Moneys for Arkansas Child Care Facilities Loan Guarantee Trust Fund

  1. Law
  2. Arkansas Code
  3. Public Health and Welfare
  4. Social Services
  5. Child Care
  6. Early Childhood Commission
  7. Moneys for Arkansas Child Care Facilities Loan Guarantee Trust Fund

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  1. (a)

    1. (1) After providing for the exclusion of the interest income classified as special revenues as authorized by §§ 15-41-110 and 27-70-204, and for the first two million dollars ($2,000,000) of interest income received each fiscal year by the Treasurer of State as authorized in § 15-5-422, the next one hundred thousand dollars ($100,000) of interest income received each fiscal year in the State Treasury beginning with the fiscal year commencing July 1, 1989, and continuing as set forth in subsection (b) of this section from the investment of state funds as authorized by the State Treasury Management Law, § 19-3-501 et seq., is declared to constitute cash funds restricted in their use and dedicated to be used solely as authorized in § 20-78-503.

    2. (2) The cash funds as received by the Treasurer of State shall not be deposited into or deemed to be a part of the State Treasury for purposes of Arkansas Constitution, Article 5, § 29; Arkansas Constitution, Article 16, § 12; Arkansas Constitution, Amendment 20; or any other constitutional or statutory provision. The Treasurer of State shall pay the cash funds to the Division of Child Care and Early Childhood Education of the Department of Human Services for depositing those amounts into the Arkansas Child Care Facilities Loan Guarantee Trust Fund for the purposes authorized by § 20-78-503.

    3. (3) The interest earnings transferred directly to the division are declared to be cash funds restricted in their use and dedicated to be used solely as authorized in § 20-78-503.

  2. (b) The Treasurer of State shall continue to pay the cash funds as authorized in subsection (a) of this section until the balance of the fund reaches three hundred fifty thousand dollars ($350,000). After that time, the division shall review the fund balance at least quarterly and report to the Treasurer of State when the balance reaches or falls below one hundred thousand dollars ($100,000). At that time, the Treasurer of State shall again pay cash funds as authorized in subsection (a) of this section until the balance of the fund reaches three hundred fifty thousand dollars ($350,000).


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