§ 22-3-1401. Title
This subchapter shall be known and cited as the “State Agencies Facilities Acquisition Act of 1991”.
§ 22-3-1402. Construction
(a) This subchapter shall be construed liberally. (b) The enumeration of any object, purpose, power, manner, method, and thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods, and things.
§ 22-3-1403. Definitions
As used in this subchapter: (1) “Agency” or “state agency” means any agency, board, office, commission, department, division, or institution of the State of Arkansas; (2) “Authority” means the Arkansas Development Finance Authority created pursuant to the Arkansas Development Finance Authority Act, § 15-5-101 et seq., §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316; […]
§ 22-3-1404. Powers
In addition to the purposes, powers, and authority set forth elsewhere in this subchapter or in other laws, the Building Authority Division may: (1) Acquire, construct, and equip buildings or by purchase, exchange, barter, gift, long-term lease, or other means, buildings and facilities to house state agencies; (2) Exercise the power of eminent domain within […]
§ 22-3-1405. Duties
In addition to the purposes, powers, and authority set forth elsewhere in this subchapter or in other laws, in connection with the construction and equipping of buildings and facilities in Little Rock, Arkansas, to house state agencies, the Building Authority Division may: (1) Obtain the necessary funds for accomplishing the purposes set forth in this […]
§ 22-3-1407. Revenue bonds
(a) Pursuant to the intention of the General Assembly expressed in § 15-5-303, the Arkansas Development Finance Authority, in cooperation with the Building Authority Division, is hereby authorized and empowered to issue revenue bonds at one (1) time or from time to time, and to use the proceeds thereof for defraying the costs of accomplishing […]
§ 22-3-1408. Required statement on bond — Lien and pledge to secure bonds
(a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that the bonds shall be obligations only of the Arkansas Development Finance Authority, that in no event shall they constitute indebtedness for which the faith and credit of the State of Arkansas […]
§ 22-3-1409. Pledge of revenues to secure bonds
(a) The principal of, premiums, if any, interest on, and trustees’ and paying agents’ fees in connection with all bonds issued under this subchapter shall be secured solely by a lien on and pledge of the gross revenues derived from the leasing or renting to state agencies or other tenants of space in the buildings […]
§ 22-3-1410. Contract between Arkansas Development Finance Authority and holders and owners of bonds
(a) Any authorizing resolution and trust indenture shall, together with this subchapter, constitute a contract between the Arkansas Development Finance Authority and the holders and registered owners of the bonds, which contract, and all covenants, agreements, and obligations therein, shall be promptly performed in strict compliance with the terms and provisions of such contract, and […]
§ 22-3-1411. Bonds exempt from tax
Bonds issued under the provisions of this subchapter, and the interest thereon, shall be exempt from all state, county, and municipal taxes, and the exemption shall include income, inheritance, and estate taxes.
§ 22-3-1412. Deposit of bond proceeds
(a) The Arkansas Development Finance Authority shall include necessary provisions in the authorizing resolution or trust indenture to provide for the deposit of the proceeds of the bonds pursuant to the provisions of § 15-5-209. (b) The authority may create and establish one (1) or more special funds in such depositories and make such investment […]
§ 22-3-1413. Refunding bonds
(a) Bonds may be issued for the purpose of refunding any bonds issued under this subchapter. (b) Refunding bonds may be issued by the Arkansas Development Finance Authority pursuant to the provisions of § 15-5-314.
§ 22-3-1414. Bondholder rights
This subchapter shall not create any right in any bondholder for bonds issued pursuant to this subchapter, and no right of such bondholders shall arise under it, until bonds authorized by this subchapter, of the initial issue or series, shall have been sold and delivered by the Arkansas Development Finance Authority.
§ 22-3-1415. Supervision and management of buildings and facilities
(a) The Building Authority Division may supervise and manage buildings and other facilities constructed pursuant to the authority granted in this subchapter and to manage, maintain, and repair those buildings and facilities to provide rental space to be made available for the housing of state agencies, departments, boards, commissions, and institutions, or other tenants at […]