Ark. Code Ann. § 15-71-112 — AR Code / Title 15 / Chapter 71 / Section 15-71-112
Subpoenas
Status: in_force

(a) The Oil and Gas Commission, or any member thereof, is lawfully empowered to issue subpoenas for witnesses, to require their attendance and the giving of testimony before it, and to require the production of books, papers, and records in any proceeding before the commission as may be material upon questions lawfully before the commission. (b) Subpoenas shall be served by the sheriff or any other officer authorized by law to serve process in this state. (c) No person shall be excused from attending and testifying, or from producing books, papers, and records before the commission or a court, or from obedience to the subpoena of the commission or a court, on the ground or for the reason that the testimony or evidence, documentary or otherwise, required of him or her may tend to incriminate him or her or subject him or her to a penalty or forfeiture. Nothing contained in this section shall be construed as requiring any person to produce any books, papers, or records, or to testify in response to any inquiry, not pertinent to some question lawfully before the commission or court for determination. (d) No natural person shall be subjected to criminal prosecution or to any penalty or forfeiture for or on account of any transaction, matter, or thing concerning which he or she may be required to testify or produce evidence, documentary or otherwise, before the commission or court, or in obedience to its subpoena; provided, that no person testifying shall be exempted from prosecution and punishment for perjury committed in so testifying. (e) In case of failure or refusal on the part of any person to comply with any subpoena issued by the commission or any member thereof, or in case of the refusal of any witness to testify or answer as to any matter regarding which he or she may be lawfully interrogated, any circuit court in this state, on application of the commission, may in term time or vacation issue an attachment for the person and compel him or her to comply with the subpoena and to attend before the commission and produce the documents, and give his or her testimony upon such matters, as may be lawfully required. The court shall have the power to punish for contempt as in case of disobedience of like subpoena issued by or from the court or for a refusal to testify therein. Acts 1939, No. 105, § 13; A.S.A. 1947, § 53-113.

(a) The Oil and Gas Commission, or any member thereof, is lawfully empowered to issue subpoenas for witnesses, to require their attendance and the giving of testimony before it, and to require the production of books, papers, and records in any proceeding before the commission as may be material upon questions lawfully before the commission.

(b) Subpoenas shall be served by the sheriff or any other officer authorized by law to serve process in this state.

(c) No person shall be excused from attending and testifying, or from producing books, papers, and records before the commission or a court, or from obedience to the subpoena of the commission or a court, on the ground or for the reason that the testimony or evidence, documentary or otherwise, required of him or her may tend to incriminate him or her or subject him or her to a penalty or forfeiture. Nothing contained in this section shall be construed as requiring any person to produce any books, papers, or records, or to testify in response to any inquiry, not pertinent to some question lawfully before the commission or court for determination.

(d) No natural person shall be subjected to criminal prosecution or to any penalty or forfeiture for or on account of any transaction, matter, or thing concerning which he or she may be required to testify or produce evidence, documentary or otherwise, before the commission or court, or in obedience to its subpoena; provided, that no person testifying shall be exempted from prosecution and punishment for perjury committed in so testifying.

(e) In case of failure or refusal on the part of any person to comply with any subpoena issued by the commission or any member thereof, or in case of the refusal of any witness to testify or answer as to any matter regarding which he or she may be lawfully interrogated, any circuit court in this state, on application of the commission, may in term time or vacation issue an attachment for the person and compel him or her to comply with the subpoena and to attend before the commission and produce the documents, and give his or her testimony upon such matters, as may be lawfully required. The court shall have the power to punish for contempt as in case of disobedience of like subpoena issued by or from the court or for a refusal to testify therein.

Acts 1939, No. 105, § 13; A.S.A. 1947, § 53-113.
Ark. Code Ann. § 15-21-402 — AR Code / Title 15 / Chapter 21 / Subchapter 4 / Section 15-21-402
[Repealed]
Status: repealed

Repealed by Act 2023, No. 124,§ 23, eff. 8/1/2023. Acts 1937, No. 175, § 2; Pope's Dig., § 11848; A.S.A. 1947, § 77-1502.

Repealed by Act 2023, No. 124,§ 23, eff. 8/1/2023.

Acts 1937, No. 175, § 2; Pope's Dig., § 11848; A.S.A. 1947, § 77-1502.
Ark. Code Ann. § 15-22-219 — AR Code / Title 15 / Chapter 22 / Subchapter 2 / Section 15-22-219
Fees
Status: in_force

(a) (1) Any person applying for a permit and having plans and specifications examined under § 15-22-211 , in consideration therefor, shall pay to the Arkansas Natural Resources Commission an initial dam permit application review fee equal to one percent (1%) of the estimated cost of construction for the dam, which in any case shall not be less than one hundred dollars ($100) nor more than one thousand dollars ($1,000). (2) The dam permit application review fee shall be assessed as an initial fee upon application for the dam permit or upon a major modification of a dam requiring the issuance of a revised permit. (b) (1) Any person obtaining a permit under the provisions of § 15-22-210 , in consideration therefor, shall pay to the commission a fee equal to twelve cents (12¢) per acre-foot of water which the dam involved is designed to impound, but not less than twenty-five dollars ($25.00) nor more than ten thousand dollars ($10,000). (2) The permit shall provide that the same fee shall be paid by that person to the commission each year thereafter during which the dam is maintained, on or before the anniversary date of the issuance of the permit. (c) The fees in subsections (a) and (b) of this section shall be deposited by the commission into the Arkansas Water Development Fund to be used by the commission as provided by law and shall not be paid into the State Treasury. Acts 1957, No. 81, § 14; 1963, No. 106, § 1; A.S.A. 1947, § 21-1314; Acts 1989, No. 685, § 3; 1993, No. 657, § 1; 1993, No. 942, § 1.

(a) (1) Any person applying for a permit and having plans and specifications examined under § 15-22-211 , in consideration therefor, shall pay to the Arkansas Natural Resources Commission an initial dam permit application review fee equal to one percent (1%) of the estimated cost of construction for the dam, which in any case shall not be less than one hundred dollars ($100) nor more than one thousand dollars ($1,000). (2) The dam permit application review fee shall be assessed as an initial fee upon application for the dam permit or upon a major modification of a dam requiring the issuance of a revised permit.

(1) Any person applying for a permit and having plans and specifications examined under § 15-22-211 , in consideration therefor, shall pay to the Arkansas Natural Resources Commission an initial dam permit application review fee equal to one percent (1%) of the estimated cost of construction for the dam, which in any case shall not be less than one hundred dollars ($100) nor more than one thousand dollars ($1,000).

(2) The dam permit application review fee shall be assessed as an initial fee upon application for the dam permit or upon a major modification of a dam requiring the issuance of a revised permit.

(b) (1) Any person obtaining a permit under the provisions of § 15-22-210 , in consideration therefor, shall pay to the commission a fee equal to twelve cents (12¢) per acre-foot of water which the dam involved is designed to impound, but not less than twenty-five dollars ($25.00) nor more than ten thousand dollars ($10,000). (2) The permit shall provide that the same fee shall be paid by that person to the commission each year thereafter during which the dam is maintained, on or before the anniversary date of the issuance of the permit.

(1) Any person obtaining a permit under the provisions of § 15-22-210 , in consideration therefor, shall pay to the commission a fee equal to twelve cents (12¢) per acre-foot of water which the dam involved is designed to impound, but not less than twenty-five dollars ($25.00) nor more than ten thousand dollars ($10,000).

(2) The permit shall provide that the same fee shall be paid by that person to the commission each year thereafter during which the dam is maintained, on or before the anniversary date of the issuance of the permit.

(c) The fees in subsections (a) and (b) of this section shall be deposited by the commission into the Arkansas Water Development Fund to be used by the commission as provided by law and shall not be paid into the State Treasury.

Acts 1957, No. 81, § 14; 1963, No. 106, § 1; A.S.A. 1947, § 21-1314; Acts 1989, No. 685, § 3; 1993, No. 657, § 1; 1993, No. 942, § 1.
Ark. Code Ann. § 15-75-101 — AR Code / Title 15 / Chapter 75 / Subchapter 1 / Section 15-75-101
Title
Status: in_force

This act may be known and cited as the "Liquefied Petroleum Gas Board Act". Acts 1965, No. 31, § 1; A.S.A. 1947, § 53-701.

This act may be known and cited as the "Liquefied Petroleum Gas Board Act".

Acts 1965, No. 31, § 1; A.S.A. 1947, § 53-701.
Ark. Code Ann. § 15-5-207 — AR Code / Title 15 / Chapter 5 / Subchapter 2 / Section 15-5-207
Rights, powers, privileges, and duties of authority - Definitions
Status: in_force

(a) The Arkansas Development Finance Authority shall have such rights, powers, and privileges and shall be subject to such duties as provided by this chapter. (b) Except as otherwise limited by this chapter, the authority shall have the following powers: (1) To sue; (2) To be sued; (3) To have a seal and alter the seal at its pleasure; (4) To make and alter bylaws for its organization and internal management; (5) To make and issue such rules as may be necessary or convenient in order to carry out the purposes of this chapter; (6) To acquire, hold, and dispose of real and personal property for its corporate purposes; (7) [Repealed.] (8) To borrow money and to issue notes, bonds, and other obligations, whether or not the interest on which is subject to federal income taxation, and to provide for the rights of the lenders or holders thereof; (9) To issue bonds on behalf of state agencies and political subdivisions; (10) (A) To issue bonds to provide financing for a specific activity or particular project authorized under this chapter or to provide on a pooled or consolidated basis financing for activities or projects authorized under this chapter that shall be secured by and payable solely from all or any portion of the following: (i) Proceeds of the bonds; (ii) Reserves established in connection with the bonds; (iii) Lease or loan payments; (iv) Revenues of the authority that are not derived from appropriations; and (v) Obligations issued by or payable to the state agencies, political subdivisions of the state, or others for whose benefit the authority may issue bonds, and the security and sources of payments of the obligations. (B) (i) The authority may also issue bonds for the purpose of generating investment earnings or other income. (ii) The investment earnings or other income shall thereafter be used to finance activities or projects authorized in this section. (C) Prior to the engagement of a financial institution to serve as trustee, paying agent, or in any fiduciary capacity in connection with any program, indenture, or general resolution of the authority, the authority shall request proposals for services, and the selection of the financial institution shall be made on the basis of the response to such a request that is the most economical and in the best interest of the authority; (11) To purchase notes or participations in notes evidencing loans that are secured by mortgages or security interests and to enter into contracts in that regard, or to purchase accounts to finance working capital; (12) (A) To make secured or unsecured loans, including loans made to financial institutions to secure loans made by the financial institutions for qualifying agricultural business enterprises, capital improvements, educational facilities, energy enterprises, healthcare facilities, housing developments, industrial enterprises, and short-term advance funding of local government obligations. (B) Prior to the making of any loan for qualifying agricultural business enterprises or industrial enterprises, the loan transaction shall be recommended to the authority by a financial institution or investment banker; (13) To sell mortgages and security interests at public or private sale, to negotiate modifications or alterations in mortgage and security interests, to foreclose on any mortgage or security interest in default or commence any action to protect or enforce any right conferred upon it by any law, mortgage, security agreement, contract, or other agreement, and to bid for and purchase property that was the subject of such a mortgage or security interest at any foreclosure or at any other sale, to acquire or take possession of any such property, and to exercise any and all rights as provided by law for the benefit or protection of the authority or mortgage holders; (14) To collect fees and charges in connection with its loans, bond guaranties, commitments, and servicing, including, but not limited to, reimbursement of costs of financing as the authority shall determine to be reasonable and as shall be approved by the authority; (15) To make and execute contracts for the servicing of mortgages acquired by the authority pursuant to this chapter and to pay the reasonable value of services rendered to the authority pursuant to those contracts; (16) To accept gifts, grants, loans, and other aid from the United States Government, the state or any state agency, or any political subdivision of the state, or any person or corporation, foundation, or legal entity and to agree to and comply with any conditions attached to federal and state financial assistance not inconsistent with the provisions of this chapter; (17) To invest moneys of the authority, including proceeds from the sale of any bonds, in such manner as the Board of Directors of the Arkansas Development Finance Authority shall determine, subject to any agreement with bondholders stated in the authorizing resolution, as defined in § 15-5-309 , providing for the issuance of bonds; (18) To procure insurance against any loss in connection with its programs, property, and other assets; (19) To provide technical assistance and advice to the state, political subdivisions of the state, and local governing authorities and to enter into contracts with the state, political subdivisions of the state, and local governing authorities to provide such services. The state, political subdivisions of the state, and local governing authorities are authorized to enter into contracts with the authority for such services and to pay for such services as may be provided them; (20) (A) To contract, cooperate, or join with any one (1) or more other governments or public agencies or with any political subdivisions of the state or with the United States to perform any administrative service, activity, or undertaking that any such contracting party is authorized by law to perform, including the issuance of bonds. (B) An "intergovernmental agreement" is defined as any service contract entered into by a contracting party that establishes a permanent perpetual relationship thereby obligating the financial resources of the contracting party. (C) As used in this chapter, "permanent or perpetual relationship" means any agreement exhibiting an effective duration greater than one (1) year, twelve (12) calendar months, or an agreement exhibiting no fixed duration but when the apparent intent of such an agreement is to establish a permanent or perpetual relationship. Such intergovernmental agreements shall be authorized by ordinance or resolution of the contracting party. Any intergovernmental agreement enacted may provide for the contracting party to: (i) Cooperate in the exercise of any function, power, or responsibility; (ii) Share the services of any officer, department, board, employee, or facility; and (iii) Transfer or delegate any function, power, responsibility, or duty. (D) An intergovernmental agreement shall be authorized and approved by the governing body of each party to the intergovernmental agreement, shall set forth fully the purposes, powers, rights, obligations, and responsibilities of the contracting parties, and shall specify the following: (i) Its duration; (ii) The precise organization, composition, and nature of any separate legal entity created; (iii) The purpose or purposes of the intergovernmental agreement; (iv) The manner of financing the joint or cooperative undertaking and establishing and maintaining a budget; (v) The permissible method or methods to be employed in accomplishing the partial or complete termination of an intergovernmental agreement and for disposing of property upon partial or complete termination. The method or methods for termination shall include a requirement of six (6) months' written notification of the intent to withdraw by the governing body of the public agency wishing to withdraw; (vi) Provision for an administrator or a joint board responsible for administering the joint or cooperative undertaking, including representation of the contracting parties on the joint board; (vii) The manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking; and (viii) Any other necessary and proper matters. (E) (i) Every intergovernmental agreement prior to and as a condition precedent to its final adoption and performance shall be submitted to the Attorney General, who shall determine whether the intergovernmental agreement is in proper form and compatible with the laws of the State of Arkansas. (ii) The Attorney General shall approve any intergovernmental agreement submitted to him or her unless he or she finds it does not meet the conditions set forth in this section and shall detail in writing addressed to the governing bodies of the public agencies concerned the specific respects in which the proposed intergovernmental agreement fails to meet the requirements of law. (iii) Failure to disapprove an intergovernmental agreement within thirty (30) days of its submission shall constitute approval; (21) To undertake and carry out studies and analyses of agricultural business, industrial, health care, housing, energy, educational, capital improvement, and local governments' short-term advance funding needs within the state and ways of meeting such needs; (22) To establish accounts in one (1) or more depositories; (23) To lease, acquire, construct, sell, and otherwise deal in and contract concerning any facilities; (24) To accept funds for and participate in federal and other governmental programs established for the purpose of the promotion and development of agricultural business, industry, the provision of decent, safe, and sanitary housing, health care, education, tourism, capital improvements, and related matters; (25) To have and exercise all of the powers granted to the public housing authorities by the state, except that the authority shall not have the power of eminent domain; (26) To do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this chapter; (27) (A) To assist minority businesses in obtaining loans or other means of financial assistance. (B) The terms and conditions of such loans or financial assistance, including the charges for interest and other services, will be consistent with the provisions of this chapter. (C) In order to comply with this requirement, efforts must be made to solicit for review and analysis proposed minority business ventures. (D) Be it further provided that basic loan underwriting standards will not be waived to inconsistently favor minority persons or businesses from the intent of the authority's lending practices; (28) To create nonprofit corporations that shall have such purposes and powers as the board shall determine, to assist in carrying out the purposes of this chapter, and to provide technical, administrative, and financial assistance to those nonprofit corporations; (29) To make secured or unsecured loans to or to guarantee the payment of loans made to businesses for the purpose of financing the export of goods to foreign countries if the board shall first find that a substantial portion of the value of those goods prior to export has been or will be added in the state; (30) To make loans and enter into contracts with respect to, and issue bonds on behalf of, nonprofit organizations, including the issuance of qualified 501(c)(3) bonds as defined in the Internal Revenue Code, 26 U.S.C. § 1 et seq.; (31) To make loans and enter into contracts with respect to, and issue bonds on behalf of, scientific and technical services businesses, technology-based enterprises, and tourism enterprises; (32) To administer the allocation of the state ceiling of private activity bonds, as that term is defined in the Tax Reform Act of 1986, which are subject to volume limitations under federal law, including particularly the limitations under 26 U.S.C. § 146 ; (33) To enter into an interest rate exchange agreement or similar agreement or contract; (34) Make, acquire, take, or purchase guaranteed education loans and education loans with the proceeds of bonds, notes, or any other funds of the authority available or any interest or participation in it: (A) In any amount; (B) At any price; and (C) Upon any terms and conditions the authority determines necessary; (35) Sell guaranteed educational loans or educational loans held by the authority to governmental or private financial institutions; (36) Borrow from governmental or private financial institutions against the security of the guaranteed educational loans or education loans: (A) In any amount; (B) At any price; and (C) Upon any terms and conditions the authority determines necessary; (37) Consent to the modification with respect to security, rate of interest, time of payment of interest or principal, or any other terms of an obligation, bond, note, contract, or agreement between the authority and the recipient or maker of the loan, obligation, bond, note holder, agency, or institution guaranteeing the repayment, purchasing, or selling of a guaranteed educational loan or education loan, when the authority determines it is necessary, subject to a contract with the holders of the bond holders, note holders, or contractees; (38) Collect fees and charges in connection with loans, commitments, and servicing, including without limitation the reimbursement of the cost of financing, as determined reasonable and approved by the authority; (39) Service student loan programs administered by the authority or in which the authority participates or make and execute contracts with an agency, financial institution, or corporation organized under the laws of any state, where the agency, financial institution, or corporation shall service student loan programs administered by the authority or in which the authority participates; (40) Enter into contracts with schools, lenders, individuals, corporations, other agencies of the state, other states, the United States Department of Education, and other agencies of the United States Government to service educational loans or guaranteed educational loans, regardless of where the loans originated; (41) Conduct studies and analyses of student loan funding needs within the state and options for meeting student loan funding needs; (42) Participate in nonprofit and private programs and federal and other governmental programs established for the purpose of the promotion and development of higher education, student loans, and related matters; (43) Enter into contracts to guarantee educational loans, establish reserve accounts related to guaranty agreements, and adopt rules and criteria for guaranties; and (44) Enter into contracts with schools, lenders, individuals, corporations, other agencies of the state, other states, the United States Department of Education, and other agencies of the United States Government for the purpose of the promotion and development of higher education, student loans, and related matters. (c) Applications filed with the authority for direct loans, tax credits, qualified investments, and requests for proposals shall be treated, handled, and considered in the same manner as loan applications under § 15-5-409 . Amended by Act 2019, No. 910,§ 438, eff. 7/1/2019. Amended by Act 2017, No. 824,§ 9, eff. 7/1/2017. Amended by Act 2017, No. 824,§ 8, eff. 7/1/2017. Amended by Act 2017, No. 824,§ 7, eff. 7/1/2017. Amended by Act 2017, No. 824,§ 6, eff. 7/1/2017. Amended by Act 2017, No. 824,§ 5, eff. 7/1/2017. Amended by Act 2017, No. 824,§ 4, eff. 7/1/2017. Amended by Act 2017, No. 824,§ 3, eff. 7/1/2017. Amended by Act 2015, No. 1060,§ 6, eff. 4/4/2015. Amended by Act 2015, No. 1060,§ 5, eff. 4/4/2015. Amended by Act 2015, No. 1060,§ 4, eff. 4/4/2015. Amended by Act 2013, No. 1252,§ 3, eff. 8/16/2013. Acts 1985, No. 1062, §§ 4.00, 5.00; 1986 (2nd Ex. Sess.), No. 18, § 1; A.S.A. 1947, §§ 13-2904, 13-2905; Acts 1987, No. 900, §§ 2-4; 1989, No. 836, § 4; 2001, No. 1044, § 6; 2003, No. 494, § 2; 2007, No. 593, § 1.

(a) The Arkansas Development Finance Authority shall have such rights, powers, and privileges and shall be subject to such duties as provided by this chapter.

(b) Except as otherwise limited by this chapter, the authority shall have the following powers: (1) To sue; (2) To be sued; (3) To have a seal and alter the seal at its pleasure; (4) To make and alter bylaws for its organization and internal management; (5) To make and issue such rules as may be necessary or convenient in order to carry out the purposes of this chapter; (6) To acquire, hold, and dispose of real and personal property for its corporate purposes; (7) [Repealed.] (8) To borrow money and to issue notes, bonds, and other obligations, whether or not the interest on which is subject to federal income taxation, and to provide for the rights of the lenders or holders thereof; (9) To issue bonds on behalf of state agencies and political subdivisions; (10) (A) To issue bonds to provide financing for a specific activity or particular project authorized under this chapter or to provide on a pooled or consolidated basis financing for activities or projects authorized under this chapter that shall be secured by and payable solely from all or any portion of the following: (i) Proceeds of the bonds; (ii) Reserves established in connection with the bonds; (iii) Lease or loan payments; (iv) Revenues of the authority that are not derived from appropriations; and (v) Obligations issued by or payable to the state agencies, political subdivisions of the state, or others for whose benefit the authority may issue bonds, and the security and sources of payments of the obligations. (B) (i) The authority may also issue bonds for the purpose of generating investment earnings or other income. (ii) The investment earnings or other income shall thereafter be used to finance activities or projects authorized in this section. (C) Prior to the engagement of a financial institution to serve as trustee, paying agent, or in any fiduciary capacity in connection with any program, indenture, or general resolution of the authority, the authority shall request proposals for services, and the selection of the financial institution shall be made on the basis of the response to such a request that is the most economical and in the best interest of the authority; (11) To purchase notes or participations in notes evidencing loans that are secured by mortgages or security interests and to enter into contracts in that regard, or to purchase accounts to finance working capital; (12) (A) To make secured or unsecured loans, including loans made to financial institutions to secure loans made by the financial institutions for qualifying agricultural business enterprises, capital improvements, educational facilities, energy enterprises, healthcare facilities, housing developments, industrial enterprises, and short-term advance funding of local government obligations. (B) Prior to the making of any loan for qualifying agricultural business enterprises or industrial enterprises, the loan transaction shall be recommended to the authority by a financial institution or investment banker; (13) To sell mortgages and security interests at public or private sale, to negotiate modifications or alterations in mortgage and security interests, to foreclose on any mortgage or security interest in default or commence any action to protect or enforce any right conferred upon it by any law, mortgage, security agreement, contract, or other agreement, and to bid for and purchase property that was the subject of such a mortgage or security interest at any foreclosure or at any other sale, to acquire or take possession of any such property, and to exercise any and all rights as provided by law for the benefit or protection of the authority or mortgage holders; (14) To collect fees and charges in connection with its loans, bond guaranties, commitments, and servicing, including, but not limited to, reimbursement of costs of financing as the authority shall determine to be reasonable and as shall be approved by the authority; (15) To make and execute contracts for the servicing of mortgages acquired by the authority pursuant to this chapter and to pay the reasonable value of services rendered to the authority pursuant to those contracts; (16) To accept gifts, grants, loans, and other aid from the United States Government, the state or any state agency, or any political subdivision of the state, or any person or corporation, foundation, or legal entity and to agree to and comply with any conditions attached to federal and state financial assistance not inconsistent with the provisions of this chapter; (17) To invest moneys of the authority, including proceeds from the sale of any bonds, in such manner as the Board of Directors of the Arkansas Development Finance Authority shall determine, subject to any agreement with bondholders stated in the authorizing resolution, as defined in § 15-5-309 , providing for the issuance of bonds; (18) To procure insurance against any loss in connection with its programs, property, and other assets; (19) To provide technical assistance and advice to the state, political subdivisions of the state, and local governing authorities and to enter into contracts with the state, political subdivisions of the state, and local governing authorities to provide such services. The state, political subdivisions of the state, and local governing authorities are authorized to enter into contracts with the authority for such services and to pay for such services as may be provided them; (20) (A) To contract, cooperate, or join with any one (1) or more other governments or public agencies or with any political subdivisions of the state or with the United States to perform any administrative service, activity, or undertaking that any such contracting party is authorized by law to perform, including the issuance of bonds. (B) An "intergovernmental agreement" is defined as any service contract entered into by a contracting party that establishes a permanent perpetual relationship thereby obligating the financial resources of the contracting party. (C) As used in this chapter, "permanent or perpetual relationship" means any agreement exhibiting an effective duration greater than one (1) year, twelve (12) calendar months, or an agreement exhibiting no fixed duration but when the apparent intent of such an agreement is to establish a permanent or perpetual relationship. Such intergovernmental agreements shall be authorized by ordinance or resolution of the contracting party. Any intergovernmental agreement enacted may provide for the contracting party to: (i) Cooperate in the exercise of any function, power, or responsibility; (ii) Share the services of any officer, department, board, employee, or facility; and (iii) Transfer or delegate any function, power, responsibility, or duty. (D) An intergovernmental agreement shall be authorized and approved by the governing body of each party to the intergovernmental agreement, shall set forth fully the purposes, powers, rights, obligations, and responsibilities of the contracting parties, and shall specify the following: (i) Its duration; (ii) The precise organization, composition, and nature of any separate legal entity created; (iii) The purpose or purposes of the intergovernmental agreement; (iv) The manner of financing the joint or cooperative undertaking and establishing and maintaining a budget; (v) The permissible method or methods to be employed in accomplishing the partial or complete termination of an intergovernmental agreement and for disposing of property upon partial or complete termination. The method or methods for termination shall include a requirement of six (6) months' written notification of the intent to withdraw by the governing body of the public agency wishing to withdraw; (vi) Provision for an administrator or a joint board responsible for administering the joint or cooperative undertaking, including representation of the contracting parties on the joint board; (vii) The manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking; and (viii) Any other necessary and proper matters. (E) (i) Every intergovernmental agreement prior to and as a condition precedent to its final adoption and performance shall be submitted to the Attorney General, who shall determine whether the intergovernmental agreement is in proper form and compatible with the laws of the State of Arkansas. (ii) The Attorney General shall approve any intergovernmental agreement submitted to him or her unless he or she finds it does not meet the conditions set forth in this section and shall detail in writing addressed to the governing bodies of the public agencies concerned the specific respects in which the proposed intergovernmental agreement fails to meet the requirements of law. (iii) Failure to disapprove an intergovernmental agreement within thirty (30) days of its submission shall constitute approval; (21) To undertake and carry out studies and analyses of agricultural business, industrial, health care, housing, energy, educational, capital improvement, and local governments' short-term advance funding needs within the state and ways of meeting such needs; (22) To establish accounts in one (1) or more depositories; (23) To lease, acquire, construct, sell, and otherwise deal in and contract concerning any facilities; (24) To accept funds for and participate in federal and other governmental programs established for the purpose of the promotion and development of agricultural business, industry, the provision of decent, safe, and sanitary housing, health care, education, tourism, capital improvements, and related matters; (25) To have and exercise all of the powers granted to the public housing authorities by the state, except that the authority shall not have the power of eminent domain; (26) To do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this chapter; (27) (A) To assist minority businesses in obtaining loans or other means of financial assistance. (B) The terms and conditions of such loans or financial assistance, including the charges for interest and other services, will be consistent with the provisions of this chapter. (C) In order to comply with this requirement, efforts must be made to solicit for review and analysis proposed minority business ventures. (D) Be it further provided that basic loan underwriting standards will not be waived to inconsistently favor minority persons or businesses from the intent of the authority's lending practices; (28) To create nonprofit corporations that shall have such purposes and powers as the board shall determine, to assist in carrying out the purposes of this chapter, and to provide technical, administrative, and financial assistance to those nonprofit corporations; (29) To make secured or unsecured loans to or to guarantee the payment of loans made to businesses for the purpose of financing the export of goods to foreign countries if the board shall first find that a substantial portion of the value of those goods prior to export has been or will be added in the state; (30) To make loans and enter into contracts with respect to, and issue bonds on behalf of, nonprofit organizations, including the issuance of qualified 501(c)(3) bonds as defined in the Internal Revenue Code, 26 U.S.C. § 1 et seq.; (31) To make loans and enter into contracts with respect to, and issue bonds on behalf of, scientific and technical services businesses, technology-based enterprises, and tourism enterprises; (32) To administer the allocation of the state ceiling of private activity bonds, as that term is defined in the Tax Reform Act of 1986, which are subject to volume limitations under federal law, including particularly the limitations under 26 U.S.C. § 146 ; (33) To enter into an interest rate exchange agreement or similar agreement or contract; (34) Make, acquire, take, or purchase guaranteed education loans and education loans with the proceeds of bonds, notes, or any other funds of the authority available or any interest or participation in it: (A) In any amount; (B) At any price; and (C) Upon any terms and conditions the authority determines necessary; (35) Sell guaranteed educational loans or educational loans held by the authority to governmental or private financial institutions; (36) Borrow from governmental or private financial institutions against the security of the guaranteed educational loans or education loans: (A) In any amount; (B) At any price; and (C) Upon any terms and conditions the authority determines necessary; (37) Consent to the modification with respect to security, rate of interest, time of payment of interest or principal, or any other terms of an obligation, bond, note, contract, or agreement between the authority and the recipient or maker of the loan, obligation, bond, note holder, agency, or institution guaranteeing the repayment, purchasing, or selling of a guaranteed educational loan or education loan, when the authority determines it is necessary, subject to a contract with the holders of the bond holders, note holders, or contractees; (38) Collect fees and charges in connection with loans, commitments, and servicing, including without limitation the reimbursement of the cost of financing, as determined reasonable and approved by the authority; (39) Service student loan programs administered by the authority or in which the authority participates or make and execute contracts with an agency, financial institution, or corporation organized under the laws of any state, where the agency, financial institution, or corporation shall service student loan programs administered by the authority or in which the authority participates; (40) Enter into contracts with schools, lenders, individuals, corporations, other agencies of the state, other states, the United States Department of Education, and other agencies of the United States Government to service educational loans or guaranteed educational loans, regardless of where the loans originated; (41) Conduct studies and analyses of student loan funding needs within the state and options for meeting student loan funding needs; (42) Participate in nonprofit and private programs and federal and other governmental programs established for the purpose of the promotion and development of higher education, student loans, and related matters; (43) Enter into contracts to guarantee educational loans, establish reserve accounts related to guaranty agreements, and adopt rules and criteria for guaranties; and (44) Enter into contracts with schools, lenders, individuals, corporations, other agencies of the state, other states, the United States Department of Education, and other agencies of the United States Government for the purpose of the promotion and development of higher education, student loans, and related matters.

(1) To sue;

(2) To be sued;

(3) To have a seal and alter the seal at its pleasure;

(4) To make and alter bylaws for its organization and internal management;

(5) To make and issue such rules as may be necessary or convenient in order to carry out the purposes of this chapter;

(6) To acquire, hold, and dispose of real and personal property for its corporate purposes;

(7) [Repealed.]

(8) To borrow money and to issue notes, bonds, and other obligations, whether or not the interest on which is subject to federal income taxation, and to provide for the rights of the lenders or holders thereof;

(9) To issue bonds on behalf of state agencies and political subdivisions;

(10) (A) To issue bonds to provide financing for a specific activity or particular project authorized under this chapter or to provide on a pooled or consolidated basis financing for activities or projects authorized under this chapter that shall be secured by and payable solely from all or any portion of the following: (i) Proceeds of the bonds; (ii) Reserves established in connection with the bonds; (iii) Lease or loan payments; (iv) Revenues of the authority that are not derived from appropriations; and (v) Obligations issued by or payable to the state agencies, political subdivisions of the state, or others for whose benefit the authority may issue bonds, and the security and sources of payments of the obligations. (B) (i) The authority may also issue bonds for the purpose of generating investment earnings or other income. (ii) The investment earnings or other income shall thereafter be used to finance activities or projects authorized in this section. (C) Prior to the engagement of a financial institution to serve as trustee, paying agent, or in any fiduciary capacity in connection with any program, indenture, or general resolution of the authority, the authority shall request proposals for services, and the selection of the financial institution shall be made on the basis of the response to such a request that is the most economical and in the best interest of the authority;

(A) To issue bonds to provide financing for a specific activity or particular project authorized under this chapter or to provide on a pooled or consolidated basis financing for activities or projects authorized under this chapter that shall be secured by and payable solely from all or any portion of the following: (i) Proceeds of the bonds; (ii) Reserves established in connection with the bonds; (iii) Lease or loan payments; (iv) Revenues of the authority that are not derived from appropriations; and (v) Obligations issued by or payable to the state agencies, political subdivisions of the state, or others for whose benefit the authority may issue bonds, and the security and sources of payments of the obligations.

(i) Proceeds of the bonds;

(ii) Reserves established in connection with the bonds;

(iii) Lease or loan payments;

(iv) Revenues of the authority that are not derived from appropriations; and

(v) Obligations issued by or payable to the state agencies, political subdivisions of the state, or others for whose benefit the authority may issue bonds, and the security and sources of payments of the obligations.

(B) (i) The authority may also issue bonds for the purpose of generating investment earnings or other income. (ii) The investment earnings or other income shall thereafter be used to finance activities or projects authorized in this section.

(i) The authority may also issue bonds for the purpose of generating investment earnings or other income.

(ii) The investment earnings or other income shall thereafter be used to finance activities or projects authorized in this section.

(C) Prior to the engagement of a financial institution to serve as trustee, paying agent, or in any fiduciary capacity in connection with any program, indenture, or general resolution of the authority, the authority shall request proposals for services, and the selection of the financial institution shall be made on the basis of the response to such a request that is the most economical and in the best interest of the authority;

(11) To purchase notes or participations in notes evidencing loans that are secured by mortgages or security interests and to enter into contracts in that regard, or to purchase accounts to finance working capital;

(12) (A) To make secured or unsecured loans, including loans made to financial institutions to secure loans made by the financial institutions for qualifying agricultural business enterprises, capital improvements, educational facilities, energy enterprises, healthcare facilities, housing developments, industrial enterprises, and short-term advance funding of local government obligations. (B) Prior to the making of any loan for qualifying agricultural business enterprises or industrial enterprises, the loan transaction shall be recommended to the authority by a financial institution or investment banker;

(A) To make secured or unsecured loans, including loans made to financial institutions to secure loans made by the financial institutions for qualifying agricultural business enterprises, capital improvements, educational facilities, energy enterprises, healthcare facilities, housing developments, industrial enterprises, and short-term advance funding of local government obligations.

(B) Prior to the making of any loan for qualifying agricultural business enterprises or industrial enterprises, the loan transaction shall be recommended to the authority by a financial institution or investment banker;

(13) To sell mortgages and security interests at public or private sale, to negotiate modifications or alterations in mortgage and security interests, to foreclose on any mortgage or security interest in default or commence any action to protect or enforce any right conferred upon it by any law, mortgage, security agreement, contract, or other agreement, and to bid for and purchase property that was the subject of such a mortgage or security interest at any foreclosure or at any other sale, to acquire or take possession of any such property, and to exercise any and all rights as provided by law for the benefit or protection of the authority or mortgage holders;

(14) To collect fees and charges in connection with its loans, bond guaranties, commitments, and servicing, including, but not limited to, reimbursement of costs of financing as the authority shall determine to be reasonable and as shall be approved by the authority;

(15) To make and execute contracts for the servicing of mortgages acquired by the authority pursuant to this chapter and to pay the reasonable value of services rendered to the authority pursuant to those contracts;

(16) To accept gifts, grants, loans, and other aid from the United States Government, the state or any state agency, or any political subdivision of the state, or any person or corporation, foundation, or legal entity and to agree to and comply with any conditions attached to federal and state financial assistance not inconsistent with the provisions of this chapter;

(17) To invest moneys of the authority, including proceeds from the sale of any bonds, in such manner as the Board of Directors of the Arkansas Development Finance Authority shall determine, subject to any agreement with bondholders stated in the authorizing resolution, as defined in § 15-5-309 , providing for the issuance of bonds;

(18) To procure insurance against any loss in connection with its programs, property, and other assets;

(19) To provide technical assistance and advice to the state, political subdivisions of the state, and local governing authorities and to enter into contracts with the state, political subdivisions of the state, and local governing authorities to provide such services. The state, political subdivisions of the state, and local governing authorities are authorized to enter into contracts with the authority for such services and to pay for such services as may be provided them;

(20) (A) To contract, cooperate, or join with any one (1) or more other governments or public agencies or with any political subdivisions of the state or with the United States to perform any administrative service, activity, or undertaking that any such contracting party is authorized by law to perform, including the issuance of bonds. (B) An "intergovernmental agreement" is defined as any service contract entered into by a contracting party that establishes a permanent perpetual relationship thereby obligating the financial resources of the contracting party. (C) As used in this chapter, "permanent or perpetual relationship" means any agreement exhibiting an effective duration greater than one (1) year, twelve (12) calendar months, or an agreement exhibiting no fixed duration but when the apparent intent of such an agreement is to establish a permanent or perpetual relationship. Such intergovernmental agreements shall be authorized by ordinance or resolution of the contracting party. Any intergovernmental agreement enacted may provide for the contracting party to: (i) Cooperate in the exercise of any function, power, or responsibility; (ii) Share the services of any officer, department, board, employee, or facility; and (iii) Transfer or delegate any function, power, responsibility, or duty. (D) An intergovernmental agreement shall be authorized and approved by the governing body of each party to the intergovernmental agreement, shall set forth fully the purposes, powers, rights, obligations, and responsibilities of the contracting parties, and shall specify the following: (i) Its duration; (ii) The precise organization, composition, and nature of any separate legal entity created; (iii) The purpose or purposes of the intergovernmental agreement; (iv) The manner of financing the joint or cooperative undertaking and establishing and maintaining a budget; (v) The permissible method or methods to be employed in accomplishing the partial or complete termination of an intergovernmental agreement and for disposing of property upon partial or complete termination. The method or methods for termination shall include a requirement of six (6) months' written notification of the intent to withdraw by the governing body of the public agency wishing to withdraw; (vi) Provision for an administrator or a joint board responsible for administering the joint or cooperative undertaking, including representation of the contracting parties on the joint board; (vii) The manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking; and (viii) Any other necessary and proper matters. (E) (i) Every intergovernmental agreement prior to and as a condition precedent to its final adoption and performance shall be submitted to the Attorney General, who shall determine whether the intergovernmental agreement is in proper form and compatible with the laws of the State of Arkansas. (ii) The Attorney General shall approve any intergovernmental agreement submitted to him or her unless he or she finds it does not meet the conditions set forth in this section and shall detail in writing addressed to the governing bodies of the public agencies concerned the specific respects in which the proposed intergovernmental agreement fails to meet the requirements of law. (iii) Failure to disapprove an intergovernmental agreement within thirty (30) days of its submission shall constitute approval;

(A) To contract, cooperate, or join with any one (1) or more other governments or public agencies or with any political subdivisions of the state or with the United States to perform any administrative service, activity, or undertaking that any such contracting party is authorized by law to perform, including the issuance of bonds.

(B) An "intergovernmental agreement" is defined as any service contract entered into by a contracting party that establishes a permanent perpetual relationship thereby obligating the financial resources of the contracting party.

(C) As used in this chapter, "permanent or perpetual relationship" means any agreement exhibiting an effective duration greater than one (1) year, twelve (12) calendar months, or an agreement exhibiting no fixed duration but when the apparent intent of such an agreement is to establish a permanent or perpetual relationship. Such intergovernmental agreements shall be authorized by ordinance or resolution of the contracting party. Any intergovernmental agreement enacted may provide for the contracting party to: (i) Cooperate in the exercise of any function, power, or responsibility; (ii) Share the services of any officer, department, board, employee, or facility; and (iii) Transfer or delegate any function, power, responsibility, or duty.

(i) Cooperate in the exercise of any function, power, or responsibility;

(ii) Share the services of any officer, department, board, employee, or facility; and

(iii) Transfer or delegate any function, power, responsibility, or duty.

(D) An intergovernmental agreement shall be authorized and approved by the governing body of each party to the intergovernmental agreement, shall set forth fully the purposes, powers, rights, obligations, and responsibilities of the contracting parties, and shall specify the following: (i) Its duration; (ii) The precise organization, composition, and nature of any separate legal entity created; (iii) The purpose or purposes of the intergovernmental agreement; (iv) The manner of financing the joint or cooperative undertaking and establishing and maintaining a budget; (v) The permissible method or methods to be employed in accomplishing the partial or complete termination of an intergovernmental agreement and for disposing of property upon partial or complete termination. The method or methods for termination shall include a requirement of six (6) months' written notification of the intent to withdraw by the governing body of the public agency wishing to withdraw; (vi) Provision for an administrator or a joint board responsible for administering the joint or cooperative undertaking, including representation of the contracting parties on the joint board; (vii) The manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking; and (viii) Any other necessary and proper matters.

(i) Its duration;

(ii) The precise organization, composition, and nature of any separate legal entity created;

(iii) The purpose or purposes of the intergovernmental agreement;

(iv) The manner of financing the joint or cooperative undertaking and establishing and maintaining a budget;

(v) The permissible method or methods to be employed in accomplishing the partial or complete termination of an intergovernmental agreement and for disposing of property upon partial or complete termination. The method or methods for termination shall include a requirement of six (6) months' written notification of the intent to withdraw by the governing body of the public agency wishing to withdraw;

(vi) Provision for an administrator or a joint board responsible for administering the joint or cooperative undertaking, including representation of the contracting parties on the joint board;

(vii) The manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking; and

(viii) Any other necessary and proper matters.

(E) (i) Every intergovernmental agreement prior to and as a condition precedent to its final adoption and performance shall be submitted to the Attorney General, who shall determine whether the intergovernmental agreement is in proper form and compatible with the laws of the State of Arkansas. (ii) The Attorney General shall approve any intergovernmental agreement submitted to him or her unless he or she finds it does not meet the conditions set forth in this section and shall detail in writing addressed to the governing bodies of the public agencies concerned the specific respects in which the proposed intergovernmental agreement fails to meet the requirements of law. (iii) Failure to disapprove an intergovernmental agreement within thirty (30) days of its submission shall constitute approval;

(i) Every intergovernmental agreement prior to and as a condition precedent to its final adoption and performance shall be submitted to the Attorney General, who shall determine whether the intergovernmental agreement is in proper form and compatible with the laws of the State of Arkansas.

(ii) The Attorney General shall approve any intergovernmental agreement submitted to him or her unless he or she finds it does not meet the conditions set forth in this section and shall detail in writing addressed to the governing bodies of the public agencies concerned the specific respects in which the proposed intergovernmental agreement fails to meet the requirements of law.

(iii) Failure to disapprove an intergovernmental agreement within thirty (30) days of its submission shall constitute approval;

(21) To undertake and carry out studies and analyses of agricultural business, industrial, health care, housing, energy, educational, capital improvement, and local governments' short-term advance funding needs within the state and ways of meeting such needs;

(22) To establish accounts in one (1) or more depositories;

(23) To lease, acquire, construct, sell, and otherwise deal in and contract concerning any facilities;

(24) To accept funds for and participate in federal and other governmental programs established for the purpose of the promotion and development of agricultural business, industry, the provision of decent, safe, and sanitary housing, health care, education, tourism, capital improvements, and related matters;

(25) To have and exercise all of the powers granted to the public housing authorities by the state, except that the authority shall not have the power of eminent domain;

(26) To do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this chapter;

(27) (A) To assist minority businesses in obtaining loans or other means of financial assistance. (B) The terms and conditions of such loans or financial assistance, including the charges for interest and other services, will be consistent with the provisions of this chapter. (C) In order to comply with this requirement, efforts must be made to solicit for review and analysis proposed minority business ventures. (D) Be it further provided that basic loan underwriting standards will not be waived to inconsistently favor minority persons or businesses from the intent of the authority's lending practices;

(A) To assist minority businesses in obtaining loans or other means of financial assistance.

(B) The terms and conditions of such loans or financial assistance, including the charges for interest and other services, will be consistent with the provisions of this chapter.

(C) In order to comply with this requirement, efforts must be made to solicit for review and analysis proposed minority business ventures.

(D) Be it further provided that basic loan underwriting standards will not be waived to inconsistently favor minority persons or businesses from the intent of the authority's lending practices;

(28) To create nonprofit corporations that shall have such purposes and powers as the board shall determine, to assist in carrying out the purposes of this chapter, and to provide technical, administrative, and financial assistance to those nonprofit corporations;

(29) To make secured or unsecured loans to or to guarantee the payment of loans made to businesses for the purpose of financing the export of goods to foreign countries if the board shall first find that a substantial portion of the value of those goods prior to export has been or will be added in the state;

(30) To make loans and enter into contracts with respect to, and issue bonds on behalf of, nonprofit organizations, including the issuance of qualified 501(c)(3) bonds as defined in the Internal Revenue Code, 26 U.S.C. § 1 et seq.;

(31) To make loans and enter into contracts with respect to, and issue bonds on behalf of, scientific and technical services businesses, technology-based enterprises, and tourism enterprises;

(32) To administer the allocation of the state ceiling of private activity bonds, as that term is defined in the Tax Reform Act of 1986, which are subject to volume limitations under federal law, including particularly the limitations under 26 U.S.C. § 146 ;

(33) To enter into an interest rate exchange agreement or similar agreement or contract;

(34) Make, acquire, take, or purchase guaranteed education loans and education loans with the proceeds of bonds, notes, or any other funds of the authority available or any interest or participation in it: (A) In any amount; (B) At any price; and (C) Upon any terms and conditions the authority determines necessary;

(A) In any amount;

(B) At any price; and

(C) Upon any terms and conditions the authority determines necessary;

(35) Sell guaranteed educational loans or educational loans held by the authority to governmental or private financial institutions;

(36) Borrow from governmental or private financial institutions against the security of the guaranteed educational loans or education loans: (A) In any amount; (B) At any price; and (C) Upon any terms and conditions the authority determines necessary;

(A) In any amount;

(B) At any price; and

(C) Upon any terms and conditions the authority determines necessary;

(37) Consent to the modification with respect to security, rate of interest, time of payment of interest or principal, or any other terms of an obligation, bond, note, contract, or agreement between the authority and the recipient or maker of the loan, obligation, bond, note holder, agency, or institution guaranteeing the repayment, purchasing, or selling of a guaranteed educational loan or education loan, when the authority determines it is necessary, subject to a contract with the holders of the bond holders, note holders, or contractees;

(38) Collect fees and charges in connection with loans, commitments, and servicing, including without limitation the reimbursement of the cost of financing, as determined reasonable and approved by the authority;

(39) Service student loan programs administered by the authority or in which the authority participates or make and execute contracts with an agency, financial institution, or corporation organized under the laws of any state, where the agency, financial institution, or corporation shall service student loan programs administered by the authority or in which the authority participates;

(40) Enter into contracts with schools, lenders, individuals, corporations, other agencies of the state, other states, the United States Department of Education, and other agencies of the United States Government to service educational loans or guaranteed educational loans, regardless of where the loans originated;

(41) Conduct studies and analyses of student loan funding needs within the state and options for meeting student loan funding needs;

(42) Participate in nonprofit and private programs and federal and other governmental programs established for the purpose of the promotion and development of higher education, student loans, and related matters;

(43) Enter into contracts to guarantee educational loans, establish reserve accounts related to guaranty agreements, and adopt rules and criteria for guaranties; and

(44) Enter into contracts with schools, lenders, individuals, corporations, other agencies of the state, other states, the United States Department of Education, and other agencies of the United States Government for the purpose of the promotion and development of higher education, student loans, and related matters.

(c) Applications filed with the authority for direct loans, tax credits, qualified investments, and requests for proposals shall be treated, handled, and considered in the same manner as loan applications under § 15-5-409 .

Amended by Act 2019, No. 910,§ 438, eff. 7/1/2019.

Amended by Act 2017, No. 824,§ 9, eff. 7/1/2017.

Amended by Act 2017, No. 824,§ 8, eff. 7/1/2017.

Amended by Act 2017, No. 824,§ 7, eff. 7/1/2017.

Amended by Act 2017, No. 824,§ 6, eff. 7/1/2017.

Amended by Act 2017, No. 824,§ 5, eff. 7/1/2017.

Amended by Act 2017, No. 824,§ 4, eff. 7/1/2017.

Amended by Act 2017, No. 824,§ 3, eff. 7/1/2017.

Amended by Act 2015, No. 1060,§ 6, eff. 4/4/2015.

Amended by Act 2015, No. 1060,§ 5, eff. 4/4/2015.

Amended by Act 2015, No. 1060,§ 4, eff. 4/4/2015.

Amended by Act 2013, No. 1252,§ 3, eff. 8/16/2013.

Acts 1985, No. 1062, §§ 4.00, 5.00; 1986 (2nd Ex. Sess.), No. 18, § 1; A.S.A. 1947, §§ 13-2904, 13-2905; Acts 1987, No. 900, §§ 2-4; 1989, No. 836, § 4; 2001, No. 1044, § 6; 2003, No. 494, § 2; 2007, No. 593, § 1.
Ark. Code Ann. § 15-3-402 — AR Code / Title 15 / Chapter 3 / Subchapter 4 / Section 15-3-402
Application for funding
Status: in_force

(a) The Arkansas Economic Development Commission shall make available forms upon which a business eligible for a grant under § 15-3-403 may apply for a grant to support the hiring of postdoctoral science and engineering graduates to work in areas of their expertise in Arkansas. (b) Within thirty (30) days of the receipt of an application, the commission shall notify the applicant whether: (1) The applicant meets the criteria for benefits; and (2) Funds are available to assist the business in the hiring of postdoctoral science and engineering graduates. Amended by Act 2015EX1, No. 8,§ 85, eff. 7/1/2015. Amended by Act 2015EX1, No. 7,§ 85, eff. 7/1/2015. Acts 2009, No. 463, § 1.

(a) The Arkansas Economic Development Commission shall make available forms upon which a business eligible for a grant under § 15-3-403 may apply for a grant to support the hiring of postdoctoral science and engineering graduates to work in areas of their expertise in Arkansas.

(b) Within thirty (30) days of the receipt of an application, the commission shall notify the applicant whether: (1) The applicant meets the criteria for benefits; and (2) Funds are available to assist the business in the hiring of postdoctoral science and engineering graduates.

(1) The applicant meets the criteria for benefits; and

(2) Funds are available to assist the business in the hiring of postdoctoral science and engineering graduates.

Amended by Act 2015EX1, No. 8,§ 85, eff. 7/1/2015.

Amended by Act 2015EX1, No. 7,§ 85, eff. 7/1/2015.

Acts 2009, No. 463, § 1.
Ark. Code Ann. § 15-72-102 — AR Code / Title 15 / Chapter 72 / Subchapter 1 / Section 15-72-102
Definitions
Status: in_force

As used in this act: (1) "Commission" means the Oil and Gas Commission; (2) (A) "Field" means the general area which is underlaid or appears to be underlaid by at least one (1) pool. "Field" includes the underground reservoir or reservoirs containing crude petroleum oil or natural gas, or both. (B) (i) The words "field" and "pool" mean the same thing when only one (1) underground reservoir is involved. (ii) However, "field", unlike "pool", may relate to two (2) or more pools; (3) "Gas" means all natural gas, including casing-head gas, and all other hydrocarbons not defined as oil in subdivision (7) of this section; (4) "Illegal gas" means gas which has been produced within the State of Arkansas from any well during any time that that well has produced in excess of the amount allowed by any rule or order of the commission, as distinguished from gas produced within the State of Arkansas from a well not producing in excess of the amount so allowed, which is "legal gas"; (5) "Illegal oil" means oil which has been produced within the State of Arkansas from any well during any time that that well has produced in excess of the amount allowed by rule or order of the commission, as distinguished from oil produced within the State of Arkansas from a well not producing in excess of the amount so allowed, which is "legal oil"; (6) "Illegal product" means any product of oil or gas, any part of which was processed or derived, in whole or in part, from illegal oil or illegal gas or from any product thereof as distinguished from "legal product", which is a product processed or derived to no extent from illegal oil or illegal gas; (7) "Oil" means crude petroleum oil and other hydrocarbons, regardless of gravity, which are produced at the well in liquid form by ordinary production methods and which are not the result of condensation of gas after it leaves the reservoir; (8) "Operator" means the person who has the right as an owner or by agreement with an owner to enter upon the lands of another for the purposes of exploring, drilling, and developing for the production of brine, oil, gas, and all other petroleum hydrocarbons; (9) "Owner" means the person who has the right to drill into and to produce from any pool and to appropriate the production either for himself or herself, or for himself or herself and another, or others; (10) "Person" means any natural person, corporation, association, partnership, receiver, trustee, guardian, executor, administrator, fiduciary, federal agency, or representative of any kind; (11) (A) "Pool" means an underground reservoir containing a common accumulation of crude petroleum oil or natural gas, or both. (B) Each zone of a general structure which is completely separated from any other zone in the structure is covered by the term "pool"; (12) "Producer" means the owner of wells capable of producing oil or gas, or both; (13) "Product" means any commodity made from oil or gas and includes refined crude oil, crude tops, topped crude, processed crude petroleum, residue from crude petroleum, cracking stock, uncracked fuel oil, fuel oil, treated crude oil, residuum, gas oil, casing-head gasoline, natural gas gasoline, naphtha, distillate, gasoline, kerosene, benzene, wash oil, waste oil, blended gasoline, lubricating oil, blends or mixtures of oil with one (1) or more liquid products or by-products derived from oil or gas, and blends or mixtures of two (2) or more liquid products or by-products derived from oil or gas, whether enumerated in this subdivision (13) or not; (14) "Tender" means a permit or certificate of clearance for the transportation of oil, gas, or products approved and issued or registered under the authority of the commission; and (15) "Waste", in addition to its ordinary meaning, means "physical waste" as that term is generally understood in the oil and gas industry. "Waste" includes: (A) The inefficient, excessive, or improper use or dissipation of reservoir energy and the locating, spacing, drilling, equipping, operating, or producing of any oil or gas well or wells in a manner which results, or tends to result, in reducing the quantity of oil or gas ultimately to be recovered from any pool in this state; (B) The inefficient storing of oil and the locating, spacing, drilling, equipping, operating, or producing of any oil or gas well or wells in a manner causing, or tending to cause, unnecessary or excessive surface loss or destruction of oil or gas; (C) Abuse of the correlative rights and opportunities of each owner of oil and gas in a common reservoir due to nonuniform, disproportionate, and unratable withdrawals causing undue drainage between tracts of land; (D) Producing oil or gas in such manner as to cause unnecessary water channeling or coning; (E) The operation of any oil well or wells with an inefficient gas-oil ratio; (F) The drowning with water of any stratum or part thereof capable of producing oil or gas; (G) Underground waste however caused and whether or not defined; (H) The creation of unnecessary fire hazards; (I) The escape into the open air of gas in excess of the amount that is necessary for the efficient drilling or operation of a well producing both oil and gas; (J) The use of gas for the manufacture of carbon black; and (K) Permitting gas produced from a gas well to escape into the air. Amended by Act 2019, No. 315,§ 1235, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 1234, eff. 7/24/2019. Acts 1939, No. 105, § 9; 1981, No. 523, § 2; A.S.A. 1947, § 53-109; Acts 2005, No. 137, § 1.

As used in this act:

(1) "Commission" means the Oil and Gas Commission;

(2) (A) "Field" means the general area which is underlaid or appears to be underlaid by at least one (1) pool. "Field" includes the underground reservoir or reservoirs containing crude petroleum oil or natural gas, or both. (B) (i) The words "field" and "pool" mean the same thing when only one (1) underground reservoir is involved. (ii) However, "field", unlike "pool", may relate to two (2) or more pools;

(A) "Field" means the general area which is underlaid or appears to be underlaid by at least one (1) pool. "Field" includes the underground reservoir or reservoirs containing crude petroleum oil or natural gas, or both.

(B) (i) The words "field" and "pool" mean the same thing when only one (1) underground reservoir is involved. (ii) However, "field", unlike "pool", may relate to two (2) or more pools;

(i) The words "field" and "pool" mean the same thing when only one (1) underground reservoir is involved.

(ii) However, "field", unlike "pool", may relate to two (2) or more pools;

(3) "Gas" means all natural gas, including casing-head gas, and all other hydrocarbons not defined as oil in subdivision (7) of this section;

(4) "Illegal gas" means gas which has been produced within the State of Arkansas from any well during any time that that well has produced in excess of the amount allowed by any rule or order of the commission, as distinguished from gas produced within the State of Arkansas from a well not producing in excess of the amount so allowed, which is "legal gas";

(5) "Illegal oil" means oil which has been produced within the State of Arkansas from any well during any time that that well has produced in excess of the amount allowed by rule or order of the commission, as distinguished from oil produced within the State of Arkansas from a well not producing in excess of the amount so allowed, which is "legal oil";

(6) "Illegal product" means any product of oil or gas, any part of which was processed or derived, in whole or in part, from illegal oil or illegal gas or from any product thereof as distinguished from "legal product", which is a product processed or derived to no extent from illegal oil or illegal gas;

(7) "Oil" means crude petroleum oil and other hydrocarbons, regardless of gravity, which are produced at the well in liquid form by ordinary production methods and which are not the result of condensation of gas after it leaves the reservoir;

(8) "Operator" means the person who has the right as an owner or by agreement with an owner to enter upon the lands of another for the purposes of exploring, drilling, and developing for the production of brine, oil, gas, and all other petroleum hydrocarbons;

(9) "Owner" means the person who has the right to drill into and to produce from any pool and to appropriate the production either for himself or herself, or for himself or herself and another, or others;

(10) "Person" means any natural person, corporation, association, partnership, receiver, trustee, guardian, executor, administrator, fiduciary, federal agency, or representative of any kind;

(11) (A) "Pool" means an underground reservoir containing a common accumulation of crude petroleum oil or natural gas, or both. (B) Each zone of a general structure which is completely separated from any other zone in the structure is covered by the term "pool";

(A) "Pool" means an underground reservoir containing a common accumulation of crude petroleum oil or natural gas, or both.

(B) Each zone of a general structure which is completely separated from any other zone in the structure is covered by the term "pool";

(12) "Producer" means the owner of wells capable of producing oil or gas, or both;

(13) "Product" means any commodity made from oil or gas and includes refined crude oil, crude tops, topped crude, processed crude petroleum, residue from crude petroleum, cracking stock, uncracked fuel oil, fuel oil, treated crude oil, residuum, gas oil, casing-head gasoline, natural gas gasoline, naphtha, distillate, gasoline, kerosene, benzene, wash oil, waste oil, blended gasoline, lubricating oil, blends or mixtures of oil with one (1) or more liquid products or by-products derived from oil or gas, and blends or mixtures of two (2) or more liquid products or by-products derived from oil or gas, whether enumerated in this subdivision (13) or not;

(14) "Tender" means a permit or certificate of clearance for the transportation of oil, gas, or products approved and issued or registered under the authority of the commission; and

(15) "Waste", in addition to its ordinary meaning, means "physical waste" as that term is generally understood in the oil and gas industry. "Waste" includes: (A) The inefficient, excessive, or improper use or dissipation of reservoir energy and the locating, spacing, drilling, equipping, operating, or producing of any oil or gas well or wells in a manner which results, or tends to result, in reducing the quantity of oil or gas ultimately to be recovered from any pool in this state; (B) The inefficient storing of oil and the locating, spacing, drilling, equipping, operating, or producing of any oil or gas well or wells in a manner causing, or tending to cause, unnecessary or excessive surface loss or destruction of oil or gas; (C) Abuse of the correlative rights and opportunities of each owner of oil and gas in a common reservoir due to nonuniform, disproportionate, and unratable withdrawals causing undue drainage between tracts of land; (D) Producing oil or gas in such manner as to cause unnecessary water channeling or coning; (E) The operation of any oil well or wells with an inefficient gas-oil ratio; (F) The drowning with water of any stratum or part thereof capable of producing oil or gas; (G) Underground waste however caused and whether or not defined; (H) The creation of unnecessary fire hazards; (I) The escape into the open air of gas in excess of the amount that is necessary for the efficient drilling or operation of a well producing both oil and gas; (J) The use of gas for the manufacture of carbon black; and (K) Permitting gas produced from a gas well to escape into the air.

(A) The inefficient, excessive, or improper use or dissipation of reservoir energy and the locating, spacing, drilling, equipping, operating, or producing of any oil or gas well or wells in a manner which results, or tends to result, in reducing the quantity of oil or gas ultimately to be recovered from any pool in this state;

(B) The inefficient storing of oil and the locating, spacing, drilling, equipping, operating, or producing of any oil or gas well or wells in a manner causing, or tending to cause, unnecessary or excessive surface loss or destruction of oil or gas;

(C) Abuse of the correlative rights and opportunities of each owner of oil and gas in a common reservoir due to nonuniform, disproportionate, and unratable withdrawals causing undue drainage between tracts of land;

(D) Producing oil or gas in such manner as to cause unnecessary water channeling or coning;

(E) The operation of any oil well or wells with an inefficient gas-oil ratio;

(F) The drowning with water of any stratum or part thereof capable of producing oil or gas;

(G) Underground waste however caused and whether or not defined;

(H) The creation of unnecessary fire hazards;

(I) The escape into the open air of gas in excess of the amount that is necessary for the efficient drilling or operation of a well producing both oil and gas;

(J) The use of gas for the manufacture of carbon black; and

(K) Permitting gas produced from a gas well to escape into the air.

Amended by Act 2019, No. 315,§ 1235, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 1234, eff. 7/24/2019.

Acts 1939, No. 105, § 9; 1981, No. 523, § 2; A.S.A. 1947, § 53-109; Acts 2005, No. 137, § 1.
Ark. Code Ann. § 15-11-511 — AR Code / Title 15 / Chapter 11 / Subchapter 5 / Section 15-11-511
Special rules - Qualified amusement parks - Definition
Status: in_force

(a) As used in this section, "qualified amusement park" means a commercial recreational activity that: (1) Operates at least three (3) consecutive months during a calendar year; (2) Offers rides, shows, games, and other diversions; (3) Otherwise qualifies as an approved company under § 15-11-503(2) ; (4) Operates within a designated area of not less than one hundred (100) acres; and (5) Has annual gross receipts from paid admissions of at least four million dollars ($4,000,000) during a calendar year. (b) (1) A qualified amusement park may claim the sales tax credit provided in § 15-11-507 against its liability for: (A) Gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq.; and (B) Tourism gross receipts tax levied under § 26-63-401 et seq. (2) A qualified amusement park may not claim the sales tax credit against any other taxes collected by the state other than as provided in this section. (3) An approved company other than a qualified amusement park may only claim the sales tax credit provided in § 15-11-507 against the gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq. (4) The sales tax credit provided in this section to a qualified amusement park may be carried forward and used in the same manner as provided in § 15-11-507(c) . (c) A qualified amusement park entitled to any unused sales tax credits on March 1, 2005, may use the sales tax credits to offset its liability for: (1) Gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., for the remaining carry-forward period as provided in § 15-11-507(c) and calculated from the date of original issuance of the sales tax credit memorandum; and (2) (A) Tourism gross receipts tax levied under § 26-63-401 et seq. for a period of ten (10) years beginning on March 1, 2005. (B) At the end of the ten-year period, the qualified amusement park shall not be allowed to use any unused credits against tourism gross receipts tax levied under § 26-63-401 et seq. (d) (1) Notwithstanding the other provisions of this subchapter, a qualified amusement park that on or after January 1, 2006, enters into an agreement that provides that the qualified amusement park shall expend approved costs of more than one million dollars ($1,000,000) shall be entitled to a sales tax credit if the qualified amusement park certifies to the Secretary of the Department of Finance and Administration that it has expended at least one million dollars ($1,000,000) in approved costs and the Director of the Arkansas Economic Development Commission certifies that the qualified amusement park is in compliance with this subchapter. (2) The secretary shall then issue a sales tax credit memorandum to the qualified amusement park equal to twenty-five percent (25%) of the approved costs. The sales tax credit memorandum may be used to offset the liability of the qualified amusement park for: (A) Gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq.; and (B) Tourism gross receipts tax levied under § 26-52-1001 et seq. [repealed]. (3) The secretary may require proof of expenditures. (4) Additional credit memoranda may be issued as the qualified amusement park certifies additional expenditures of approved costs. (5) (A) No sales tax credit memorandum shall be issued for any approved costs expended after the expiration of two (2) years from the date the agreement was signed by the director and the qualified amusement park. (B) However, the secretary, with the advice and consent of the director, may authorize sales tax credits for approved costs expended up to four (4) years from the date the agreement was signed if the director determines that the failure to complete the tourism attraction project within two (2) years resulted from: (i) Unanticipated and unavoidable delay in the construction of the tourism attraction project; (ii) The tourism attraction project, as originally planned, will require more than two (2) years to complete; or (iii) A change in business ownership or business structure resulting from a merger or an acquisition. (6) The credit memorandum issued pursuant to subdivision (d)(2) of this section may be used to offset one hundred percent (100%) of the reported state tax liability as provided in subdivision (d)(2) of this section of the qualified amusement park for all sales tax reporting periods following the issuance of the credit memorandum, subject to the following limitations: (A) Unused credits may be carried forward for a period of nine (9) years; and (B) All issued credit memoranda shall expire at the end of the month following the expiration of the agreement as provided in § 15-11-506 . (7) The approved company shall have no obligation to refund or otherwise return any amount of this credit to the person from whom the sales tax was collected. (8) By April 1 of each year, the secretary shall certify to the director the state sales tax liability of the qualified amusement parks receiving inducements under this section and the amount of state sales tax credits taken during the preceding calendar year. Amended by Act 2019, No. 910,§ 466, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 465, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 464, eff. 7/1/2019. Acts 2005, No. 241, § 2; 2007, No. 182, § 14; 2007, No. 1039, §§ 3, 4.

(a) As used in this section, "qualified amusement park" means a commercial recreational activity that: (1) Operates at least three (3) consecutive months during a calendar year; (2) Offers rides, shows, games, and other diversions; (3) Otherwise qualifies as an approved company under § 15-11-503(2) ; (4) Operates within a designated area of not less than one hundred (100) acres; and (5) Has annual gross receipts from paid admissions of at least four million dollars ($4,000,000) during a calendar year.

(1) Operates at least three (3) consecutive months during a calendar year;

(2) Offers rides, shows, games, and other diversions;

(3) Otherwise qualifies as an approved company under § 15-11-503(2) ;

(4) Operates within a designated area of not less than one hundred (100) acres; and

(5) Has annual gross receipts from paid admissions of at least four million dollars ($4,000,000) during a calendar year.

(b) (1) A qualified amusement park may claim the sales tax credit provided in § 15-11-507 against its liability for: (A) Gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq.; and (B) Tourism gross receipts tax levied under § 26-63-401 et seq. (2) A qualified amusement park may not claim the sales tax credit against any other taxes collected by the state other than as provided in this section. (3) An approved company other than a qualified amusement park may only claim the sales tax credit provided in § 15-11-507 against the gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq. (4) The sales tax credit provided in this section to a qualified amusement park may be carried forward and used in the same manner as provided in § 15-11-507(c) .

(1) A qualified amusement park may claim the sales tax credit provided in § 15-11-507 against its liability for: (A) Gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq.; and (B) Tourism gross receipts tax levied under § 26-63-401 et seq.

(A) Gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq.; and

(B) Tourism gross receipts tax levied under § 26-63-401 et seq.

(2) A qualified amusement park may not claim the sales tax credit against any other taxes collected by the state other than as provided in this section.

(3) An approved company other than a qualified amusement park may only claim the sales tax credit provided in § 15-11-507 against the gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq.

(4) The sales tax credit provided in this section to a qualified amusement park may be carried forward and used in the same manner as provided in § 15-11-507(c) .

(c) A qualified amusement park entitled to any unused sales tax credits on March 1, 2005, may use the sales tax credits to offset its liability for: (1) Gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., for the remaining carry-forward period as provided in § 15-11-507(c) and calculated from the date of original issuance of the sales tax credit memorandum; and (2) (A) Tourism gross receipts tax levied under § 26-63-401 et seq. for a period of ten (10) years beginning on March 1, 2005. (B) At the end of the ten-year period, the qualified amusement park shall not be allowed to use any unused credits against tourism gross receipts tax levied under § 26-63-401 et seq.

(1) Gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., for the remaining carry-forward period as provided in § 15-11-507(c) and calculated from the date of original issuance of the sales tax credit memorandum; and

(2) (A) Tourism gross receipts tax levied under § 26-63-401 et seq. for a period of ten (10) years beginning on March 1, 2005. (B) At the end of the ten-year period, the qualified amusement park shall not be allowed to use any unused credits against tourism gross receipts tax levied under § 26-63-401 et seq.

(A) Tourism gross receipts tax levied under § 26-63-401 et seq. for a period of ten (10) years beginning on March 1, 2005.

(B) At the end of the ten-year period, the qualified amusement park shall not be allowed to use any unused credits against tourism gross receipts tax levied under § 26-63-401 et seq.

(d) (1) Notwithstanding the other provisions of this subchapter, a qualified amusement park that on or after January 1, 2006, enters into an agreement that provides that the qualified amusement park shall expend approved costs of more than one million dollars ($1,000,000) shall be entitled to a sales tax credit if the qualified amusement park certifies to the Secretary of the Department of Finance and Administration that it has expended at least one million dollars ($1,000,000) in approved costs and the Director of the Arkansas Economic Development Commission certifies that the qualified amusement park is in compliance with this subchapter. (2) The secretary shall then issue a sales tax credit memorandum to the qualified amusement park equal to twenty-five percent (25%) of the approved costs. The sales tax credit memorandum may be used to offset the liability of the qualified amusement park for: (A) Gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq.; and (B) Tourism gross receipts tax levied under § 26-52-1001 et seq. [repealed]. (3) The secretary may require proof of expenditures. (4) Additional credit memoranda may be issued as the qualified amusement park certifies additional expenditures of approved costs. (5) (A) No sales tax credit memorandum shall be issued for any approved costs expended after the expiration of two (2) years from the date the agreement was signed by the director and the qualified amusement park. (B) However, the secretary, with the advice and consent of the director, may authorize sales tax credits for approved costs expended up to four (4) years from the date the agreement was signed if the director determines that the failure to complete the tourism attraction project within two (2) years resulted from: (i) Unanticipated and unavoidable delay in the construction of the tourism attraction project; (ii) The tourism attraction project, as originally planned, will require more than two (2) years to complete; or (iii) A change in business ownership or business structure resulting from a merger or an acquisition. (6) The credit memorandum issued pursuant to subdivision (d)(2) of this section may be used to offset one hundred percent (100%) of the reported state tax liability as provided in subdivision (d)(2) of this section of the qualified amusement park for all sales tax reporting periods following the issuance of the credit memorandum, subject to the following limitations: (A) Unused credits may be carried forward for a period of nine (9) years; and (B) All issued credit memoranda shall expire at the end of the month following the expiration of the agreement as provided in § 15-11-506 . (7) The approved company shall have no obligation to refund or otherwise return any amount of this credit to the person from whom the sales tax was collected. (8) By April 1 of each year, the secretary shall certify to the director the state sales tax liability of the qualified amusement parks receiving inducements under this section and the amount of state sales tax credits taken during the preceding calendar year.

(1) Notwithstanding the other provisions of this subchapter, a qualified amusement park that on or after January 1, 2006, enters into an agreement that provides that the qualified amusement park shall expend approved costs of more than one million dollars ($1,000,000) shall be entitled to a sales tax credit if the qualified amusement park certifies to the Secretary of the Department of Finance and Administration that it has expended at least one million dollars ($1,000,000) in approved costs and the Director of the Arkansas Economic Development Commission certifies that the qualified amusement park is in compliance with this subchapter.

(2) The secretary shall then issue a sales tax credit memorandum to the qualified amusement park equal to twenty-five percent (25%) of the approved costs. The sales tax credit memorandum may be used to offset the liability of the qualified amusement park for: (A) Gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq.; and (B) Tourism gross receipts tax levied under § 26-52-1001 et seq. [repealed].

(A) Gross receipts tax levied under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq.; and

(B) Tourism gross receipts tax levied under § 26-52-1001 et seq. [repealed].

(3) The secretary may require proof of expenditures.

(4) Additional credit memoranda may be issued as the qualified amusement park certifies additional expenditures of approved costs.

(5) (A) No sales tax credit memorandum shall be issued for any approved costs expended after the expiration of two (2) years from the date the agreement was signed by the director and the qualified amusement park. (B) However, the secretary, with the advice and consent of the director, may authorize sales tax credits for approved costs expended up to four (4) years from the date the agreement was signed if the director determines that the failure to complete the tourism attraction project within two (2) years resulted from: (i) Unanticipated and unavoidable delay in the construction of the tourism attraction project; (ii) The tourism attraction project, as originally planned, will require more than two (2) years to complete; or (iii) A change in business ownership or business structure resulting from a merger or an acquisition.

(A) No sales tax credit memorandum shall be issued for any approved costs expended after the expiration of two (2) years from the date the agreement was signed by the director and the qualified amusement park.

(B) However, the secretary, with the advice and consent of the director, may authorize sales tax credits for approved costs expended up to four (4) years from the date the agreement was signed if the director determines that the failure to complete the tourism attraction project within two (2) years resulted from: (i) Unanticipated and unavoidable delay in the construction of the tourism attraction project; (ii) The tourism attraction project, as originally planned, will require more than two (2) years to complete; or (iii) A change in business ownership or business structure resulting from a merger or an acquisition.

(i) Unanticipated and unavoidable delay in the construction of the tourism attraction project;

(ii) The tourism attraction project, as originally planned, will require more than two (2) years to complete; or

(iii) A change in business ownership or business structure resulting from a merger or an acquisition.

(6) The credit memorandum issued pursuant to subdivision (d)(2) of this section may be used to offset one hundred percent (100%) of the reported state tax liability as provided in subdivision (d)(2) of this section of the qualified amusement park for all sales tax reporting periods following the issuance of the credit memorandum, subject to the following limitations: (A) Unused credits may be carried forward for a period of nine (9) years; and (B) All issued credit memoranda shall expire at the end of the month following the expiration of the agreement as provided in § 15-11-506 .

(A) Unused credits may be carried forward for a period of nine (9) years; and

(B) All issued credit memoranda shall expire at the end of the month following the expiration of the agreement as provided in § 15-11-506 .

(7) The approved company shall have no obligation to refund or otherwise return any amount of this credit to the person from whom the sales tax was collected.

(8) By April 1 of each year, the secretary shall certify to the director the state sales tax liability of the qualified amusement parks receiving inducements under this section and the amount of state sales tax credits taken during the preceding calendar year.

Amended by Act 2019, No. 910,§ 466, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 465, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 464, eff. 7/1/2019.

Acts 2005, No. 241, § 2; 2007, No. 182, § 14; 2007, No. 1039, §§ 3, 4.
Ark. Code Ann. § 15-4-2014 — AR Code / Title 15 / Chapter 4 / Subchapter 20 / Section 15-4-2014
Supplemental tax credit
Status: in_force

(a) If the Director of the Arkansas Economic Development Commission receives an application for a tax incentive for tax credits under this subchapter that would exceed the amount of tax credits remaining to be issued in a fiscal year under § 15-4-2012 , the director may request that the Secretary of the Department of Commerce and Secretary of the Department of Finance and Administration approve supplemental tax credits to be issued in excess of the amount in § 15-4-2012 . (b) Supplemental tax credits under this section shall not exceed the amount in the Arkansas Supplemental Digital Product and Motion Picture Industry Development Trust Fund as certified by the Secretary of the Department of Finance and Administration. (c) (1) The Secretary of the Department of Commerce and the Secretary of the Department of Finance and Administration may jointly approve supplemental tax credits under this section if a cost-benefit analysis demonstrates that the issuance of the supplemental tax credits is in the prudent interests of the state. (2) The cost-benefit analysis conducted under subdivision (c)(1) of this section shall be: (A) Performed by the Director of the Arkansas Economic Development Commission or his or her designee; and (B) Confirmed by the Secretary of the Department of Finance and Administration or his or her designee. (d) Supplemental tax credits issued under this section shall be considered tax credits for the purposes of §§ 15-4-1212 and 15-4-1213 . Amended by Act 2023, No. 204,§ 10, eff. 8/1/2023. Added by Act 2021, No. 797,§ 11, eff. 7/28/2021.

(a) If the Director of the Arkansas Economic Development Commission receives an application for a tax incentive for tax credits under this subchapter that would exceed the amount of tax credits remaining to be issued in a fiscal year under § 15-4-2012 , the director may request that the Secretary of the Department of Commerce and Secretary of the Department of Finance and Administration approve supplemental tax credits to be issued in excess of the amount in § 15-4-2012 .

(b) Supplemental tax credits under this section shall not exceed the amount in the Arkansas Supplemental Digital Product and Motion Picture Industry Development Trust Fund as certified by the Secretary of the Department of Finance and Administration.

(c) (1) The Secretary of the Department of Commerce and the Secretary of the Department of Finance and Administration may jointly approve supplemental tax credits under this section if a cost-benefit analysis demonstrates that the issuance of the supplemental tax credits is in the prudent interests of the state. (2) The cost-benefit analysis conducted under subdivision (c)(1) of this section shall be: (A) Performed by the Director of the Arkansas Economic Development Commission or his or her designee; and (B) Confirmed by the Secretary of the Department of Finance and Administration or his or her designee.

(1) The Secretary of the Department of Commerce and the Secretary of the Department of Finance and Administration may jointly approve supplemental tax credits under this section if a cost-benefit analysis demonstrates that the issuance of the supplemental tax credits is in the prudent interests of the state.

(2) The cost-benefit analysis conducted under subdivision (c)(1) of this section shall be: (A) Performed by the Director of the Arkansas Economic Development Commission or his or her designee; and (B) Confirmed by the Secretary of the Department of Finance and Administration or his or her designee.

(A) Performed by the Director of the Arkansas Economic Development Commission or his or her designee; and

(B) Confirmed by the Secretary of the Department of Finance and Administration or his or her designee.

(d) Supplemental tax credits issued under this section shall be considered tax credits for the purposes of §§ 15-4-1212 and 15-4-1213 .

Amended by Act 2023, No. 204,§ 10, eff. 8/1/2023.

Added by Act 2021, No. 797,§ 11, eff. 7/28/2021.
Ark. Code Ann. § 15-3-607 — AR Code / Title 15 / Chapter 3 / Subchapter 6 / Section 15-3-607
Program funding
Status: in_force

Business and technology accelerator grants awarded under this subchapter are limited by the amount of funds allocated to the Arkansas Business and Technology Accelerator Grant Program created under this subchapter. Added by Act 2017, No. 165,§ 2, eff. 10/1/2017.

Business and technology accelerator grants awarded under this subchapter are limited by the amount of funds allocated to the Arkansas Business and Technology Accelerator Grant Program created under this subchapter.

Added by Act 2017, No. 165,§ 2, eff. 10/1/2017.
Ark. Code Ann. § 15-57-302 — AR Code / Title 15 / Chapter 57 / Subchapter 3 / Section 15-57-302
Declaration of policy
Status: in_force

It is declared to be the policy of this state to provide during and after completion of open-cut mining operations for the reclamation and restoration of affected lands to productive use, including, but not limited to, the planting of forests, the seeding of grasses and legumes for grazing purposes, the planting of crops for harvest, the enhancement of wildlife and aquatic resources, the establishment of recreational, home, and industrial sites, and the conservation, development, management, and appropriate use of all the natural resources of affected areas for compatible multiple purposes, in order to aid in maintaining or improving the tax base and protecting the health, safety, and general welfare of the people as well as the natural beauty and aesthetic value in the affected areas of this state. Acts 1991, No. 827, § 2.

It is declared to be the policy of this state to provide during and after completion of open-cut mining operations for the reclamation and restoration of affected lands to productive use, including, but not limited to, the planting of forests, the seeding of grasses and legumes for grazing purposes, the planting of crops for harvest, the enhancement of wildlife and aquatic resources, the establishment of recreational, home, and industrial sites, and the conservation, development, management, and appropriate use of all the natural resources of affected areas for compatible multiple purposes, in order to aid in maintaining or improving the tax base and protecting the health, safety, and general welfare of the people as well as the natural beauty and aesthetic value in the affected areas of this state.

Acts 1991, No. 827, § 2.
Ark. Code Ann. § 15-4-209 — AR Code / Title 15 / Chapter 4 / Subchapter 2 / Section 15-4-209
Arkansas Economic Development Commission - Functions, powers, and duties
Status: in_force

(a) In accordance with state and federal law, the Arkansas Economic Development Commission shall: (1) Administer grants, loans, cooperative agreements, tax credits, guaranties, and other incentives, memoranda of understanding, and conveyances to assist with economic development in the state; (2) In concert with others, periodically develop a strategic plan to guide the commission in the pursuit of the commission's stated mission; (3) Cooperate with public and private organizations to advance the commission's goals and objectives as identified in the commission's most recent strategic plan; (4) Administer the Small Cities Community Development Block Grant (CDBG) Program with funds received from the United States Government; (5) Assist rural communities and agencies with funding, educational opportunities, and technical assistance to enhance the quality of life in rural areas of Arkansas; (6) To the extent that funds are available, assist with the cost of infrastructure in the pursuit of new or expanded job creation; (7) Encourage the exportation of Arkansas-produced goods and services; (8) Assist women-owned businesses and minority-owned businesses through certification, loan guaranties, technical assistance, or grants to encourage their growth and development; (9) Provide assistance to cities, counties, and regions as they develop and implement strategic plans for community and economic development; (10) Establish and administer a business and industry training program to train both new and existing employees; (11) Cooperate with other international, multistate, regional, federal, state, and local efforts aimed at providing resources or assistance to economic development; (12) Work with communities and regions to develop ongoing processes focused on the creation and recruitment of new businesses and the retention of existing businesses; (13) Utilize all available means of securing financing for business development statewide; (14) Serve as the state's focal point for the establishment of foreign trade zones under the programs offered by the Unites States Department of Commerce, including without limitation serving as the grantee of Foreign Trade Zone 14; (15) Promote innovation and the commercialization of ideas into viable Arkansas businesses; (16) Highlight the state's ability to host film projects and make available resources to assist in building the film industry in the state; (17) Comply with procedures for the disposal of properties acquired by the commission; (18) Administer the provisions of Arkansas Constitution, Amendment 27, providing a limited exemption from certain tax liabilities; (19) Assist in the creation and growth of small businesses; (20) Carry out any other duties or responsibilities as designated by the Governor; and (21) Promote and support military installations for state and local economic development. (b) The commission may: (1) Contract and be contracted with; (2) Purchase, lease, rent, sell, and receive bequests or donations of real, corporeal, or personal property from any lawful source; (3) Establish and maintain international offices, as approved by the Arkansas Economic Development Council, to assist with the export of Arkansas-produced goods and services as well as foreign direct investment, either through the use of contractual employees or other means; (4) Conduct studies as necessary to assess any economic development need or asset; and (5) Promulgate rules necessary to implement the programs and services offered by the commission. Amended by Act 2021, No. 522,§ 1, eff. 7/1/2021. Amended by Act 2019, No. 202,§ 3, eff. 7/24/2019. Amended by Act 2013, No. 1185,§ 1, eff. 8/16/2013. Acts 1955, No. 404, § 8; 1971, No. 443, § 1; 1979, No. 65, § 4; A.S.A. 1947, § 9-511.

(a) In accordance with state and federal law, the Arkansas Economic Development Commission shall: (1) Administer grants, loans, cooperative agreements, tax credits, guaranties, and other incentives, memoranda of understanding, and conveyances to assist with economic development in the state; (2) In concert with others, periodically develop a strategic plan to guide the commission in the pursuit of the commission's stated mission; (3) Cooperate with public and private organizations to advance the commission's goals and objectives as identified in the commission's most recent strategic plan; (4) Administer the Small Cities Community Development Block Grant (CDBG) Program with funds received from the United States Government; (5) Assist rural communities and agencies with funding, educational opportunities, and technical assistance to enhance the quality of life in rural areas of Arkansas; (6) To the extent that funds are available, assist with the cost of infrastructure in the pursuit of new or expanded job creation; (7) Encourage the exportation of Arkansas-produced goods and services; (8) Assist women-owned businesses and minority-owned businesses through certification, loan guaranties, technical assistance, or grants to encourage their growth and development; (9) Provide assistance to cities, counties, and regions as they develop and implement strategic plans for community and economic development; (10) Establish and administer a business and industry training program to train both new and existing employees; (11) Cooperate with other international, multistate, regional, federal, state, and local efforts aimed at providing resources or assistance to economic development; (12) Work with communities and regions to develop ongoing processes focused on the creation and recruitment of new businesses and the retention of existing businesses; (13) Utilize all available means of securing financing for business development statewide; (14) Serve as the state's focal point for the establishment of foreign trade zones under the programs offered by the Unites States Department of Commerce, including without limitation serving as the grantee of Foreign Trade Zone 14; (15) Promote innovation and the commercialization of ideas into viable Arkansas businesses; (16) Highlight the state's ability to host film projects and make available resources to assist in building the film industry in the state; (17) Comply with procedures for the disposal of properties acquired by the commission; (18) Administer the provisions of Arkansas Constitution, Amendment 27, providing a limited exemption from certain tax liabilities; (19) Assist in the creation and growth of small businesses; (20) Carry out any other duties or responsibilities as designated by the Governor; and (21) Promote and support military installations for state and local economic development.

(1) Administer grants, loans, cooperative agreements, tax credits, guaranties, and other incentives, memoranda of understanding, and conveyances to assist with economic development in the state;

(2) In concert with others, periodically develop a strategic plan to guide the commission in the pursuit of the commission's stated mission;

(3) Cooperate with public and private organizations to advance the commission's goals and objectives as identified in the commission's most recent strategic plan;

(4) Administer the Small Cities Community Development Block Grant (CDBG) Program with funds received from the United States Government;

(5) Assist rural communities and agencies with funding, educational opportunities, and technical assistance to enhance the quality of life in rural areas of Arkansas;

(6) To the extent that funds are available, assist with the cost of infrastructure in the pursuit of new or expanded job creation;

(7) Encourage the exportation of Arkansas-produced goods and services;

(8) Assist women-owned businesses and minority-owned businesses through certification, loan guaranties, technical assistance, or grants to encourage their growth and development;

(9) Provide assistance to cities, counties, and regions as they develop and implement strategic plans for community and economic development;

(10) Establish and administer a business and industry training program to train both new and existing employees;

(11) Cooperate with other international, multistate, regional, federal, state, and local efforts aimed at providing resources or assistance to economic development;

(12) Work with communities and regions to develop ongoing processes focused on the creation and recruitment of new businesses and the retention of existing businesses;

(13) Utilize all available means of securing financing for business development statewide;

(14) Serve as the state's focal point for the establishment of foreign trade zones under the programs offered by the Unites States Department of Commerce, including without limitation serving as the grantee of Foreign Trade Zone 14;

(15) Promote innovation and the commercialization of ideas into viable Arkansas businesses;

(16) Highlight the state's ability to host film projects and make available resources to assist in building the film industry in the state;

(17) Comply with procedures for the disposal of properties acquired by the commission;

(18) Administer the provisions of Arkansas Constitution, Amendment 27, providing a limited exemption from certain tax liabilities;

(19) Assist in the creation and growth of small businesses;

(20) Carry out any other duties or responsibilities as designated by the Governor; and

(21) Promote and support military installations for state and local economic development.

(b) The commission may: (1) Contract and be contracted with; (2) Purchase, lease, rent, sell, and receive bequests or donations of real, corporeal, or personal property from any lawful source; (3) Establish and maintain international offices, as approved by the Arkansas Economic Development Council, to assist with the export of Arkansas-produced goods and services as well as foreign direct investment, either through the use of contractual employees or other means; (4) Conduct studies as necessary to assess any economic development need or asset; and (5) Promulgate rules necessary to implement the programs and services offered by the commission.

(1) Contract and be contracted with;

(2) Purchase, lease, rent, sell, and receive bequests or donations of real, corporeal, or personal property from any lawful source;

(3) Establish and maintain international offices, as approved by the Arkansas Economic Development Council, to assist with the export of Arkansas-produced goods and services as well as foreign direct investment, either through the use of contractual employees or other means;

(4) Conduct studies as necessary to assess any economic development need or asset; and

(5) Promulgate rules necessary to implement the programs and services offered by the commission.

Amended by Act 2021, No. 522,§ 1, eff. 7/1/2021.

Amended by Act 2019, No. 202,§ 3, eff. 7/24/2019.

Amended by Act 2013, No. 1185,§ 1, eff. 8/16/2013.

Acts 1955, No. 404, § 8; 1971, No. 443, § 1; 1979, No. 65, § 4; A.S.A. 1947, § 9-511.
Ark. Code Ann. § 15-32-309 — AR Code / Title 15 / Chapter 32 / Subchapter 3 / Section 15-32-309
Trespass or waste - Communicating information
Status: in_force

All county sheriffs and township officers shall immediately communicate to the prosecuting attorney and county timber inspector any information received by them respecting the commission of any trespass or waste on any public lands. Amended by Act 2017, No. 374,§ 40, eff. 8/1/2017. Acts 1883, No. 83, § 22, p. 140; 1901, No. 130, § 20, p. 202; C. & M. Dig., § 7012; Pope's Dig., § 8992; A.S.A. 1947, § 54-211.

All county sheriffs and township officers shall immediately communicate to the prosecuting attorney and county timber inspector any information received by them respecting the commission of any trespass or waste on any public lands.

Amended by Act 2017, No. 374,§ 40, eff. 8/1/2017.

Acts 1883, No. 83, § 22, p. 140; 1901, No. 130, § 20, p. 202; C. & M. Dig., § 7012; Pope's Dig., § 8992; A.S.A. 1947, § 54-211.
Ark. Code Ann. § 15-11-802 — AR Code / Title 15 / Chapter 11 / Subchapter 8 / Section 15-11-802
Arkansas Great Places Program - Creation
Status: in_force

(a) The Department of Parks, Heritage, and Tourism shall administer and establish the Arkansas Great Places Program to: (1) Provide planning and financial assistance to eligible organizations for community development; and (2) Combine resources of state government in an effort to showcase the unique and authentic qualities of communities, regions, neighborhoods, and districts that make those locations exceptional places to work and live. (b) The Arkansas Economic Development Commission shall provide assistance to the Department of Parks, Heritage, and Tourism in administering and establishing the program. Amended by Act 2019, No. 910,§ 5657, eff. 7/1/2019. Acts 2011, No. 896, § 1.

(a) The Department of Parks, Heritage, and Tourism shall administer and establish the Arkansas Great Places Program to: (1) Provide planning and financial assistance to eligible organizations for community development; and (2) Combine resources of state government in an effort to showcase the unique and authentic qualities of communities, regions, neighborhoods, and districts that make those locations exceptional places to work and live.

(1) Provide planning and financial assistance to eligible organizations for community development; and

(2) Combine resources of state government in an effort to showcase the unique and authentic qualities of communities, regions, neighborhoods, and districts that make those locations exceptional places to work and live.

(b) The Arkansas Economic Development Commission shall provide assistance to the Department of Parks, Heritage, and Tourism in administering and establishing the program.

Amended by Act 2019, No. 910,§ 5657, eff. 7/1/2019.

Acts 2011, No. 896, § 1.
Ark. Code Ann. § 15-5-1415 — AR Code / Title 15 / Chapter 5 / Subchapter 14 / Section 15-5-1415
Annual report
Status: in_force

The trustees of the Venture Capital Investment Trust shall publish an annual report within five (5) months after the close of each fiscal year that shall: (1) Include an annual audit of the Arkansas Venture Capital Development Fund's activities conducted by the trustees with the assistance of the review committee; (2) Be presented in writing, and by testimony if requested, to the: (A) Governor; (B) House Committee on Agriculture, Forestry, and Economic Development; (C) Senate Committee on Agriculture, Forestry, and Economic Development; (D) Arkansas Development Finance Authority; and (E) Arkansas Economic Development Commission; and (3) Document and review the progress of the trustees of the trust and the review committee in implementing the investment and financial assistance activities under this subchapter. Added by Act 2019, No. 925,§ 5, eff. 7/24/2019.

The trustees of the Venture Capital Investment Trust shall publish an annual report within five (5) months after the close of each fiscal year that shall:

(1) Include an annual audit of the Arkansas Venture Capital Development Fund's activities conducted by the trustees with the assistance of the review committee;

(2) Be presented in writing, and by testimony if requested, to the: (A) Governor; (B) House Committee on Agriculture, Forestry, and Economic Development; (C) Senate Committee on Agriculture, Forestry, and Economic Development; (D) Arkansas Development Finance Authority; and (E) Arkansas Economic Development Commission; and

(A) Governor;

(B) House Committee on Agriculture, Forestry, and Economic Development;

(C) Senate Committee on Agriculture, Forestry, and Economic Development;

(D) Arkansas Development Finance Authority; and

(E) Arkansas Economic Development Commission; and

(3) Document and review the progress of the trustees of the trust and the review committee in implementing the investment and financial assistance activities under this subchapter.

Added by Act 2019, No. 925,§ 5, eff. 7/24/2019.
Ark. Code Ann. § 15-5-711 — AR Code / Title 15 / Chapter 5 / Subchapter 7 / Section 15-5-711
Grants to fund
Status: in_force

The Arkansas Development Finance Authority may accept grants to its Small Business Revolving Loan Fund and its Direct Fund from any source. Amended by Act 2015, No. 1060,§ 13, eff. 4/4/2015. Acts 1989, No. 623, § 8.

The Arkansas Development Finance Authority may accept grants to its Small Business Revolving Loan Fund and its Direct Fund from any source.

Amended by Act 2015, No. 1060,§ 13, eff. 4/4/2015.

Acts 1989, No. 623, § 8.
Ark. Code Ann. § 15-24-102 — AR Code / Title 15 / Chapter 24 / Section 15-24-102
Commission powers and duties generally
Status: in_force

(a) It shall be the duty of the Arkansas Natural Resources Commission to: (1) Study, consider, and determine upon a sound public policy with regard to flood prevention, flood control, and flood protection; (2) Compile figures and other information on current and previous flood damage and scientific data relative to the recurrence of floods such as rainfall, runoff, flowing channels, stream obstruction, existing facilities for storing surplus waters, and existing protection works; and (3) Accredit persons having requisite knowledge in floodplain management and in minimization and prevention of flood hazards and losses. (b) The commission shall have the power to: (1) Clean out, widen, deepen, straighten, change, alter, divert, or eliminate in whole or in part the course or terminus of any natural or artificial water streams; (2) Shape or protect stream banks for the improvement of hydraulic efficiency in the discharge of flood waters; (3) Acquire lands necessary for reservoir dam sites and lines; (4) Construct, take over, maintain, and operate dams, reservoirs, holding or impounding basins, flood gates, revetments, or any other works and improvements deemed necessary to prevent floods and to control, preserve, and regulate the flow of rivers and streams; (5) Construct dikes, levees, or other artificial barriers to protect against inundation of property when deemed advisable by the commission; and (6) As an incident to the foregoing, relocate or revise bridges, buildings, roads, streets, railroads, service lines and connections of public service utilities, and fences and do generally all things necessary for the fulfillment of the purposes of this chapter. (c) The commission shall have the power to acquire by donation, lease, purchase, or condemnation and to hold or own in the name of the state real and personal property, easements, and the public works erected and constructed under the authority of this chapter except that: (1) None of the work, improvements, or construction provided for in the preceding portion of this section or in any other portion of this chapter shall be done, undertaken, or performed within the boundary limits of any levee district or drainage district; (2) This chapter shall not confer upon the commission or other authority any jurisdiction, control, supervision, or authority whatsoever over the lands within the boundaries of any levee district or drainage district now existing or hereafter organized; and (3) (A) Further, the commission shall not have any: (i) Control, authority, or jurisdiction over any such levee district or drainage district, nor over the directors or commissioners of any levee district or drainage district, nor lake lands within the boundaries of any levee district or drainage district as aforesaid; (ii) Authority to affect the existence of any levee or drainage district in any manner; or (iii) Power to require reports from levee districts or drainage districts nor any supervision or control over levee districts or drainage districts. (B) (i) However, any levee district or drainage district shall have the option upon the voluntary action of its governing board to make contracts with the commission and to make compacts and contracts with the United States Government or any of its agencies and may thereby voluntarily grant to the commission general or special powers as the levee district or drainage district may deem proper. (ii) The grant shall be limited specifically to the matters and things voluntarily agreed upon by the governing board of the levee districts or drainage districts. (iii) In order to become effective, the contract with the commission shall be approved by the county court or county judge in vacation, if the levee district or drainage district is in one (1) county, and by the circuit court of the county of domicile or the circuit judge thereof in vacation, if in more than one (1) county, and recorded on the court records. Acts 1937, No. 212, §§ 10, 11; Pope's Dig., §§ 12185, 12186; A.S.A. 1947, §§ 9-801, 9-803; Acts 1995, No. 1296, § 53; 2003, No. 745, § 4.

(a) It shall be the duty of the Arkansas Natural Resources Commission to: (1) Study, consider, and determine upon a sound public policy with regard to flood prevention, flood control, and flood protection; (2) Compile figures and other information on current and previous flood damage and scientific data relative to the recurrence of floods such as rainfall, runoff, flowing channels, stream obstruction, existing facilities for storing surplus waters, and existing protection works; and (3) Accredit persons having requisite knowledge in floodplain management and in minimization and prevention of flood hazards and losses.

(1) Study, consider, and determine upon a sound public policy with regard to flood prevention, flood control, and flood protection;

(2) Compile figures and other information on current and previous flood damage and scientific data relative to the recurrence of floods such as rainfall, runoff, flowing channels, stream obstruction, existing facilities for storing surplus waters, and existing protection works; and

(3) Accredit persons having requisite knowledge in floodplain management and in minimization and prevention of flood hazards and losses.

(b) The commission shall have the power to: (1) Clean out, widen, deepen, straighten, change, alter, divert, or eliminate in whole or in part the course or terminus of any natural or artificial water streams; (2) Shape or protect stream banks for the improvement of hydraulic efficiency in the discharge of flood waters; (3) Acquire lands necessary for reservoir dam sites and lines; (4) Construct, take over, maintain, and operate dams, reservoirs, holding or impounding basins, flood gates, revetments, or any other works and improvements deemed necessary to prevent floods and to control, preserve, and regulate the flow of rivers and streams; (5) Construct dikes, levees, or other artificial barriers to protect against inundation of property when deemed advisable by the commission; and (6) As an incident to the foregoing, relocate or revise bridges, buildings, roads, streets, railroads, service lines and connections of public service utilities, and fences and do generally all things necessary for the fulfillment of the purposes of this chapter.

(1) Clean out, widen, deepen, straighten, change, alter, divert, or eliminate in whole or in part the course or terminus of any natural or artificial water streams;

(2) Shape or protect stream banks for the improvement of hydraulic efficiency in the discharge of flood waters;

(3) Acquire lands necessary for reservoir dam sites and lines;

(4) Construct, take over, maintain, and operate dams, reservoirs, holding or impounding basins, flood gates, revetments, or any other works and improvements deemed necessary to prevent floods and to control, preserve, and regulate the flow of rivers and streams;

(5) Construct dikes, levees, or other artificial barriers to protect against inundation of property when deemed advisable by the commission; and

(6) As an incident to the foregoing, relocate or revise bridges, buildings, roads, streets, railroads, service lines and connections of public service utilities, and fences and do generally all things necessary for the fulfillment of the purposes of this chapter.

(c) The commission shall have the power to acquire by donation, lease, purchase, or condemnation and to hold or own in the name of the state real and personal property, easements, and the public works erected and constructed under the authority of this chapter except that: (1) None of the work, improvements, or construction provided for in the preceding portion of this section or in any other portion of this chapter shall be done, undertaken, or performed within the boundary limits of any levee district or drainage district; (2) This chapter shall not confer upon the commission or other authority any jurisdiction, control, supervision, or authority whatsoever over the lands within the boundaries of any levee district or drainage district now existing or hereafter organized; and (3) (A) Further, the commission shall not have any: (i) Control, authority, or jurisdiction over any such levee district or drainage district, nor over the directors or commissioners of any levee district or drainage district, nor lake lands within the boundaries of any levee district or drainage district as aforesaid; (ii) Authority to affect the existence of any levee or drainage district in any manner; or (iii) Power to require reports from levee districts or drainage districts nor any supervision or control over levee districts or drainage districts. (B) (i) However, any levee district or drainage district shall have the option upon the voluntary action of its governing board to make contracts with the commission and to make compacts and contracts with the United States Government or any of its agencies and may thereby voluntarily grant to the commission general or special powers as the levee district or drainage district may deem proper. (ii) The grant shall be limited specifically to the matters and things voluntarily agreed upon by the governing board of the levee districts or drainage districts. (iii) In order to become effective, the contract with the commission shall be approved by the county court or county judge in vacation, if the levee district or drainage district is in one (1) county, and by the circuit court of the county of domicile or the circuit judge thereof in vacation, if in more than one (1) county, and recorded on the court records.

(1) None of the work, improvements, or construction provided for in the preceding portion of this section or in any other portion of this chapter shall be done, undertaken, or performed within the boundary limits of any levee district or drainage district;

(2) This chapter shall not confer upon the commission or other authority any jurisdiction, control, supervision, or authority whatsoever over the lands within the boundaries of any levee district or drainage district now existing or hereafter organized; and

(3) (A) Further, the commission shall not have any: (i) Control, authority, or jurisdiction over any such levee district or drainage district, nor over the directors or commissioners of any levee district or drainage district, nor lake lands within the boundaries of any levee district or drainage district as aforesaid; (ii) Authority to affect the existence of any levee or drainage district in any manner; or (iii) Power to require reports from levee districts or drainage districts nor any supervision or control over levee districts or drainage districts. (B) (i) However, any levee district or drainage district shall have the option upon the voluntary action of its governing board to make contracts with the commission and to make compacts and contracts with the United States Government or any of its agencies and may thereby voluntarily grant to the commission general or special powers as the levee district or drainage district may deem proper. (ii) The grant shall be limited specifically to the matters and things voluntarily agreed upon by the governing board of the levee districts or drainage districts. (iii) In order to become effective, the contract with the commission shall be approved by the county court or county judge in vacation, if the levee district or drainage district is in one (1) county, and by the circuit court of the county of domicile or the circuit judge thereof in vacation, if in more than one (1) county, and recorded on the court records.

(A) Further, the commission shall not have any: (i) Control, authority, or jurisdiction over any such levee district or drainage district, nor over the directors or commissioners of any levee district or drainage district, nor lake lands within the boundaries of any levee district or drainage district as aforesaid; (ii) Authority to affect the existence of any levee or drainage district in any manner; or (iii) Power to require reports from levee districts or drainage districts nor any supervision or control over levee districts or drainage districts.

(i) Control, authority, or jurisdiction over any such levee district or drainage district, nor over the directors or commissioners of any levee district or drainage district, nor lake lands within the boundaries of any levee district or drainage district as aforesaid;

(ii) Authority to affect the existence of any levee or drainage district in any manner; or

(iii) Power to require reports from levee districts or drainage districts nor any supervision or control over levee districts or drainage districts.

(B) (i) However, any levee district or drainage district shall have the option upon the voluntary action of its governing board to make contracts with the commission and to make compacts and contracts with the United States Government or any of its agencies and may thereby voluntarily grant to the commission general or special powers as the levee district or drainage district may deem proper. (ii) The grant shall be limited specifically to the matters and things voluntarily agreed upon by the governing board of the levee districts or drainage districts. (iii) In order to become effective, the contract with the commission shall be approved by the county court or county judge in vacation, if the levee district or drainage district is in one (1) county, and by the circuit court of the county of domicile or the circuit judge thereof in vacation, if in more than one (1) county, and recorded on the court records.

(i) However, any levee district or drainage district shall have the option upon the voluntary action of its governing board to make contracts with the commission and to make compacts and contracts with the United States Government or any of its agencies and may thereby voluntarily grant to the commission general or special powers as the levee district or drainage district may deem proper.

(ii) The grant shall be limited specifically to the matters and things voluntarily agreed upon by the governing board of the levee districts or drainage districts.

(iii) In order to become effective, the contract with the commission shall be approved by the county court or county judge in vacation, if the levee district or drainage district is in one (1) county, and by the circuit court of the county of domicile or the circuit judge thereof in vacation, if in more than one (1) county, and recorded on the court records.

Acts 1937, No. 212, §§ 10, 11; Pope's Dig., §§ 12185, 12186; A.S.A. 1947, §§ 9-801, 9-803; Acts 1995, No. 1296, § 53; 2003, No. 745, § 4.
Ark. Code Ann. § 15-4-1602 — AR Code / Title 15 / Chapter 4 / Subchapter 16 / Section 15-4-1602
Definitions
Status: in_force

As used in this subchapter: (1) "Annual payroll" means the wages of the net new full-time permanent employees based on the payroll for the previous twelve (12) months reported to the Division of Workforce Services and is computed by using the total of the net new full-time permanent employees' reported taxable earnings, including overtime pay; (2) "Commission" means the Arkansas Economic Development Commission; (3) "Corporate or regional headquarters" means the home or center of operations, including research and development, of a national or multinational corporation; (4) "Distribution center" means a facility for the reception, storage, or shipping of: (A) A business's own products or products which the business wholesales to retail businesses or ships to its own retail outlets; (B) Products owned by other companies with which the business has contracts for storage and shipping if seventy-five percent (75%) of the sales revenues are from out-of-state customers; or (C) Products for sale to the general public if seventy-five percent (75%) of the sales revenues are from out-of-state customers; (5) [Repealed.] (6) (A) "Existing employees" means those employees hired by the business prior to the date of the signed financial incentive plan. (B) Existing employees may be considered "net new full-time permanent employees" only if: (i) The position or job filled by the existing employee was created in accordance with the signed financial incentive plan; and (ii) The position vacated by the existing employee was either filled by a subsequent employee or no subsequent employee will be hired because the business no longer conducts the particular business activity requiring such classification; (7) "Financial incentive plan" means an agreement entered into by a business and the commission to provide the business an incentive to locate a new facility or expand an existing facility in Arkansas; (8) "Fund" means the Economic Development Incentive Fund; (9) (A) "High unemployment" means an unemployment rate equal to or in excess of one hundred fifty percent (150%) of the state's average unemployment rate for the preceding calendar year as specified by statewide annual labor force statistics compiled by the division when the state's annual average unemployment rate is six percent (6%) or below. (B) When the state's annual average unemployment rate is above six percent (6%), "high unemployment" means equal to or in excess of three percent (3%) above the state's average unemployment rate for the preceding calendar year as specified by statewide annual labor force statistics compiled by the division; (10) (A) (i) "Net new full-time permanent employee" means a position or job which was created pursuant to a signed financial incentive plan and which is filled by one (1) or more employees or contractual employees who were Arkansas taxpayers during the year in which the tax credits or incentives were earned. (ii) The position or job held by such an employee or employees must have been filled for at least twenty-six (26) consecutive weeks with an average of at least thirty (30) hours per week. (B) However, in order to qualify for the provisions of this subchapter, a contractual employee must be offered a benefits package comparable to a direct employee of the business seeking incentives under this subchapter; and (11) "Office sector" means control centers that influence the environment in which data processing, customer service, credit accounting, telemarketing, claims processing, and other administrative functions that act as production centers are performed. Amended by Act 2019, No. 910,§ 367, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 366, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 365, eff. 7/1/2019. Acts 1993, No. 788, § 2; 1993, No. 851, § 2; 1995, No. 590, § 1; 1997, No. 540, §§ 31, 85; 1997, No. 807, § 11; 1999, No. 584, § 1; 2001, No. 1054, §§ 1-3.

As used in this subchapter:

(1) "Annual payroll" means the wages of the net new full-time permanent employees based on the payroll for the previous twelve (12) months reported to the Division of Workforce Services and is computed by using the total of the net new full-time permanent employees' reported taxable earnings, including overtime pay;

(2) "Commission" means the Arkansas Economic Development Commission;

(3) "Corporate or regional headquarters" means the home or center of operations, including research and development, of a national or multinational corporation;

(4) "Distribution center" means a facility for the reception, storage, or shipping of: (A) A business's own products or products which the business wholesales to retail businesses or ships to its own retail outlets; (B) Products owned by other companies with which the business has contracts for storage and shipping if seventy-five percent (75%) of the sales revenues are from out-of-state customers; or (C) Products for sale to the general public if seventy-five percent (75%) of the sales revenues are from out-of-state customers;

(A) A business's own products or products which the business wholesales to retail businesses or ships to its own retail outlets;

(B) Products owned by other companies with which the business has contracts for storage and shipping if seventy-five percent (75%) of the sales revenues are from out-of-state customers; or

(C) Products for sale to the general public if seventy-five percent (75%) of the sales revenues are from out-of-state customers;

(5) [Repealed.]

(6) (A) "Existing employees" means those employees hired by the business prior to the date of the signed financial incentive plan. (B) Existing employees may be considered "net new full-time permanent employees" only if: (i) The position or job filled by the existing employee was created in accordance with the signed financial incentive plan; and (ii) The position vacated by the existing employee was either filled by a subsequent employee or no subsequent employee will be hired because the business no longer conducts the particular business activity requiring such classification;

(A) "Existing employees" means those employees hired by the business prior to the date of the signed financial incentive plan.

(B) Existing employees may be considered "net new full-time permanent employees" only if: (i) The position or job filled by the existing employee was created in accordance with the signed financial incentive plan; and (ii) The position vacated by the existing employee was either filled by a subsequent employee or no subsequent employee will be hired because the business no longer conducts the particular business activity requiring such classification;

(i) The position or job filled by the existing employee was created in accordance with the signed financial incentive plan; and

(ii) The position vacated by the existing employee was either filled by a subsequent employee or no subsequent employee will be hired because the business no longer conducts the particular business activity requiring such classification;

(7) "Financial incentive plan" means an agreement entered into by a business and the commission to provide the business an incentive to locate a new facility or expand an existing facility in Arkansas;

(8) "Fund" means the Economic Development Incentive Fund;

(9) (A) "High unemployment" means an unemployment rate equal to or in excess of one hundred fifty percent (150%) of the state's average unemployment rate for the preceding calendar year as specified by statewide annual labor force statistics compiled by the division when the state's annual average unemployment rate is six percent (6%) or below. (B) When the state's annual average unemployment rate is above six percent (6%), "high unemployment" means equal to or in excess of three percent (3%) above the state's average unemployment rate for the preceding calendar year as specified by statewide annual labor force statistics compiled by the division;

(A) "High unemployment" means an unemployment rate equal to or in excess of one hundred fifty percent (150%) of the state's average unemployment rate for the preceding calendar year as specified by statewide annual labor force statistics compiled by the division when the state's annual average unemployment rate is six percent (6%) or below.

(B) When the state's annual average unemployment rate is above six percent (6%), "high unemployment" means equal to or in excess of three percent (3%) above the state's average unemployment rate for the preceding calendar year as specified by statewide annual labor force statistics compiled by the division;

(10) (A) (i) "Net new full-time permanent employee" means a position or job which was created pursuant to a signed financial incentive plan and which is filled by one (1) or more employees or contractual employees who were Arkansas taxpayers during the year in which the tax credits or incentives were earned. (ii) The position or job held by such an employee or employees must have been filled for at least twenty-six (26) consecutive weeks with an average of at least thirty (30) hours per week. (B) However, in order to qualify for the provisions of this subchapter, a contractual employee must be offered a benefits package comparable to a direct employee of the business seeking incentives under this subchapter; and

(A) (i) "Net new full-time permanent employee" means a position or job which was created pursuant to a signed financial incentive plan and which is filled by one (1) or more employees or contractual employees who were Arkansas taxpayers during the year in which the tax credits or incentives were earned. (ii) The position or job held by such an employee or employees must have been filled for at least twenty-six (26) consecutive weeks with an average of at least thirty (30) hours per week.

(i) "Net new full-time permanent employee" means a position or job which was created pursuant to a signed financial incentive plan and which is filled by one (1) or more employees or contractual employees who were Arkansas taxpayers during the year in which the tax credits or incentives were earned.

(ii) The position or job held by such an employee or employees must have been filled for at least twenty-six (26) consecutive weeks with an average of at least thirty (30) hours per week.

(B) However, in order to qualify for the provisions of this subchapter, a contractual employee must be offered a benefits package comparable to a direct employee of the business seeking incentives under this subchapter; and

(11) "Office sector" means control centers that influence the environment in which data processing, customer service, credit accounting, telemarketing, claims processing, and other administrative functions that act as production centers are performed.

Amended by Act 2019, No. 910,§ 367, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 366, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 365, eff. 7/1/2019.

Acts 1993, No. 788, § 2; 1993, No. 851, § 2; 1995, No. 590, § 1; 1997, No. 540, §§ 31, 85; 1997, No. 807, § 11; 1999, No. 584, § 1; 2001, No. 1054, §§ 1-3.
Ark. Code Ann. § 15-72-205 — AR Code / Title 15 / Chapter 72 / Subchapter 2 / Section 15-72-205
Notice of intent to drill - Permit and fee
Status: in_force

(a) Before any well shall be drilled in search of oil or gas, the person desiring to drill the well shall notify the commission upon a form the commission may prescribe and shall pay a fee of one hundred fifty dollars ($150) or any sum the commission may prescribe for each well; provided, in no event shall the fee exceed three hundred dollars ($300). (b) The drilling of any well is prohibited until the notice is given and the fee has been paid and permit granted. Acts 1939, No. 105, § 25; 1979, No. 113, § 4; 1981, No. 523, § 6; A.S.A. 1947, § 53-125.

(a) Before any well shall be drilled in search of oil or gas, the person desiring to drill the well shall notify the commission upon a form the commission may prescribe and shall pay a fee of one hundred fifty dollars ($150) or any sum the commission may prescribe for each well; provided, in no event shall the fee exceed three hundred dollars ($300).

(b) The drilling of any well is prohibited until the notice is given and the fee has been paid and permit granted.

Acts 1939, No. 105, § 25; 1979, No. 113, § 4; 1981, No. 523, § 6; A.S.A. 1947, § 53-125.
Ark. Code Ann. § 15-22-713 — AR Code / Title 15 / Chapter 22 / Subchapter 7 / Section 15-22-713
Bonds - Sale after notice
Status: in_force

(a) Bonds shall be sold at public sale on sealed bids, after notice published by the Chair of the Arkansas Natural Resources Commission by at least one (1) insertion not less than twenty (20) days before the date of sale in a newspaper published in the City of Little Rock and in a financial newspaper or journal published in the Borough of Manhattan, City and State of New York. (b) The Arkansas Natural Resources Commission shall award the sale of the bonds to the bidder offering to purchase the bonds at a price which results in the lowest net interest cost to the State of Arkansas, determined by computing the total interest cost from date to maturity and deducting therefrom any premium bid and adding thereto the amount of any discount bid. (c) The commission shall reserve the right to reject all bids tendered at the public sale. (d) The notice shall contain such other terms and provisions as the commission determines to be desirable. (e) The costs of publication of notices and of printing of the bonds, official statements, and other documents relating to the sale of the bonds shall be paid from the proceeds of the bonds. (f) The commission may employ administrative agents, fiscal agents, and legal counsel and may pay them reasonable compensation from the proceeds of the bonds. Acts 1987, No. 686, § 8.

(a) Bonds shall be sold at public sale on sealed bids, after notice published by the Chair of the Arkansas Natural Resources Commission by at least one (1) insertion not less than twenty (20) days before the date of sale in a newspaper published in the City of Little Rock and in a financial newspaper or journal published in the Borough of Manhattan, City and State of New York.

(b) The Arkansas Natural Resources Commission shall award the sale of the bonds to the bidder offering to purchase the bonds at a price which results in the lowest net interest cost to the State of Arkansas, determined by computing the total interest cost from date to maturity and deducting therefrom any premium bid and adding thereto the amount of any discount bid.

(c) The commission shall reserve the right to reject all bids tendered at the public sale.

(d) The notice shall contain such other terms and provisions as the commission determines to be desirable.

(e) The costs of publication of notices and of printing of the bonds, official statements, and other documents relating to the sale of the bonds shall be paid from the proceeds of the bonds.

(f) The commission may employ administrative agents, fiscal agents, and legal counsel and may pay them reasonable compensation from the proceeds of the bonds.

Acts 1987, No. 686, § 8.
Ark. Code Ann. § 15-5-305 — AR Code / Title 15 / Chapter 5 / Subchapter 3 / Section 15-5-305
Authorized investors
Status: in_force

(a) Any municipality or any board, commission, or other authority duly established by ordinance of any municipality or the boards of trustees, respectively, of the firemen's relief and pension funds and the policemen's pension and relief fund of any such municipality or the board of trustees of any retirement system created by the General Assembly, in its discretion, may invest any of its funds not immediately needed for its purposes in bonds issued under the provisions of this subchapter and §§ 15-5-101 - 15-5-106 , 15-5-201 - 15-5-211 , and 15-5-213 , and bonds issued under the provisions of this subchapter and §§ 15-5-101 - 15-5-106 , 15-5-201 - 15-5-211 , and 15-5-213 shall be eligible to secure the deposit of public funds. (b) All the obligations issued under this subchapter are legal and authorized investments for: (1) Banks; (2) Savings banks; (3) Trust companies; (4) Savings and loan associations; (5) Insurance companies; (6) Fiduciaries; (7) Trustees and guardians; (8) Any municipality or any board, commission, or other authority established by ordinance of any municipality or the boards of trustees of any municipality; (9) The firemen's relief and pension funds of any municipality; (10) The policemen's pension and relief fund of any municipality; or (11) The board of trustees for any retirement system created by the General Assembly. Amended by Act 2017, No. 824,§ 12, eff. 7/1/2017. Acts 1985, No. 1062, § 17.00; A.S.A. 1947, § 13-2917.

(a) Any municipality or any board, commission, or other authority duly established by ordinance of any municipality or the boards of trustees, respectively, of the firemen's relief and pension funds and the policemen's pension and relief fund of any such municipality or the board of trustees of any retirement system created by the General Assembly, in its discretion, may invest any of its funds not immediately needed for its purposes in bonds issued under the provisions of this subchapter and §§ 15-5-101 - 15-5-106 , 15-5-201 - 15-5-211 , and 15-5-213 , and bonds issued under the provisions of this subchapter and §§ 15-5-101 - 15-5-106 , 15-5-201 - 15-5-211 , and 15-5-213 shall be eligible to secure the deposit of public funds.

(b) All the obligations issued under this subchapter are legal and authorized investments for: (1) Banks; (2) Savings banks; (3) Trust companies; (4) Savings and loan associations; (5) Insurance companies; (6) Fiduciaries; (7) Trustees and guardians; (8) Any municipality or any board, commission, or other authority established by ordinance of any municipality or the boards of trustees of any municipality; (9) The firemen's relief and pension funds of any municipality; (10) The policemen's pension and relief fund of any municipality; or (11) The board of trustees for any retirement system created by the General Assembly.

(1) Banks;

(2) Savings banks;

(3) Trust companies;

(4) Savings and loan associations;

(5) Insurance companies;

(6) Fiduciaries;

(7) Trustees and guardians;

(8) Any municipality or any board, commission, or other authority established by ordinance of any municipality or the boards of trustees of any municipality;

(9) The firemen's relief and pension funds of any municipality;

(10) The policemen's pension and relief fund of any municipality; or

(11) The board of trustees for any retirement system created by the General Assembly.

Amended by Act 2017, No. 824,§ 12, eff. 7/1/2017.

Acts 1985, No. 1062, § 17.00; A.S.A. 1947, § 13-2917.
Ark. Code Ann. § 15-5-1808 — AR Code / Title 15 / Chapter 5 / Subchapter 18 / Section 15-5-1808
Applicability
Status: in_force

This subchapter: (1) Applies only to the following governmental units: (A) The state; and (B) An agency, board, commission, or instrumentality of the state; and (2) Does not apply to the following governmental units: (A) A county, municipality, school district, or other political subdivision of the state; (B) A special assessment or taxing district established under the laws of the state; and (C) An agency, board, commission, or instrumentality of an entity listed in subdivision (2)(A) or subdivision (2)(B) of this section. Added by Act 2013, No. 1252,§ 1, eff. 8/16/2013.

This subchapter:

(1) Applies only to the following governmental units: (A) The state; and (B) An agency, board, commission, or instrumentality of the state; and

(A) The state; and

(B) An agency, board, commission, or instrumentality of the state; and

(2) Does not apply to the following governmental units: (A) A county, municipality, school district, or other political subdivision of the state; (B) A special assessment or taxing district established under the laws of the state; and (C) An agency, board, commission, or instrumentality of an entity listed in subdivision (2)(A) or subdivision (2)(B) of this section.

(A) A county, municipality, school district, or other political subdivision of the state;

(B) A special assessment or taxing district established under the laws of the state; and

(C) An agency, board, commission, or instrumentality of an entity listed in subdivision (2)(A) or subdivision (2)(B) of this section.

Added by Act 2013, No. 1252,§ 1, eff. 8/16/2013.
Ark. Code Ann. § 15-4-1017 — AR Code / Title 15 / Chapter 4 / Subchapter 10 / Section 15-4-1017
[Repealed]
Status: repealed

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017. Acts 1985, No. 410, § 15; A.S.A. 1947, § 67-1641; Acts 2003, No. 860, § 6.

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.

Acts 1985, No. 410, § 15; A.S.A. 1947, § 67-1641; Acts 2003, No. 860, § 6.
Ark. Code Ann. § 15-4-916 — AR Code / Title 15 / Chapter 4 / Subchapter 9 / Section 15-4-916
[Repealed]
Status: repealed

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017. Acts 1957, No. 567, § 13; 1985, No. 667, § 6; A.S.A. 1947, § 67-1613.

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.

Acts 1957, No. 567, § 13; 1985, No. 667, § 6; A.S.A. 1947, § 67-1613.
Ark. Code Ann. § 15-22-1312 — AR Code / Title 15 / Chapter 22 / Subchapter 13 / Section 15-22-1312
Immunity - Commissioners and officers
Status: in_force

No commissioner or officer of the Arkansas Natural Resources Commission shall be liable personally for any reason arising from the issuance of bonds under this subchapter unless he or she has acted with a corrupt intent. Acts 2003, No. 598, § 1.

No commissioner or officer of the Arkansas Natural Resources Commission shall be liable personally for any reason arising from the issuance of bonds under this subchapter unless he or she has acted with a corrupt intent.

Acts 2003, No. 598, § 1.
Ark. Code Ann. § 15-5-1703 — AR Code / Title 15 / Chapter 5 / Subchapter 17 / Section 15-5-1703
Definitions
Status: in_force

As used in this subchapter: (1) "Authority" means the Arkansas Development Finance Authority; (2) "Board" means the Board of Directors of the Arkansas Development Finance Authority; (3) "Eligible activities" means activities eligible for funding by the Arkansas Housing Trust Fund, as set forth in this subchapter; (4) "Eligible applicants" means persons or entities eligible to receive funds from the fund, as set forth in this subchapter; (5) "Housing trust fund" means the fund created in § 15-5-1704 ; and (6) "Median household income" means state or area median household income, as defined and adjusted annually by the United States Department of Housing and Urban Development. Amended by Act 2023, No. 365,§ 28, eff. 7/1/2023. Acts 2009, No. 661, § 1.

As used in this subchapter:

(1) "Authority" means the Arkansas Development Finance Authority;

(2) "Board" means the Board of Directors of the Arkansas Development Finance Authority;

(3) "Eligible activities" means activities eligible for funding by the Arkansas Housing Trust Fund, as set forth in this subchapter;

(4) "Eligible applicants" means persons or entities eligible to receive funds from the fund, as set forth in this subchapter;

(5) "Housing trust fund" means the fund created in § 15-5-1704 ; and

(6) "Median household income" means state or area median household income, as defined and adjusted annually by the United States Department of Housing and Urban Development.

Amended by Act 2023, No. 365,§ 28, eff. 7/1/2023.

Acts 2009, No. 661, § 1.
Ark. Code Ann. § 15-11-301 — AR Code / Title 15 / Chapter 11 / Subchapter 3 / Section 15-11-301
Creation
Status: in_force

The Department of Parks, Heritage, and Tourism is authorized and directed to establish, as funds are provided therefor, and to maintain and operate at or near the federal interstate highway points of entry into this state tourist information bureaus to perform the functions and duties as provided by this subchapter. Amended by Act 2019, No. 910,§ 5532 [ sic ], eff. 7/1/2019. Acts 1965, No. 515, § 1; A.S.A. 1947, § 9-210.

The Department of Parks, Heritage, and Tourism is authorized and directed to establish, as funds are provided therefor, and to maintain and operate at or near the federal interstate highway points of entry into this state tourist information bureaus to perform the functions and duties as provided by this subchapter.

Amended by Act 2019, No. 910,§ 5532 [ sic ], eff. 7/1/2019.

Acts 1965, No. 515, § 1; A.S.A. 1947, § 9-210.
Ark. Code Ann. § 15-4-1209 — AR Code / Title 15 / Chapter 4 / Subchapter 12 / Section 15-4-1209
Final investigation and approval by the board
Status: in_force

(a) (1) Immediately upon the filing of the certificate of organization by the applicants, the Bank Commissioner shall submit to the State Banking Board the proposed articles of incorporation, articles of organization and operating agreement, as appropriate, and the certificate of organization of the applicants. (2) As soon as practicable thereafter, if the board shall determine from the best sources of information at its command that: (A) Public convenience and necessity continue to require the company; (B) The holders of the fully paid common stock of a corporation or units of interest of a limited liability company are at least twenty (20) in number; (C) Not less than one hundred thousand dollars ($100,000) of common stock or units of interest have been subscribed and fully paid for; (D) No single stockholder nor related group of stockholders owns more than ten percent (10%) of the voting stock in the case of a corporation or no single member nor related group of members owns more than ten percent (10%) of the units of interest in the case of a limited liability company; and (E) The bylaws submitted, if any, or the operating agreement is in conformity with the articles of incorporation or articles of organization and the provisions of this subchapter, is not contrary to the laws of the state, and is otherwise satisfactory, the board shall direct the commissioner to issue to the applicants a certificate of incorporation or certificate of organization in such form as it may prescribe. (b) (1) The commissioner shall also return to the applicants one (1) of the copies of the articles of incorporation or the articles of organization theretofore submitted to the commissioner by the applicants, upon which copy he or she shall have endorsed the fact of the issuance by him or her of the certificate of incorporation or certificate of organization. (2) If the bylaws, regulations, or the operating agreement are submitted and are found to be satisfactory by the board, the commissioner shall also issue his or her certificate of approval. Acts 1991, No. 1029, § 7; 1999, No. 37, § 8.

(a) (1) Immediately upon the filing of the certificate of organization by the applicants, the Bank Commissioner shall submit to the State Banking Board the proposed articles of incorporation, articles of organization and operating agreement, as appropriate, and the certificate of organization of the applicants. (2) As soon as practicable thereafter, if the board shall determine from the best sources of information at its command that: (A) Public convenience and necessity continue to require the company; (B) The holders of the fully paid common stock of a corporation or units of interest of a limited liability company are at least twenty (20) in number; (C) Not less than one hundred thousand dollars ($100,000) of common stock or units of interest have been subscribed and fully paid for; (D) No single stockholder nor related group of stockholders owns more than ten percent (10%) of the voting stock in the case of a corporation or no single member nor related group of members owns more than ten percent (10%) of the units of interest in the case of a limited liability company; and (E) The bylaws submitted, if any, or the operating agreement is in conformity with the articles of incorporation or articles of organization and the provisions of this subchapter, is not contrary to the laws of the state, and is otherwise satisfactory, the board shall direct the commissioner to issue to the applicants a certificate of incorporation or certificate of organization in such form as it may prescribe.

(1) Immediately upon the filing of the certificate of organization by the applicants, the Bank Commissioner shall submit to the State Banking Board the proposed articles of incorporation, articles of organization and operating agreement, as appropriate, and the certificate of organization of the applicants.

(2) As soon as practicable thereafter, if the board shall determine from the best sources of information at its command that: (A) Public convenience and necessity continue to require the company; (B) The holders of the fully paid common stock of a corporation or units of interest of a limited liability company are at least twenty (20) in number; (C) Not less than one hundred thousand dollars ($100,000) of common stock or units of interest have been subscribed and fully paid for; (D) No single stockholder nor related group of stockholders owns more than ten percent (10%) of the voting stock in the case of a corporation or no single member nor related group of members owns more than ten percent (10%) of the units of interest in the case of a limited liability company; and (E) The bylaws submitted, if any, or the operating agreement is in conformity with the articles of incorporation or articles of organization and the provisions of this subchapter, is not contrary to the laws of the state, and is otherwise satisfactory, the board shall direct the commissioner to issue to the applicants a certificate of incorporation or certificate of organization in such form as it may prescribe.

(A) Public convenience and necessity continue to require the company;

(B) The holders of the fully paid common stock of a corporation or units of interest of a limited liability company are at least twenty (20) in number;

(C) Not less than one hundred thousand dollars ($100,000) of common stock or units of interest have been subscribed and fully paid for;

(D) No single stockholder nor related group of stockholders owns more than ten percent (10%) of the voting stock in the case of a corporation or no single member nor related group of members owns more than ten percent (10%) of the units of interest in the case of a limited liability company; and

(E) The bylaws submitted, if any, or the operating agreement is in conformity with the articles of incorporation or articles of organization and the provisions of this subchapter, is not contrary to the laws of the state, and is otherwise satisfactory, the board shall direct the commissioner to issue to the applicants a certificate of incorporation or certificate of organization in such form as it may prescribe.

the board shall direct the commissioner to issue to the applicants a certificate of incorporation or certificate of organization in such form as it may prescribe.

(b) (1) The commissioner shall also return to the applicants one (1) of the copies of the articles of incorporation or the articles of organization theretofore submitted to the commissioner by the applicants, upon which copy he or she shall have endorsed the fact of the issuance by him or her of the certificate of incorporation or certificate of organization. (2) If the bylaws, regulations, or the operating agreement are submitted and are found to be satisfactory by the board, the commissioner shall also issue his or her certificate of approval.

(1) The commissioner shall also return to the applicants one (1) of the copies of the articles of incorporation or the articles of organization theretofore submitted to the commissioner by the applicants, upon which copy he or she shall have endorsed the fact of the issuance by him or her of the certificate of incorporation or certificate of organization.

(2) If the bylaws, regulations, or the operating agreement are submitted and are found to be satisfactory by the board, the commissioner shall also issue his or her certificate of approval.

Acts 1991, No. 1029, § 7; 1999, No. 37, § 8.
Ark. Code Ann. § 15-4-3017 — AR Code / Title 15 / Chapter 4 / Subchapter 30 / Section 15-4-3017
Refunding bonds
Status: in_force

(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 not be subject to the requirements for the approval and proclamation of the Governor as set forth in § 15-4-3005 . (b) (1) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations. (2) If sold for cash, the proceeds may be either applied to the payment of the obligations refunded or deposited into an irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date. (c) (1) Refunding bonds shall in all respects be authorized, issued, and secured in the manner provided for the bonds being refunded and shall have all the attributes of the refunded bonds. (2) To the extent that the refunding bonds are not in a greater principal amount than the outstanding principal amount of the bonds being refunded, the principal amount of the refunding bonds shall not be subject to the limit of four hundred million dollars ($400,000,000) set forth in § 15-4-3005(a) or the limit of sixty million dollars ($60,000,000) set forth in § 15-4-3005(c) . (d) The resolution or trust indenture under which the refunding bonds are issued shall provide that any refunding bonds shall have the same priority of payment as was enjoyed by the obligations refunded. Acts 2003, No. 1751, § 17.

(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 not be subject to the requirements for the approval and proclamation of the Governor as set forth in § 15-4-3005 .

(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 not be subject to the requirements for the approval and proclamation of the Governor as set forth in § 15-4-3005 .

(b) (1) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations. (2) If sold for cash, the proceeds may be either applied to the payment of the obligations refunded or deposited into an irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.

(1) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.

(2) If sold for cash, the proceeds may be either applied to the payment of the obligations refunded or deposited into an irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.

(c) (1) Refunding bonds shall in all respects be authorized, issued, and secured in the manner provided for the bonds being refunded and shall have all the attributes of the refunded bonds. (2) To the extent that the refunding bonds are not in a greater principal amount than the outstanding principal amount of the bonds being refunded, the principal amount of the refunding bonds shall not be subject to the limit of four hundred million dollars ($400,000,000) set forth in § 15-4-3005(a) or the limit of sixty million dollars ($60,000,000) set forth in § 15-4-3005(c) .

(1) Refunding bonds shall in all respects be authorized, issued, and secured in the manner provided for the bonds being refunded and shall have all the attributes of the refunded bonds.

(2) To the extent that the refunding bonds are not in a greater principal amount than the outstanding principal amount of the bonds being refunded, the principal amount of the refunding bonds shall not be subject to the limit of four hundred million dollars ($400,000,000) set forth in § 15-4-3005(a) or the limit of sixty million dollars ($60,000,000) set forth in § 15-4-3005(c) .

(d) The resolution or trust indenture under which the refunding bonds are issued shall provide that any refunding bonds shall have the same priority of payment as was enjoyed by the obligations refunded.

Acts 2003, No. 1751, § 17.
Ark. Code Ann. § 15-4-2407 — AR Code / Title 15 / Chapter 4 / Subchapter 24 / Section 15-4-2407
Apportionment of credit amount
Status: in_force

In the case of a qualified manufacturer of steel as described in § 15-4-2405(a) which is: (1) A proprietorship, partnership, or other business organization treated as a proprietorship or partnership for tax purposes, the amount of the credit determined under this subchapter for any taxable year shall be apportioned to each proprietor, partner, member, or other owner in proportion to the amount of income from the entity which the proprietor, partner, member, or other owner is required to include in gross income; (2) A Subchapter S corporation, the amount of credit determined shall be apportioned to each Subchapter S corporation shareholder in proportion to the amount of income from the entity which the Subchapter S corporation shareholder is required to include as gross income; or (3) An estate or trust: (A) The amount of the credit determined for any taxable year shall be apportioned between the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each; and (B) Any beneficiary to whom any amount has been apportioned under this subchapter shall be allowed, subject to the limitations contained in this subchapter, a credit under this subchapter for that amount. Acts 2001, No. 541, § 7.

In the case of a qualified manufacturer of steel as described in § 15-4-2405(a) which is:

(1) A proprietorship, partnership, or other business organization treated as a proprietorship or partnership for tax purposes, the amount of the credit determined under this subchapter for any taxable year shall be apportioned to each proprietor, partner, member, or other owner in proportion to the amount of income from the entity which the proprietor, partner, member, or other owner is required to include in gross income;

(2) A Subchapter S corporation, the amount of credit determined shall be apportioned to each Subchapter S corporation shareholder in proportion to the amount of income from the entity which the Subchapter S corporation shareholder is required to include as gross income; or

(3) An estate or trust: (A) The amount of the credit determined for any taxable year shall be apportioned between the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each; and (B) Any beneficiary to whom any amount has been apportioned under this subchapter shall be allowed, subject to the limitations contained in this subchapter, a credit under this subchapter for that amount.

(A) The amount of the credit determined for any taxable year shall be apportioned between the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each; and

(B) Any beneficiary to whom any amount has been apportioned under this subchapter shall be allowed, subject to the limitations contained in this subchapter, a credit under this subchapter for that amount.

Acts 2001, No. 541, § 7.
Ark. Code Ann. § 15-58-306 — AR Code / Title 15 / Chapter 58 / Subchapter 3 / Section 15-58-306
False statement, representation, or certification - Criminal penalties
Status: in_force

A person who knowingly makes a false statement, representation, or certification or who knowingly fails to make a statement, representation, or certification in an application, record, report, plan, or other document filed or required to be maintained under this chapter shall be guilty of a misdemeanor and upon conviction may be punished by a criminal penalty of not more than ten thousand dollars ($10,000) or by imprisonment for not more than one (1) year, or by both. Acts 1979, No. 134, § 21; A.S.A. 1947, § 52-955.

A person who knowingly makes a false statement, representation, or certification or who knowingly fails to make a statement, representation, or certification in an application, record, report, plan, or other document filed or required to be maintained under this chapter shall be guilty of a misdemeanor and upon conviction may be punished by a criminal penalty of not more than ten thousand dollars ($10,000) or by imprisonment for not more than one (1) year, or by both.

Acts 1979, No. 134, § 21; A.S.A. 1947, § 52-955.
Ark. Code Ann. § 15-4-1802 — AR Code / Title 15 / Chapter 4 / Subchapter 18 / Section 15-4-1802
Definitions
Status: in_force

As used in this subchapter: (1) "Bonds" means revenue bonds or general obligation bonds; (2) "Eligible facility" means any facility owned by any state agency or political subdivision and any facility financed through the issuance of bonds by any state agency or political subdivision at which at least one hundred (100) people are employed and which is acquired or completed or substantially reconstructed or expanded after December 31, 1992; (3) "Political subdivision" means cities of the first class or cities of the second class and counties and any governmental entity created by them; and (4) "State income tax" means the Arkansas state income tax. Acts 1993, No. 1165, § 2.

As used in this subchapter:

(1) "Bonds" means revenue bonds or general obligation bonds;

(2) "Eligible facility" means any facility owned by any state agency or political subdivision and any facility financed through the issuance of bonds by any state agency or political subdivision at which at least one hundred (100) people are employed and which is acquired or completed or substantially reconstructed or expanded after December 31, 1992;

(3) "Political subdivision" means cities of the first class or cities of the second class and counties and any governmental entity created by them; and

(4) "State income tax" means the Arkansas state income tax.

Acts 1993, No. 1165, § 2.
Ark. Code Ann. § 15-5-202 — AR Code / Title 15 / Chapter 5 / Subchapter 2 / Section 15-5-202
Board of directors - Members
Status: in_force

(a) (1) The Board of Directors of the Arkansas Development Finance Authority shall consist of the Secretary of the Department of Finance and Administration or his or her designee, who shall serve during the Secretary of the Department of Finance and Administration's absence, eleven (11) public members to be appointed by the Governor with the advice and consent of the Senate, and the Secretary of the Department of Commerce who shall serve as a nonvoting member. (2) The members appointed by the Governor shall be residents of the state and shall have been qualified electors therein for at least one (1) year preceding the time of appointment and shall be recognized by their peers as outstanding in the field of economic development or development finance. (3) Each congressional district in the state shall be represented by at least one (1) public member of the board. (4) (A) One (1) public member of the board shall be a representative of the agricultural business enterprise industry. (B) One (1) public member shall be a representative of the state's elderly population who is: (i) Sixty (60) years of age or older; and (ii) Not actively engaged in or retired from the operation of an agricultural business enterprise. (C) The public members appointed under subdivisions (a)(4)(A) and (B) of this section shall be: (i) Selected from the state at large subject to confirmation by the Senate; and (ii) Full voting members of the Arkansas Development Finance Authority. (5) The additional public member added by this section shall be a public housing or community development professional actively engaged in that profession, and that person must not be a member of any public housing board. (6) In addition to the other members of the board, the Treasurer of State or his or her designee, who shall serve during the Treasurer of State's absence, shall serve as an ex officio voting member of the board. (b) The Governor shall appoint public members of the board to terms of four (4) years. (c) (1) Each board member shall hold office for the term of his or her appointment and until his or her successor shall have been appointed and qualified. (2) Any vacancy in the board occurring other than by expiration of term shall be filled by appointment by the Governor, but for the unexpired term only. (3) The terms of the members of the board shall expire on January 14. (d) (1) Each appointed public board member may be removed from office by the Governor for cause after a public hearing and may be suspended by the Governor pending the completion of the hearing. (2) (A) Before entering upon his or her duties, each board member shall take and subscribe to an oath to perform the duties of his or her office faithfully, impartially, and justly to the best of his or her ability. (B) A record of the oath shall be filed in the office of the Secretary of State. (e) The members of the board shall serve without compensation, but the authority may reimburse its board members for expenses in accordance with § 25-16-901 et seq. Amended by Act 2019, No. 910,§ 436, eff. 7/1/2019. Amended by Act 2015, No. 1060,§ 3, eff. 4/4/2015. Amended by Act 2015, No. 1060,§ 2, eff. 4/4/2015. Acts 1985, No. 1062, § 4.00; A.S.A. 1947, §§ 6-616, 6-623, 13-2904; Acts 1989, No. 885, § 3; 1989 (1st Ex. Sess.), No. 36, § 17; 1993, No. 159, § 1; 1995, No. 433, § 1; 1997, No. 218, § 1; 1997, No. 250, § 98.

(a) (1) The Board of Directors of the Arkansas Development Finance Authority shall consist of the Secretary of the Department of Finance and Administration or his or her designee, who shall serve during the Secretary of the Department of Finance and Administration's absence, eleven (11) public members to be appointed by the Governor with the advice and consent of the Senate, and the Secretary of the Department of Commerce who shall serve as a nonvoting member. (2) The members appointed by the Governor shall be residents of the state and shall have been qualified electors therein for at least one (1) year preceding the time of appointment and shall be recognized by their peers as outstanding in the field of economic development or development finance. (3) Each congressional district in the state shall be represented by at least one (1) public member of the board. (4) (A) One (1) public member of the board shall be a representative of the agricultural business enterprise industry. (B) One (1) public member shall be a representative of the state's elderly population who is: (i) Sixty (60) years of age or older; and (ii) Not actively engaged in or retired from the operation of an agricultural business enterprise. (C) The public members appointed under subdivisions (a)(4)(A) and (B) of this section shall be: (i) Selected from the state at large subject to confirmation by the Senate; and (ii) Full voting members of the Arkansas Development Finance Authority. (5) The additional public member added by this section shall be a public housing or community development professional actively engaged in that profession, and that person must not be a member of any public housing board. (6) In addition to the other members of the board, the Treasurer of State or his or her designee, who shall serve during the Treasurer of State's absence, shall serve as an ex officio voting member of the board.

(1) The Board of Directors of the Arkansas Development Finance Authority shall consist of the Secretary of the Department of Finance and Administration or his or her designee, who shall serve during the Secretary of the Department of Finance and Administration's absence, eleven (11) public members to be appointed by the Governor with the advice and consent of the Senate, and the Secretary of the Department of Commerce who shall serve as a nonvoting member.

(2) The members appointed by the Governor shall be residents of the state and shall have been qualified electors therein for at least one (1) year preceding the time of appointment and shall be recognized by their peers as outstanding in the field of economic development or development finance.

(3) Each congressional district in the state shall be represented by at least one (1) public member of the board.

(4) (A) One (1) public member of the board shall be a representative of the agricultural business enterprise industry. (B) One (1) public member shall be a representative of the state's elderly population who is: (i) Sixty (60) years of age or older; and (ii) Not actively engaged in or retired from the operation of an agricultural business enterprise. (C) The public members appointed under subdivisions (a)(4)(A) and (B) of this section shall be: (i) Selected from the state at large subject to confirmation by the Senate; and (ii) Full voting members of the Arkansas Development Finance Authority.

(A) One (1) public member of the board shall be a representative of the agricultural business enterprise industry.

(B) One (1) public member shall be a representative of the state's elderly population who is: (i) Sixty (60) years of age or older; and (ii) Not actively engaged in or retired from the operation of an agricultural business enterprise.

(i) Sixty (60) years of age or older; and

(ii) Not actively engaged in or retired from the operation of an agricultural business enterprise.

(C) The public members appointed under subdivisions (a)(4)(A) and (B) of this section shall be: (i) Selected from the state at large subject to confirmation by the Senate; and (ii) Full voting members of the Arkansas Development Finance Authority.

(i) Selected from the state at large subject to confirmation by the Senate; and

(ii) Full voting members of the Arkansas Development Finance Authority.

(5) The additional public member added by this section shall be a public housing or community development professional actively engaged in that profession, and that person must not be a member of any public housing board.

(6) In addition to the other members of the board, the Treasurer of State or his or her designee, who shall serve during the Treasurer of State's absence, shall serve as an ex officio voting member of the board.

(b) The Governor shall appoint public members of the board to terms of four (4) years.

(c) (1) Each board member shall hold office for the term of his or her appointment and until his or her successor shall have been appointed and qualified. (2) Any vacancy in the board occurring other than by expiration of term shall be filled by appointment by the Governor, but for the unexpired term only. (3) The terms of the members of the board shall expire on January 14.

(1) Each board member shall hold office for the term of his or her appointment and until his or her successor shall have been appointed and qualified.

(2) Any vacancy in the board occurring other than by expiration of term shall be filled by appointment by the Governor, but for the unexpired term only.

(3) The terms of the members of the board shall expire on January 14.

(d) (1) Each appointed public board member may be removed from office by the Governor for cause after a public hearing and may be suspended by the Governor pending the completion of the hearing. (2) (A) Before entering upon his or her duties, each board member shall take and subscribe to an oath to perform the duties of his or her office faithfully, impartially, and justly to the best of his or her ability. (B) A record of the oath shall be filed in the office of the Secretary of State.

(1) Each appointed public board member may be removed from office by the Governor for cause after a public hearing and may be suspended by the Governor pending the completion of the hearing.

(2) (A) Before entering upon his or her duties, each board member shall take and subscribe to an oath to perform the duties of his or her office faithfully, impartially, and justly to the best of his or her ability. (B) A record of the oath shall be filed in the office of the Secretary of State.

(A) Before entering upon his or her duties, each board member shall take and subscribe to an oath to perform the duties of his or her office faithfully, impartially, and justly to the best of his or her ability.

(B) A record of the oath shall be filed in the office of the Secretary of State.

(e) The members of the board shall serve without compensation, but the authority may reimburse its board members for expenses in accordance with § 25-16-901 et seq.

Amended by Act 2019, No. 910,§ 436, eff. 7/1/2019.

Amended by Act 2015, No. 1060,§ 3, eff. 4/4/2015.

Amended by Act 2015, No. 1060,§ 2, eff. 4/4/2015.

Acts 1985, No. 1062, § 4.00; A.S.A. 1947, §§ 6-616, 6-623, 13-2904; Acts 1989, No. 885, § 3; 1989 (1st Ex. Sess.), No. 36, § 17; 1993, No. 159, § 1; 1995, No. 433, § 1; 1997, No. 218, § 1; 1997, No. 250, § 98.