§ 15-4-3201. Title

This subchapter shall be known and may be cited as the “Arkansas Amendment 82 Implementation Act”.

§ 15-4-3202. Definitions

As used in this subchapter: (1) “Amendment 82 agreement” means a contract between the state and a sponsor under which the state is to provide Amendment 82 bond financing in exchange for the sponsor’s agreeing to make an investment and to locate a new business or substantially expand an existing business in the State of […]

§ 15-4-3203. Amendment 82 project qualification

(a) (1) (A) In exercising its responsibilities under Arkansas Constitution, Amendment 82, § 1, the General Assembly delegates, authorizes, and directs the Arkansas Economic Development Commission, the Arkansas Development Finance Authority, and the Chief Fiscal Officer of the State to undertake a review of all proposed projects following the procedures described in this section. (B) […]

§ 15-4-3204. Amendment 82 agreement

As soon as practicable after the General Assembly’s approval of the issuance of bonds and before the Arkansas Development Finance Authority issues bonds, the Governor, the Speaker of the House of Representatives, the President Pro Tempore of the Senate, the Director of the Arkansas Economic Development Commission, the President of the Arkansas Development Finance Authority, […]

§ 15-4-3205. Penalties

The sponsor shall be subject to specific penalties set forth in the Amendment 82 agreement and enacted in related legislation under § 15-4-3203(j) if the sponsor: (1) Does not satisfy the minimum job creation and investment requirements specified in the Amendment 82 agreement within the time period specified in the Amendment 82 agreement; (2) Does […]

§ 15-4-3206. Compliance time period — Audit requirements

(a) (1) The Amendment 82 agreement shall specify a time period in which the sponsor must comply with the terms and conditions specified in the Amendment 82 agreement. (2) Except as provided in subsection (b) of this section, the time period shall not exceed four (4) years from the date of enactment of related legislation […]

§ 15-4-3207. Bond principal

Amendment 82 bonds may be issued to: (1) Finance project costs in an aggregate principal amount approved by the General Assembly without regard to any debt limitation; and (2) Refund outstanding Amendment 82 bonds in an aggregate principal amount approved by the Arkansas Development Finance Authority without regard to any debt limitation.

§ 15-4-3208. Amendment 82 bonds

(a) After the General Assembly’s approval in regular session, fiscal session, or extraordinary session and the execution of the Amendment 82 agreement, the Arkansas Development Finance Authority, on behalf of the state, may issue bonds under Arkansas Constitution, Amendment 82, and this subchapter, to be known as “Amendment 82 Bonds” in one (1) or more […]

§ 15-4-3209. Series of bonds

(a) The bonds shall be issued, whether or not the interest on the bonds is subject to federal taxation, in series in amounts sufficient to finance or refinance all or any part of a qualified Amendment 82 project’s costs, with the respective series to be designated by the year in which issued, and if more […]

§ 15-4-3210. Authorization of bonds

(a) (1) Prior to the issuance of any series of bonds, the Arkansas Development Finance Authority shall adopt a resolution authorizing the issuance of the bonds. (2) Each resolution may 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 […]

§ 15-4-3211. 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) Delivery of […]

§ 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 […]

§ 15-4-3220. Legal actions heard as preferred cause — Appeals

Any case involving the validity of this subchapter or involving the bonds issued under Arkansas Constitution, Amendment 82, and this subchapter shall be deemed of public interest and shall be advanced by all courts and heard as a preferred cause, and all appeals from judgments or decrees rendered in the cases must be taken within […]