2010 Arkansas Code
Title 14 - Local Government
Subtitle 10 - Economic Development And Tourism Generally
Chapter 164 - Industrial Development Bonds
Subchapter 3 - Local Government Bond Act
§ 14-164-325 - Taxes not state revenues.

14-164-325. Taxes not state revenues.

It is the express intent of the General Assembly that any tax levied under the authority of this subchapter by a municipality or county for the purpose of financing capital improvements of a public nature or facilities for the securing and developing of industry shall not constitute revenues of the state within the meaning of any constitutional or statutory provisions, but such tax shall at all times continue to be revenues of the particular municipality or county notwithstanding the participation or involvement, for the convenience of administration, by the Director of the Department of Finance and Administration or the State Treasurer in the manner authorized in this subchapter in any phase of collection, holding, or distribution of proceeds of any tax authorized under this subchapter.