charges for any school-sponsored student, students, or groups, in which cases the provisions of this section relating to the setting aside of a prescribed amount of each admission charge for payment of principal and interest on bonds shall not apply.

  6. (f) Notwithstanding the provisions of § 13-5-314, the revenues required to be set aside into the special sinking fund shall not be deposited or used for any purpose other than for payment of principal, interest, and paying agent's fees on bonds issued under this subchapter.

  7. (g) All pledges of investment earnings under this subchapter shall not exceed in the aggregate five hundred thousand dollars ($500,000) for any fiscal year.


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