§ 15-4-701. Title
This subchapter shall be known and may be cited as the “Industrial Development Guaranty Bond Act”.
§ 15-4-702. Authority to use Arkansas Economic Development Council moneys if account is insufficient
If the Arkansas Economic Development Council shall at any time determine that the moneys in the Revenue Bond Guaranty Reserve Account, sometimes referred to in this subchapter as “account”, created and being maintained pursuant to the provisions of the Industrial Revenue Bond Guaranty Law, § 15-4-601 et seq., are not or will not be sufficient […]
§ 15-4-703. Authority to issue bonds — Arkansas Economic Development Council determinations
(a) If at the time there are no other available moneys to meet the then-present or reasonably projected obligations of the Revenue Bond Guaranty Account, the Arkansas Economic Development Council shall proceed promptly to issue bonds, as authorized in this subchapter, in such principal amounts as may be necessary to enable the council to meet, […]
§ 15-4-704. Authorizing resolution — Bond issuance, form, and contents
(a) The bonds shall be authorized by resolution of the Arkansas Economic Development Council. (b) The bonds may be issued at one (1) time or in series from time to time. If in series, the initial series shall be designated “Series A” and subsequent series shall be designated in alphabetical order. (c) All bonds issued […]
§ 15-4-705. Trust indenture
(a) The resolution authorizing the issuance of bonds may provide for the execution of a trust indenture by the Arkansas Economic Development Council with a bank or trust company within or without the State of Arkansas. (b) The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the council, including […]
§ 15-4-706. Execution and delivery of bonds
(a) The bonds shall be executed by the facsimile signature of the Chair of the Arkansas Economic Development Council and by the manual signature of the Director of the Arkansas Economic Development Commission. (b) Interest coupons attached to the bonds shall be executed with the facsimile signature of the chair. (c) Delivery of the bonds […]
§ 15-4-707. Temporary notes or bonds
Temporary notes or bonds conforming generally to the provisions of this subchapter, exchangeable for definitive bonds, may be issued in the discretion of the Arkansas Economic Development Council.
§ 15-4-708. Sale of bonds
(a) The bonds shall be sold at public sale on sealed bids. (b) Notice of the sale shall be published one (1) time a week for three (3) consecutive weeks in a newspaper published in the City of Little Rock and having a general circulation throughout the State of Arkansas, with the first publication to […]
§ 15-4-709. Arkansas Economic Development Council obligations — Deposit of revenues and net proceeds
(a) All bonds issued under this subchapter shall be obligations of the Arkansas Economic Development Council only and shall not be obligations of the State of Arkansas and shall not be secured by a lien on any revenues of the State of Arkansas. (b) The bonds shall be payable from the Guaranty Bond Fund created […]
§ 15-4-710. Notice to State Board of Finance — Disposition of bond debt service amount
(a) The Arkansas Economic Development Council shall notify the State Board of Finance or the appropriate officer, board, or agency then having jurisdiction over the moneys involved when it has determined to issue bonds under this subchapter and the amount that will be needed each month after the bonds are issued to provide for the […]