§ 11-10-1008. Terms of bonds
The Arkansas Unemployment Trust Fund Bonds are subject to the following terms and conditions: (1) (A) The bonds may be issued in more than one (1) series in an amount sufficient to accomplish the purposes of this subchapter. (B) The respective series of bonds shall be designated by the year in which the bonds are […]
§ 11-10-1009. Sale of bonds
(a) The Arkansas Unemployment Trust Fund Bonds may be sold in any manner, either at private or public sale, and upon terms as the Arkansas Development Finance Authority shall determine to be reasonable and expedient for effecting the purposes of this subchapter. (b) (1) If the bonds are to be sold at public sale, the […]
§ 11-10-1010. Employment of professionals
Under § 15-5-212, the Arkansas Development Finance Authority may employ and retain any professionals that the Arkansas Development Finance Authority deems necessary to accomplish the issuance and sale of the Arkansas Unemployment Trust Fund Bonds, including without limitation legal counsel, financial advisors, underwriters, trustees, paying agents, and remarketing agents.
§ 11-10-1011. Sources of repayment
(a) The Arkansas Unemployment Trust Fund Bonds shall be payable from the designated revenues. (b) (1) The unemployment obligation assessment shall be collected until the end of the quarter immediately following the repayment of all bonds authorized under this subchapter. (2) The unemployment obligation assessment shall not be collected until the qualified voters of the […]
§ 11-10-1012. Investment of proceeds
(a) Proceeds from the sale of the bonds shall be deposited into trust funds or accounts established under the resolution or trust indenture authorizing or securing the bonds to accomplish the purposes of this subchapter in amounts or portions as set forth in the resolution or trust indenture securing the bonds. (b) (1) The holder […]
§ 11-10-1013. Refunding bonds
(a) The Arkansas Development Finance Authority may issue the Arkansas Unemployment Trust Fund Bonds for the purpose of refunding bonds previously issued under this subchapter if the total amount of bonds outstanding after the refunding is completed does not exceed the total amount authorized by this subchapter. (b) (1) To the extent that refunding bonds […]
§ 11-10-1014. Liability
Officers, officials, employees, and members of the Board of Directors of the Arkansas Development Finance Authority are not liable personally for any reason arising from the issuance of bonds under this subchapter unless he or she acts with corrupt intent.
§ 11-10-1015. Tax exemption
(a) All Arkansas Unemployment Trust Fund Bonds issued under this subchapter and interest on the bonds shall be exempt from all taxes of the State of Arkansas, including income, inheritance, and property taxes. (b) The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of municipal, county, […]