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
§ 14-164-336 - Local Sales and Use Tax Trust Fund.

14-164-336. Local Sales and Use Tax Trust Fund.

(a) There is created a trust fund for the remittance of local sales and use taxes collected under this subchapter which shall be known as "the Local Sales and Use Tax Trust Fund," which trust fund shall be held apart from the State Treasury by the Treasurer of State and shall be administered by the Treasurer of State as provided in this section, in addition to other duties of the Treasurer of State prescribed by law.

(b) The Treasurer of State shall not deposit any such moneys into the State Treasury or into General Revenues, but shall hold such moneys apart, in trust, and shall deposit such moneys as cash funds into the Local Sales and Use Tax Trust Fund established by this subchapter.

(c) The Treasurer of State shall transmit monthly to the treasurer of the municipality or county, as the case may be, or in the alternative, to a bank or other depository designated by the municipality or county, the moneys of the municipality or county held in the Local Sales and Use Tax Trust Fund established by this subchapter, subject to the charges payable and retainage authorized by 26-74-201 -- 26-74-219, 26-74-221, 26-74-315 -- 26-74-317, 26-75-201 -- 26-75-221, 26-75-223, 26-75-317, and 26-75-318.

(d) (1) With the exception of revenue derived from taxes under subdivision (d)(2) of this section, revenue derived from a tax on aviation fuel by a city or county where a regional airport, as described by the Regional Airport Act, 14-362-101 et seq., is located shall be remitted by the Treasurer of State directly to the regional airport located within the levying city or county.

(2) Revenue derived from a tax on aviation fuel in effect on December 30, 1987, is not subject to this section.