§ 14-175-101. Title

This chapter shall be known and may be cited as the “Public Corporations for Economic Development Act”.

§ 14-175-102. Intent

It is the intent of the General Assembly by the enactment of this chapter to authorize in each municipality and county in this state the incorporation of a public corporation as a political subdivision of the state for the purpose of securing and developing industry and fostering economic development and to invest the corporation with […]

§ 14-175-103. Definitions

As used in this chapter: (1) “Board” means the board of directors of a corporation; (2) “Corporation” means a corporation organized under this chapter; (3) (A) “Costs” means expenditures made or estimated to be made and monetary obligations incurred or estimated to be incurred by a corporation. (B) “Costs” includes, but is not limited to: […]

§ 14-175-104. Construction

(a) This chapter shall be liberally construed in conformity with its intent. (b) (1) All acts and activities of the public corporation performed under the authority of this chapter are legislatively determined and declared to be essential governmental functions. (2) The General Assembly determines and declares that this chapter is the sole authority necessary for […]

§ 14-175-105. Authority generally

There is conferred upon corporations incorporated as public corporations under this chapter the authority to take such action and to do or cause to be done such things as shall be necessary or desirable to accomplish and implement the purposes and intent of this chapter according to the import of this chapter.

§ 14-175-106. Authority and procedure to incorporate

(a) Whenever any number of natural persons, but not fewer than three (3), files with the governing body an application in writing for authority to incorporate a public corporation under this chapter, if it is made to appear to the governing body that each of the persons is a duly qualified elector of the municipality […]

§ 14-175-107. Articles of incorporation

(a) The articles of incorporation of the corporation shall state: (1) The names of the persons forming the corporation, together with the residence of each person forming the corporation, and a statement that each person is a qualified elector of the municipality or county; (2) The name of the corporation, which shall be: (A) “The […]

§ 14-175-108. Execution and recording of articles

(a) The articles of incorporation shall be signed and acknowledged by the incorporators and shall have attached to them a certified copy of the resolution required by § 14-175-107. (b) (1) The articles of incorporation, together with a certified copy of the resolution required by § 14-175-107, shall be filed in the location or locations […]

§ 14-175-109. Board of directors

(a) The corporation shall have a board of directors composed of five (5) to fifteen (15) members, as specified in the corporation’s articles of incorporation. (b) All powers of the corporation shall be exercised by the board or pursuant to its authorization. (c) (1) (A) The directors shall be residents of the municipality or county […]

§ 14-175-110. Officers

(a) (1) The officers of the corporation shall consist of: (A) A chair; (B) A vice chair; (C) A secretary; (D) A treasurer; and (E) Such other officers as the board shall deem necessary to accomplish the purposes for which the corporation was organized. (2) The offices of secretary and treasurer may be held, but […]

§ 14-175-111. Powers generally

(a) The corporation shall have and exercise all of the rights, powers, privileges, authority, and functions given by the general laws of this state to nonprofit corporations incorporated under the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq. (b) In addition to the rights, powers, privileges, authority, and functions authorized under subsection (a) […]

§ 14-175-112. Economic development taxes

(a) All tax proceeds received by a corporation under § 14-174-101 et seq. shall be used for any one (1) or more of the following purposes: (1) To pay administrative costs incurred by the corporation; (2) To pay costs incurred in connection with a project; (3) To pay costs incurred for promotional purposes; or (4) […]

§ 14-175-113. Average weekly wage — Job training expenditures

A corporation may spend tax revenue received under this chapter for job training offered through an enterprise only if the enterprise has committed in writing to: (1) Create new jobs that pay wages that are at least equal to the prevailing wage for the applicable occupation in the local labor market area; or (2) Retain […]

§ 14-175-114. Limitation on liability

The corporation, the corporation’s board of directors, officers, employees and agents, the local government approving the organization of a corporation, members of the governing body of the local government, and employees of the local government are not liable for damages arising from the performance of a governmental function of the corporation or local government.

§ 14-175-115. Annual reports

(a) Each corporation shall make a written report to the governing body that created the corporation concerning its activities for the preceding calendar year. (b) Each report shall include audited financial statements covering the corporation’s operations during the preceding calendar year.

§ 14-175-116. Application of Arkansas Nonprofit Corporation Act of 1993

(a) Each corporation is subject to the provisions of the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq., to the extent that those provisions are not in conflict with the provisions of this chapter. (b) If a provision of the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq., is in conflict […]