§ 10-21. Use of funds and revenues.

The board is hereby authorized to use any available funds and revenues for the accomplishment of the public facilities projects authorized in Section 10-19. Bonds may be issued by the board in such principal amounts as shall be sufficient to pay the costs of accomplishing the public facilities projects involved; the cost of issuing the bonds; the amount necessary for reserves, if deemed desirable; the amount necessary to provide to provide for debt service on the bonds until revenues for the payment thereof are available from other sources; and any other costs and expenditures of whatever nature incidental to the accomplishment of the public facilities involved and the placing of such facilities in operation. All funds and revenues shall be handled by or through a trust bank and/or custodian and shall be governed by the terms of a trust indenture between the board and the trust bank and/or custodian. All funds under the control of the public facilities board, whether held by the board or by a trustee bank or custodian, shall be subject to an annual audit to be conducted by a private accounting firm selected by county bidding procedures and funded by the public facilities board. The auditors shall identify any net earnings of the board defined as (1) those monies received by the board that are not pledged to repayment or early retirement of bonds or other indebtedness; (2) those monies not required for ordinary and necessary expenses of the board; and (3) those monies released from such a pledge by means of defeasance or restructure of an existing bond issue; and those net earnings shall be remitted forthwith (within five (5) days of the audit finding) to the treasurer of Pulaski County to be placed in special projects or capital fund account. Additionally, every indenture or resolution authorizing the issuance of bonds shall expressly provide that any net earnings of the board shall not inure to the benefit of any person or entity other than to Pulaski County, Arkansas, and shall be remitted forthwith to the treasurer of Pulaski County.

Pursuant to the requirements of Ark. Code Ann. §§ 14-137-110 and 111, no funds shall be expended by the board without (1) authorization by the affirmative vote of a majority of the members present at a meeting of the board; (2) duly recorded by the secretary in the minutes of the meeting; and (3) supported by documentation justifying the lawful expenditure of public funds.

(Ord. No. 92-OR-26, Art. 7, 3-25-92)