§ 15-4-3001. Title

This subchapter may be referred to and cited as the “Arkansas General Obligation Economic Development Superprojects Bond and Project Funding Act”.

§ 15-4-3002. Legislative findings

The General Assembly finds that: (1) Independent studies have confirmed that the State of Arkansas and its people have not been able to participate in and enjoy the economic development benefits to be gained from the location in Arkansas of a superproject, as have many other southern states, resulting in a loss of opportunity for […]

§ 15-4-3003. Definitions

As used in this subchapter: (1) “Authority” means the Arkansas Development Finance Authority and any successor agency or department; (2) “Bonds” means bonds issued under this subchapter; (3) “Commission” means the Arkansas Economic Development Commission; (4) “Debt service” means principal, interest, redemption premiums, if any, and trustees’, paying agents’, dissemination agents’, and like servicing fees […]

§ 15-4-3004. Authority to issue bonds

(a) (1) The Arkansas Development Finance Authority, exercising an essential public function as the State of Arkansas’s bond-issuing authority, is authorized by this subchapter to issue bonds to fund superprojects. (2) The authority shall be responsible for developing the bond financing portion of the plan required by § 15-4-3005. (b) (1) As the lead economic […]

§ 15-4-3005. State of Arkansas Economic Development General Obligation Bonds

(a) The Arkansas Development Finance Authority may issue bonds of the State of Arkansas, to be known as “State of Arkansas Economic Development General Obligation Bonds”, in total principal amount not to exceed four hundred million dollars ($400,000,000) for the purposes authorized in this subchapter. (b) The bonds may be issued in one (1) or […]

§ 15-4-3006. Qualification as a superproject

(a) (1) To qualify as a superproject, the investment and job creation requirements must be attained no later than the eighth year after the project first begins operations unless the eight-year period is extended by the Arkansas Economic Development Commission. (2) The commission may extend the eight-year deadline for a reasonable period of time, taking […]

§ 15-4-3007. Series of bonds

(a) The bonds shall be issued in series in amounts sufficient to finance or refinance all or any part of a superproject’s costs, with the respective series to be designated in alphabetical order or by the year in which issued, or both. (b) Each series of bonds shall have such date as the Arkansas Development […]

§ 15-4-3008. Purpose of bonds

(a) Bonds shall be issued for the purpose of financing superprojects. (b) The proceeds of the bonds shall be applied: (1) To the payment of project costs and the costs and expenses of issuance of the bonds; (2) In connection with a superproject refinancing, to the repayment of indebtedness incurred to pay project costs; or […]

§ 15-4-3009. Authorization of bonds

(a) (1) The bonds shall be authorized by resolution of the Arkansas Development Finance Authority. (2) Each resolution shall contain terms, covenants, and conditions as deemed desirable, including without limitation, those pertaining to: (A) The establishment and maintenance of funds and accounts; (B) The deposit and investment of revenues and of bond proceeds; and (C) […]

§ 15-4-3010. Form and delivery of bonds

(a) Each bond shall: (1) Be signed with the manual or facsimile signatures of the Governor, the Chair of the Board of Directors of the Arkansas Development Finance Authority, and the Treasurer of State; and (2) Have affixed, imprinted, or lithographed on the bond the Great Seal of the State of Arkansas. (b) Interest coupons […]

§ 15-4-3011. Sale and price of bonds

(a) The bonds may be sold in the manner, either at public or private sale, and upon terms as determined by the Arkansas Development Finance Authority to be reasonable and expedient for effectuating the purposes of this subchapter. (b) The bonds may be sold at the price the authority determines acceptable, including sale at a […]

§ 15-4-3012. Deposit of bond proceeds

(a) The proceeds from the sale of the bonds, together with all revenues derived by the Arkansas Development Finance Authority from any superproject financed or refinanced under this subchapter shall be deposited by the recipient, as received, into trust funds either established in the State Treasury or into accounts established outside the State Treasury in […]

§ 15-4-3013. Powers of the Arkansas Economic Development Commission

In addition to powers conferred under other laws, the Arkansas Economic Development Commission may take any action necessary to carry out the purposes of this subchapter, including the power to: (1) Provide loans and grants from bond proceeds or project revenues to local entities and to authorize local entities to make loans to other persons […]

§ 15-4-3014. General obligations 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) The bonds shall be payable from the Economic Development Superprojects Project Fund and, if necessary, […]

§ 15-4-3015. 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 bonds issued during the fiscal year and deduct therefrom the estimated moneys to be available to the Arkansas Development […]

§ 15-4-3016. Exemption from taxes

(a) All bonds issued under 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.

§ 15-4-3017. Refunding bonds

(a) (1) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to this subchapter. (2) The Arkansas Development Finance Authority shall not be required to include bonds issued pursuant to this section in any written plan submitted to the Governor under § 15-4-3005, and the bonds shall […]

§ 15-4-3018. Contractual obligations of state — Enforcement

(a) This subchapter shall constitute a contract between the state and the registered owners of all bonds issued under 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 bondholder or any taxpayer. (b) […]

§ 15-4-3019. 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 […]

§ 15-4-3020. Consent by qualified electors to issue bonds

(a) No bonds shall be issued under this subchapter except by and with the consent of a majority of the qualified electors of the state voting on the question in substantially the form described in this section at a special election called by proclamation of the Governor. (b) The proclamation shall be issued in accordance […]