§ 12-8-308 - Lease fund -- Payment of costs -- Tax exemption.
12-8-308. Lease fund -- Payment of costs -- Tax exemption.
(a) (1) Payments to cover the costs under the lease agreement shall be paid from the Department of Arkansas State Police Communications Equipment Lease Fund on a monthly basis.
(2) If and so long as all payments to cover the costs under the lease agreement are properly made on the last day of each fiscal quarter, the pledged revenues remaining in the Department of Arkansas State Police Communications Equipment Lease Fund in excess of a reserve of thirty percent (30%) of a fiscal quarter's requirements shall be withdrawn from the lease fund and deposited into the State Treasury as special revenues to the credit of the Department of Arkansas State Police Fund.
(b) So long as any lease payments remain to be paid, all moneys in the Department of Arkansas State Police Communications Equipment Lease Fund shall be used solely for the payment of the lease payments, and other costs in connection with the lease, with the maintenance of necessary funds and reserves, except that the lease may provide for the withdrawal, for other lawful purposes, of surplus moneys, as defined in the lease.
(c) The interest portion of any costs of acquiring communications equipment authorized by this subchapter shall be exempt from state, county, and municipal income, inheritance, and estate taxes.