§ 15-4-401. Title
This subchapter shall be known and may be cited as the “Jobs Creation by Stimulating Small Business Growth Act of 1985”.
§ 15-4-402. Legislative findings and purpose
The General Assembly finds that: (1) It would be in the best interest of the population of the State of Arkansas to promote the growth and development of small business concerns and concerns owned and controlled by socially and economically disadvantaged individuals, to the extent provided in this subchapter, by: (A) Stimulating the flow of […]
§ 15-4-403. Definitions
As used in this subchapter: (1) “Council” means the Arkansas Economic Development Council; (2) “Division” means the Division of Minority Business Enterprise of the Arkansas Economic Development Commission; (3) “Small business concern” means small business firms in this state owned and operated by: (A) Socially and economically disadvantaged individuals who are qualified to receive federally […]
§ 15-4-404. Promulgation of rules generally
The Arkansas Economic Development Council shall promulgate rules and procedures to be followed by the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission: (1) In administering the provisions of this subchapter; and (2) In the making of loans to small business investment companies or in the purchase from the companies […]
§ 15-4-405. Companies qualified for loan application and sale — Apportioning available funds
(a) Any small business investment company which qualifies and is licensed by the United States Small Business Administration as a small business investment company authorized to do business in this state and to make loans and provide investment funds for capital improvements to persons whose participation in the free enterprise system is hampered because of […]
§ 15-4-406. Authority to issue revenue bonds — Loan funds
To stimulate the flow of private funds for capital improvements to small business concerns, the Arkansas Economic Development Council is authorized to: (1) Issue revenue bonds to obtain funds to be administered through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission to make investment loans to small business concerns insured by […]
§ 15-4-407. Limits on bond issuance and loan purchases
(a) The Arkansas Economic Development Council is authorized and empowered to issue revenue bonds in such amounts as may be determined by the council. (b) For the purposes of this subchapter, the aggregate amount of revenue bonds to be issued under the provisions of this subchapter shall not exceed the sum of ten million dollars […]
§ 15-4-408. Prerequisites to issuance
Before the Arkansas Economic Development Council shall issue its revenue bonds, the council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, shall have received from small business investment companies in this state binding commitments to make business loans to small business concerns, as defined in this subchapter, to sell […]
§ 15-4-409. Authorizing resolution and trust indenture
(a) Before revenue bonds shall be issued, the Arkansas Economic Development Council shall adopt an authorizing resolution and trust indenture which, together with this subchapter, shall constitute a contract between the council and the holders and registered owners of the bonds. (b) The contract and all covenants, agreements, and obligations therein shall be promptly performed […]
§ 15-4-410. Issuance and redemption procedures
(a) The bonds to be issued by the Arkansas Economic Development Council shall be issued in accordance with the same procedures provided for the issuance of revenue bonds by the Arkansas Development Finance Authority. (b) All other provisions of the Arkansas Housing Development Agency Act [repealed] governing the issuance of revenue bonds, the issuance of […]
§ 15-4-411. Security
(a) The principal of, interest on, and trustees’ and paying agents’ fees in connection with the revenue bonds issued by the Arkansas Economic Development Council under the provisions of this subchapter shall be secured by a lien and pledge of the loans made or the investment loans purchased from the proceeds and collateral security received […]
§ 15-4-412. Expenses
The Arkansas Economic Development Council may require the small business investment company borrowing money from the council or selling small business concern investment loans to the council to pay all or part of the incidental expenses in connection therewith and all or part of the expenses of issuance of the bonds.
§ 15-4-413. Tax exemption
Bonds issued under the provisions of this subchapter and the interest on those bonds shall be exempt from all state, county, and municipal taxes, and the exemption shall include income, inheritance, and estate taxes.
§ 15-4-414. No personal liability
Neither the members of the Arkansas Economic Development Council nor officials or employees of the Arkansas Economic Development Commission or the Division of Minority Business Enterprise of the Arkansas Economic Development Commission executing bonds or notes pursuant to this subchapter shall be liable personally on such bonds or notes by reason of the issuance thereof.
§ 15-4-415. Authority to use bond proceeds
The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for: (1) The purchase of investment loans and paying of […]
§ 15-4-416. Deposit and use of revenues
(a) All revenues received by the Division of Minority Business Enterprise of the Arkansas Economic Development Commission in behalf of the Arkansas Economic Development Council under the authority of this subchapter, except revenues derived from appropriations, are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as […]