§ 15-4-3223. Power and duties of the Arkansas Economic Development Commission and the Arkansas Development Finance Authority
(a) In connection with their duties and powers under this subchapter, the Arkansas Economic Development Commission and the Arkansas Development Finance Authority, acting independently or jointly, shall have the following powers and duties, in addition to and not in replacement or limitation of powers conferred under other laws, to: (1) Provide loans to a sponsor […]
§ 15-4-3224. Public reporting requirements
(a) The reports delivered to the General Assembly under § 15-4-3203(i)(2) and (3) shall be available to the general public under the same policies and procedures that generally apply with respect to reports to the General Assembly. (b) (1) During the term of an Amendment 82 agreement, the Arkansas Economic Development Commission shall provide a […]
§ 15-4-3212. Sale and price of bonds
(a) The bonds may be sold in the manner, either at public or private sale, and upon terms determined by the Arkansas Development Finance Authority to be reasonable and expedient for effectuating the purposes of Arkansas Constitution, Amendment 82, and this subchapter. (b) The bonds may be sold at the price the authority determines acceptable, […]
§ 15-4-3213. Deposit of bond proceeds
(a) The proceeds from the sale of the bonds, together with any revenues derived by the Arkansas Development Finance Authority from a qualified Amendment 82 project financed or refinanced under Arkansas Constitution, Amendment 82, and this subchapter, that are required to be so deposited under the resolution or trust indenture authorizing or securing the bonds […]
§ 15-4-3214. General obligation bonds
(a) The bonds shall be direct general obligations of the state for the payment of debt service on which the full faith and credit of the state are irrevocably pledged so long as any of the bonds are outstanding. (b) (1) The bonds shall be payable from general revenues or special revenues, which shall be […]
§ 15-4-3215. Annual determination of moneys required for bond repayment
(a) (1) On or before commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for payment of all or a part of the debt service on the outstanding bonded indebtedness during the fiscal year and deduct therefrom the estimated moneys to be available from special revenues […]
§ 15-4-3216. Exemption from taxes — Eligible to secure deposits — Legal for investment
(a) All bonds issued under Arkansas Constitution, Amendment 82, and this subchapter and interest on the bonds are exempt from all state and local taxes. (b) The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of bank, fiduciary, insurance company, trust, and public funds.
§ 15-4-3217. Refunding bonds
(a) After bonds have been issued under Arkansas Constitution, Amendment 82, and this subchapter, the Arkansas Development Finance Authority may issue bonds for the purpose of refunding any outstanding bonds issued under Arkansas Constitution, Amendment 82, and this subchapter. (b) The refunding bonds shall be general obligations of the state and shall be secured and […]
§ 15-4-3218. Contractual obligations of state — Enforcement
(a) This subchapter shall constitute a contract between the state and the registered owners of all bonds issued under Arkansas Constitution, Amendment 82, and this subchapter that shall never be impaired, and any violation of its terms, whether under purported legislative authority or otherwise, shall be enjoined by the courts at the suit of any […]
§ 15-4-3219. No rights until first series of bonds sold and delivered — Outstanding bonds unaffected
(a) This subchapter shall not create any right of any character, and no right of any character shall arise under it unless and until the first series of bonds authorized by this subchapter are sold and delivered. (b) The issuance of bonds authorized by this subchapter shall not impair or affect any outstanding bonds of […]