reglab/housing_qa huggingface dataset:
AR Code § 15-5-302 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-302. Underwriters and experts

 (a) The Arkansas Development Finance Authority, when requested to do so by a state agency or a political subdivision, is authorized and empowered to engage an underwriter or underwriters to facilitate the issuance and sale of bonds to accomplish the financing of a specific activity or a particular project of the state agency or political subdivision permitted to be financed hereunder, or other activities and projects for which no state agency or political subdivision is authorized by law to obtain such financing, which the authority determines to be consistent with the purposes of this subchapter and §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, and 15-5-213.  (b) In the furtherance thereof, the authority is also authorized and empowered to engage in connection therewith such legal counsel and other experts as may be recommended by the underwriter or underwriters.
AR Code § 15-5-303 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-303. Exclusive issuer of revenue bonds for public facilities

 It is the intention of the General Assembly that the Arkansas Development Finance Authority shall be the exclusive issuer of revenue bonds for public facilities acquired or constructed for the benefit of state agencies, except the respective boards of trustees of state-supported institutions of higher education, the Career Education and Workforce Development Board, the State Board of Finance, and the Arkansas Economic Development Council when issuing bonds pursuant to §§ 15-4-604, 15-4-605, and 15-4-608, and the Industrial Development Guaranty Bond Act, § 15-4-701 et seq.
AR Code § 15-5-304 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-304. Exclusive issuer of mortgage bonds

 For purposes of compliance with the Mortgage Subsidy Bond Tax Act of 1980, the General Assembly finds and declares that the Arkansas Development Finance Authority shall be the exclusive issuer of mortgage bonds as defined in the Mortgage Subsidy Bond Tax Act of 1980, and the authority shall receive the entire allocation to the state in principal amount of bonds to be issued annually.
AR Code § 15-5-305 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-305. Authorized investors

 (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.
AR Code § 15-5-306 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-306. Tax exemption

 Any 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 the interest paid thereon, unless specifically declared to be taxable in the authorizing resolution, shall be exempt from all state, county, and municipal taxes, and the exemption shall include income, inheritance, and property taxes.
AR Code § 15-5-307 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-307. Request to issue certain bonds

 (a) When gubernatorial approval is required by the provisions of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. L. No. 97-248, or any other federal or state law, the Governor is authorized to approve the issuance of bonds by the Arkansas Development Finance Authority upon receipt of written request for approval from the Board of Directors of the Arkansas Development Finance Authority.  (b) The written request shall state that the authority has conducted a public hearing pursuant to appropriate public notice concerning the purposes for which the bonds are to be issued, shall contain a description of the project or projects to be financed, and shall describe the method of financing the project or projects.  (c) The written request shall also summarize the comments made and questions posed at the public hearing.
AR Code § 15-5-308 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-308. Notice of issue — Disapproval

 (a) Not less than thirty (30) days prior to the issuance of any bonds authorized under this subchapter and §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, and 15-5-213 with respect to any project or activity which is to be undertaken for the direct benefit of any person or entity which is not a state agency or a political subdivision, written notice of the intention of the Arkansas Development Finance Authority to provide financing and issue bonds therefor shall be given by the President of the Arkansas Development Finance Authority to the mayor of the municipality in which the project or activity is to be located, or, if the project or activity is not proposed to be located within a municipality, the notice shall be given to the county judge of the county.  (b) No bonds for the financing of the project or activity shall be issued by the authority or any other political subdivision or instrumentality of the state for a one-year period if, within fifteen (15) days after the giving of the notice, the legislative body of the political subdivision in which the project or activity is proposed to be located shall have duly enacted an ordinance or resolution stating express disapproval by the legislative body of the project or activity and the reasons therefor.  (c) Such disapproval shall not be effective unless a certified copy of the ordinance or resolution shall have been delivered to the president within twenty (20) days of the giving of notice by the president as herein required.  (d)  (1) Any notice required by this section may be given by the mailing thereof or actual delivery thereof to the proper person, and it shall be conclusively presumed that any notice given by mail, with proper postage prepaid, has been timely received by the addressee.  (2) However, it shall not be necessary to give the notice provided for in this section if the project or activity is of such a nature that a public hearing has been held in the affected political subdivision with respect thereto and approval given in the manner required by 26 U.S.C. § 147(f).    (e) This section shall not apply to the issuance of bonds to provide financing on a pooled or consolidated basis for a series of related or unrelated activities or projects when the activities or projects have not been specifically identified prior to the issuance of the bonds.
AR Code § 15-5-310 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-310. Sale

 (a) The bonds may be sold in such manner, either at public or private sale, and upon such terms as the Arkansas Development Finance Authority shall determine to be reasonable and expedient for effectuating the purposes for which the authority was created.  (b) The bonds may be sold at a price the authority may accept, including sale at discount.
AR Code § 15-5-311 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-311. Execution

 (a) The bonds shall be executed by manual or facsimile signature of the Chair of the Board of Directors of the Arkansas Development Finance Authority and the manual or facsimile signature of the President of the Arkansas Development Finance Authority or any other director or officer authorized to do so by resolution of the Board of Directors of the Arkansas Development Finance Authority.  (b) In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before delivery of the bonds or coupons, their signatures, nevertheless, shall be valid and sufficient for all purposes.  (c) The authority shall adopt and use a seal in the execution and issuance of the bonds, and each bond shall be impressed or imprinted with the seal of the authority.
AR Code § 15-5-312 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-312. Statement on face of bond — Security

 (a) It shall be plainly stated on the face of each bond that it has been issued under this subchapter, that the bonds shall be obligations only of the Arkansas Development Finance Authority, and that in no event shall the bonds constitute an indebtedness of the State of Arkansas or an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged or an indebtedness secured by lien on or a security interest in any property of the state.  (b) The payment of the bonds' principal, redemption premium, if any, interest, and trustee's and paying agent's fees may be secured by any combination of:  (1) A lien on any security interest in facilities financed by bonds issued under this subchapter;  (2) A lien encumbering or pledge of loans made or mortgages purchased by the authority;  (3) A pledge of revenues of the authority that are not derived from appropriations;  (4) Collateral security received by the authority, including without limitation, the authority's interest in and revenue derived from loan agreements;  (5) A pledge of revenues derived from or by reason of ownership of guaranteed educational loan notes, educational loan notes, any loan agreements relating to guaranteed educational loans or educational loans, and the interest and revenue from the loan agreements; and  (6) A lien encumbering or pledge of the proceeds of the bonds and any reserves established in connection with the bonds.    (c) It shall not be necessary to the perfection of the lien and pledge for such purposes that the trustee in connection with the bond issue or the holders of the bonds take possession of the loans, notes, loan agreements, mortgages, and collateral security.
AR Code § 15-5-313 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-313. Pledge valid and binding — Lien

 (a) Any pledge of revenues, moneys, funds, or other property made by the Arkansas Development Finance Authority shall be valid and binding from the time when the pledge is made and the revenues, moneys, funds, or other property so pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without the physical delivery thereof or further act on the part of the authority, and the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice thereof.  (b) Neither the authorizing resolution nor any other instrument by which a pledge is created need be filed or recorded, except in the records of the authority.
AR Code § 15-5-314 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-314. Refunding bonds

 (a) Bonds may be issued for the purpose of refunding, either at maturity or in advance of maturity, any:  (1) Bonds issued under this subchapter; or  (2) Bonds or other obligations issued or incurred by a state agency or a political subdivision to finance a purpose for which the Arkansas Development Finance Authority is authorized to issue bonds under this subchapter.    (b) The refunding bonds may either be sold or delivered in exchange for the bonds being refunded.  (c) If sold, the proceeds may either be applied to the payment of the bonds being refunded or deposited in trust and there maintained in cash or investments for the retirement of the bonds being refunded, as shall be specified by the authority and the authorizing resolution or trust indenture securing the refunding bonds.  (d) The authorizing resolution or trust indenture securing the refunding bonds may provide that the refunding bonds shall have the same security for their payment as provided for the bonds being refunded.  (e) Refunding bonds shall be sold and secured in accordance with the provisions of this subchapter pertaining to the sale and security of the bonds.
AR Code § 15-5-315 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-315. Securing deposit of public funds

 Bonds issued under this subchapter shall be eligible to secure the deposit of public funds.
AR Code § 15-5-316 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-316. No personal liability

 No director or officer of the Arkansas Development Finance Authority shall be liable personally for any reason arising from the issuance of bonds under this subchapter unless he or she shall have acted with a corrupt intent.
AR Code § 15-5-318 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 3 - Arkansas Development Finance Authority Act — Bonds|§ 15-5-318. Primary administration of federal allocations of private activity and governmental volume cap

 (a)  (1) Except as provided in subsection (b) of this section, the Arkansas Development Finance Authority is hereby recognized as the primary administrator of federal allocations of private activity and governmental volume cap that are and may be allocated to the State of Arkansas by the United States Department of the Treasury.  (2) All plans, policies, and procedures developed for the administration of volume cap allocations will be subject to the Arkansas Administrative Procedure Act, § 25-15-201 et seq.    (b) This section shall not apply to § 15-5-601 et seq.
AR Code § 15-5-401 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 4 - Arkansas Development Finance Authority Bond Guaranty Act of 1985|§ 15-5-401. Title

 This subchapter may be referred to and cited as the “Arkansas Development Finance Authority Bond Guaranty Act of 1985”.
AR Code § 15-5-403 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 4 - Arkansas Development Finance Authority Bond Guaranty Act of 1985|§ 15-5-403. Definitions

 As used in this subchapter:   (1) “Act” means this subchapter;  (2) “ADFA Act” means the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316;  (3) “Amortization payments” means the periodic, that is, monthly, semiannual, annual, etc., payments of interest, whether at a fixed or variable rate, or premium, if any, and installments of principal of qualified bonds as required by the trust indenture relating to the bonds;  (4) “Authority” means the Arkansas Development Finance Authority;  (5) “Board” means the Board of Directors of the Arkansas Development Finance Authority;  (6) “Bond fund” means the Guaranty Bond Fund authorized in this subchapter from which bonds issued by the authority for the purpose of meeting the obligations of the Bond Guaranty Reserve Account are payable;  (7) “Bond Guaranty Reserve Account” means the account created in this subchapter for the purpose of:  (A) Meeting amortization payments of qualified bonds guaranteed by the authority; and  (B) Enhancing and supporting the credit of those qualified bonds;    (8) “Borrower” means the individual, entity, firm, or corporation, whether for profit or nonprofit, or city, county, other political subdivision, or state agency charged with developing the project under the terms of the trust indenture relating to qualified bonds;  (9) “Project” means the project for which the proceeds of qualified bonds are utilized;  (10) “Qualified bonds” means:  (A) Revenue bonds validly issued by the authority in accordance with the provisions of the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316;  (B) An obligation issued by the designated investor group under the Venture Capital Investment Act of 2001, § 15-5-1401 et seq.; or  (C) Revenue bonds validly issued by a city or county under the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq.;    (11) “State” means the State of Arkansas; and  (12) “Supplemental Guaranty Reserve Account” means an account which may be established by the authority for the purpose of enhancing the Bond Guaranty Reserve Account.
AR Code § 15-5-404 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 4 - Arkansas Development Finance Authority Bond Guaranty Act of 1985|§ 15-5-404. Power of authority to grant or deny guaranty bonds

 The Arkansas Development Finance Authority, in addition to all the duties and functions defined in the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316, is empowered to approve or deny by majority vote of the Board of Directors of the Arkansas Development Finance Authority the guaranty as provided in this subchapter of amortization payments on qualified bonds, subject to the provisions, restrictions, and conditions set forth in this subchapter.
AR Code § 15-5-405 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 4 - Arkansas Development Finance Authority Bond Guaranty Act of 1985|§ 15-5-405. When bonds may be guaranteed

 Amortization payments on qualified bonds may be guaranteed in instances when:   (1) The Arkansas Development Finance Authority deems the utilization of the guaranty is in the best interest of the economic development of the State of Arkansas;  (2) The total amount of qualified bonds guaranteed at any time under this subchapter will be the lesser of:  (A) One hundred fifty million dollars ($150,000,000); or  (B) An amount equal to ten (10) times the amount on deposit at that time in the Bond Guaranty Reserve Account;    (3) The borrower involved is not permitted to purchase or own at any time any of such bonds;  (4) The borrower is found to be financially responsible and that sufficient income may reasonably be expected to amortize in an orderly manner amortization payments of the qualified bonds; and  (5)  (A) A financial institution participates in the financing necessary to accomplish the project.  (B) However, the authority may waive this requirement, in the exercise of its sound discretion, upon a sufficient showing by the borrower that such participation cannot be obtained or is not feasible because of justifiable circumstances and that the project involved otherwise meets the other conditions of this section and § 15-5-406.
AR Code § 15-5-406 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 5 - Arkansas Development Finance Authority|Subchapter 4 - Arkansas Development Finance Authority Bond Guaranty Act of 1985|§ 15-5-406. Standards and rules for evaluations

 The Arkansas Development Finance Authority shall promulgate standards and rules for the evaluation of the financial condition and business history of developers and may require the attachment to each application for guaranty under this subchapter of a financial report and evaluation by an independent certified public accounting firm, in addition to such examination and evaluation as the authority may make, in determining whether the developer meets prescribed minimum standards and qualifications before entering into any guaranty under this subchapter.