It is the express intent of the General Assembly that any tax levied under the authority of this subchapter by a municipality or county to finance capital improvements of a public nature or economic development projects shall not constitute revenues of the state within the meaning of any constitutional or statutory provisions, but the tax levied under this subchapter 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 Secretary of the Department of Finance and Administration or the Treasurer of State in the manner authorized in this subchapter in any phase of collection, holding, or distribution of proceeds of any tax authorized under this subchapter.Amended by Act 2019, No. 910,§ 3381, eff. 7/1/2019.Amended by Act 2017, No. 533,§ 12, eff. 8/1/2017.Acts 1985, No. 871, § 2; A.S.A. 1947, § 13-1240. It is the express intent of the General Assembly that any tax levied under the authority of this subchapter by a municipality or county to finance capital improvements of a public nature or economic development projects shall not constitute revenues of the state within the meaning of any constitutional or statutory provisions, but the tax levied under this subchapter 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 Secretary of the Department of Finance and Administration or the Treasurer of State in the manner authorized in this subchapter in any phase of collection, holding, or distribution of proceeds of any tax authorized under this subchapter.Amended by Act 2019, No. 910,§ 3381, eff. 7/1/2019.Amended by Act 2017, No. 533,§ 12, eff. 8/1/2017.Acts 1985, No. 871, § 2; A.S.A. 1947, § 13-1240.
Arkansas Legal Code