reglab/housing_qa huggingface dataset:
AR Code § 15-4-523 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 5 - Industrial Development Corporations|§ 15-4-523. Authorized investors

 (a) Any city or town in this state or any board, commission, or other authority duly established by ordinance of any such city or town or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such city or town may invest any of its funds not immediately needed for its purposes in the bonds or other obligations of any industrial or economic development corporation having its principal office in the county in which any such city or town is located.  (b) The board of trustees of any retirement system created by the General Assembly, in its discretion, may invest its funds in first lien coupon bonds of any corporation organized under the provisions of this act.
AR Code § 15-4-524 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 5 - Industrial Development Corporations|§ 15-4-524. Tax exemptions

 Interest on bonds or other obligations issued in accordance with the provisions of this act shall be exempt from all state income taxes and the principal thereof from inheritance taxation.
AR Code § 15-4-525 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 5 - Industrial Development Corporations|§ 15-4-525. Dissolution

 (a) Any corporation organized under this act, after the payment in full and cancellation of its bonds and other obligations issued under the provisions of this act or the deposit in trust with the trustee provided in the deed of trust given to secure the payment of all such obligations of a sum of money sufficient for the purpose, may dissolve by a majority vote of the members present in person or by proxy at any regular meeting or at any special meeting of its members called for that purpose.  (b) A certificate of dissolution shall be signed by the president or vice president and attested to by the secretary certifying to the dissolution and stating that they have been authorized to execute and file the certificate by vote cast in person or by proxy by a majority of the members of the corporation.  (c) A certificate of dissolution shall be executed, acknowledged, filed, and recorded in the same manner as the original articles of incorporation of a corporation organized under this act.  (d) As soon as the Secretary of State shall have accepted the certificate of dissolution for filing and issued a certificate of dissolution, the corporation shall be deemed to be dissolved.  (e) However, the corporation shall continue for the purpose of paying, satisfying, and discharging any other existing liabilities or obligations, collecting or liquidating its assets, and doing all other acts required to adjust and wind up its business and affairs, and may sue and be sued in its corporate name.  (f) Any assets remaining after all liabilities or other obligations of the corporation have been satisfied or discharged shall be distributed pro rata among the members of the corporation at the time of the filing of the certificate of dissolution.  (g) Any corporation which purports to have been incorporated under this act but which has not complied with all of the requirements for legal corporate existence and which does not have outstanding and unpaid any bonds or other obligations authorized to be issued under the provisions of this act, nevertheless may file a certificate of dissolution in the same manner as a validly existing corporation.  (h) The certificate of dissolution, in such case, may be authorized by a majority of the incorporators or directors at a meeting called by any incorporator upon ten (10) days' notice mailed to the last known post office address of each incorporator or director and held at the principal office of the corporation named in the articles of incorporation.
AR Code § 15-4-601 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 6 - Industrial Revenue Bond Guaranty Law|§ 15-4-601. Title

 This subchapter shall be referred to and may be designated as the “Industrial Revenue Bond Guaranty Law”.
AR Code § 15-4-602 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 6 - Industrial Revenue Bond Guaranty Law|§ 15-4-602. Definitions

 As used in this subchapter:   (1) “Act No. 9 bonds” means revenue bonds issued in accordance with the provisions of the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq.;  (2) “ADFA bonds” means revenue bonds and direct loans, including bond anticipation loans, issued by the Arkansas Development Finance Authority in accordance with 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 periodic, which may be monthly, semiannual, annual, etc., payments of interest, and payments of principal, whether the principal is payable in installments or otherwise, including principal required to be prepaid upon the happening of certain events, as required by an Act No. 9 bond or Arkansas Development Finance Authority indenture or resolution; and  (4) “User” means the lessee or other principal user of the industrial project to be financed, in whole or in part, with the proceeds of Act No. 9 bonds or ADFA bonds.
AR Code § 15-4-603 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 6 - Industrial Revenue Bond Guaranty Law|§ 15-4-603. Arkansas Economic Development Council empowered to grant or deny guaranty bonds

 The Arkansas Economic Development Council, called the “council”, in addition to all the duties and functions defined in §§ 15-4-101, 15-4-102, 15-4-201 — 15-4-204, 15-4-206, 15-4-209 — 15-4-212, and 15-4-501 — 15-4-525, is empowered to approve or deny by majority vote of the membership of the council the guaranty as provided in this subchapter of amortization payments on Act No. 9 bonds or ADFA bonds, subject to the provisions, restrictions, and conditions set forth in this subchapter.
AR Code § 15-4-604 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 6 - Industrial Revenue Bond Guaranty Law|§ 15-4-604. When bonds may be guaranteed — Standards and rules for evaluations

 (a) Amortization payments on Act No. 9 bonds and ADFA bonds may be guaranteed in instances when:  (1) Substantial employment is involved;  (2) The total principal amount of all outstanding Act No. 9 bonds and ADFA bonds under guaranty is not in excess of one hundred million dollars ($100,000,000);  (3) No one (1) issue or series of Act No. 9 bonds or ADFA bonds guaranteed under this section shall exceed five million dollars ($5,000,000) in principal amount;  (4) The user of the industrial project involved is not permitted to purchase or own at any time any of such bonds; and  (5) The user is found to be financially responsible and the full payment of the interest and principal amount of the bonds may reasonably be expected.    (b) The Arkansas Economic Development Council shall promulgate standards and rules for the evaluation of the financial condition and business history of users.
AR Code § 15-4-605 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 6 - Industrial Revenue Bond Guaranty Law|§ 15-4-605. Revenue Bond Guaranty Reserve Account — Investment of funds

 (a) The Arkansas Economic Development Council is authorized to:  (1)  (A) Establish a Revenue Bond Guaranty Reserve Account, sometimes referred to in this subchapter as the “account”, in any Arkansas bank that is a member of the Federal Deposit Insurance Corporation.  (B) Each account shall be in the name of the council, and the amount thereof in excess of that insured by the Federal Deposit Insurance Corporation must be secured by direct obligations of the United States or general obligations of the State of Arkansas or political subdivisions thereof; and    (2)  (A) Invest funds in the account in either direct obligations of the United States or certificates of deposit issued by an Arkansas bank or banks.  (B) All moneys received by the council under and pursuant to the provisions of this subchapter shall be deposited as and when received into the account.  (C) It is the intent of this subchapter that idle funds in the account shall be invested in direct obligations of the United States or certificates of deposit issued by an Arkansas bank or banks, as provided in this section, in order that maximum interest return may be received by the account.      (b) All moneys now or hereafter deposited into, or paid to the council for deposit into, the account are specifically declared to be cash funds, received from sources other than taxes, restricted in their use. These moneys shall not be deposited into the State Treasury but shall be deposited into one (1) or more banks, as set forth in subsection (a) of this section.
AR Code § 15-4-607 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 6 - Industrial Revenue Bond Guaranty Law|§ 15-4-607. Power to accept grants

 The Arkansas Economic Development Council is authorized to accept grants to its Revenue Bond Guaranty Reserve Account from any federal agencies, municipalities, corporations, foundations, individual donees, or authorities.
AR Code § 15-4-608 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 6 - Industrial Revenue Bond Guaranty Law|§ 15-4-608. Guaranty agreement provisions

 Guaranty agreements entered into by the Arkansas Economic Development Council under the provisions of this subchapter with respect to Act No. 9 bonds issued by any municipality or county or the Arkansas Development Finance Authority shall provide, among other things, that:   (1)  (A) The council guarantees and the council is required to use the funds on deposit in the Revenue Bond Guaranty Reserve Account to meet amortization payments as guaranteed under this subchapter as the payments become due in the event and to the extent the issuer of the bonds is unable to meet such payments in accordance with the terms of the bond indenture when called on to do so by the trustee of the bondholders.  (B) Whenever the council, acting under the terms of the guaranty agreement, deems it necessary to assume the obligation of maintenance of any building or facility, the amortization payments of which the council has guaranteed under the provisions of this subchapter, the council may use funds on deposit in the account to pay insurance and maintenance costs required for the preservation of the building or facility and to protect the reserve account from loss or to minimize losses in such manner as deemed necessary and advisable by the council; and    (2)  (A) The guaranty shall not be a general obligation of the council or of the State of Arkansas but shall be a special obligation. In no event shall the guaranty constitute an indebtedness of the council or of the State of Arkansas within the meaning of any constitutional or statutory limitation.  (B) Each guaranty agreement shall:  (i) Have plainly stated on the face thereof that:  (a) It has been entered into under the provisions of this subchapter;  (b) It does not constitute an indebtedness of the council or the State of Arkansas within any constitutional or statutory limitation; and  (c) The full faith and credit of the State of Arkansas or any of its revenues are not pledged to meet any of the obligations of the council under such a guaranty agreement; and    (ii) State that the obligation of the council under the guaranty shall be limited to the funds available in the account as authorized in this subchapter.
AR Code § 15-4-609 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 6 - Industrial Revenue Bond Guaranty Law|§ 15-4-609. Rules

 (a) The Arkansas Economic Development Council is authorized and directed to conduct such investigation as it may determine necessary for the promulgation of rules to govern the operation of the guaranty program authorized by this subchapter.  (b) These rules shall include the restrictions and conditions imposed by this subchapter, including particularly those set forth in §§ 15-4-604 and 15-4-608. The rules may include such other additional provisions, restrictions, and conditions as the council, after the investigation referred to in subsection (a) of this section, shall determine to be proper to achieve the most effective utilization of the guaranty program authorized by this subchapter. This may include, without limitation, a detailing of the remedies that must be exhausted by the bondholders or a trustee acting in their behalf prior to calling upon the council to perform under its guaranty agreement and the subrogation or other rights of the council with reference to the industrial project and its operation in the event the council makes payment pursuant to the applicable guaranty agreement.  (c) In this regard, the council is expressly authorized to enter into such agreements and otherwise take such action as may be necessary to exercise the authority conferred by this subchapter or to evidence the exercise thereof.  (d) The rules promulgated by the council to govern the operation of the guaranty program shall contain specific provisions with respect to the rights of the council to enter, take over, and manage the industrial development properties upon default. These rules shall set forth the respective rights of the council and the bondholders in regard thereto.  (e) Such rules shall be in conformity with §§ 14-164-201 — 14-164-206, 14-164-208 — 14-164-224, 15-5-101 — 15-5-105, 15-5-201 — 15-5-211, and 15-5-301 — 15-5-316.
AR Code § 15-4-701 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 7 - Industrial Development Guaranty Bond Act|§ 15-4-701. Title

 This subchapter shall be known and may be cited as the “Industrial Development Guaranty Bond Act”.
AR Code § 15-4-702 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 7 - Industrial Development Guaranty Bond Act|§ 15-4-702. Authority to use Arkansas Economic Development Council moneys if account is insufficient

 If the Arkansas Economic Development Council shall at any time determine that the moneys in the Revenue Bond Guaranty Reserve Account, sometimes referred to in this subchapter as “account”, created and being maintained pursuant to the provisions of the Industrial Revenue Bond Guaranty Law, § 15-4-601 et seq., are not or will not be sufficient to meet the obligations of the account, the council is authorized to use the necessary amount of any available moneys that it may have which are not needed for or committed to other authorized functions and purposes of the council then or in the foreseeable future. Any such moneys so used may be reimbursed out of the account if and when there are moneys therein available for the purpose.
AR Code § 15-4-703 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 7 - Industrial Development Guaranty Bond Act|§ 15-4-703. Authority to issue bonds — Arkansas Economic Development Council determinations

 (a) If at the time there are no other available moneys to meet the then-present or reasonably projected obligations of the Revenue Bond Guaranty Account, the Arkansas Economic Development Council shall proceed promptly to issue bonds, as authorized in this subchapter, in such principal amounts as may be necessary to enable the council to meet, as and when due, all obligations of the account.  (b) The authority to issue bonds shall be a continuing authority that may be exercised from time to time.  (c) Determination of when additional moneys will be needed for the account, the amounts that will be needed, the availability or unavailability of other moneys, the necessity for the issuance of bonds, and the principal amounts of bonds to be issued shall be made solely by the council in the exercise of its discretion.
AR Code § 15-4-704 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 7 - Industrial Development Guaranty Bond Act|§ 15-4-704. Authorizing resolution — Bond issuance, form, and contents

 (a) The bonds shall be authorized by resolution of the Arkansas Economic Development Council.  (b) The bonds may be issued at one (1) time or in series from time to time. If in series, the initial series shall be designated “Series A” and subsequent series shall be designated in alphabetical order.  (c) All bonds issued under this subchapter, regardless of series, shall be on a parity as to lien, pledge, and security.  (d) The bonds may:  (1)  (A) Be coupon bonds payable to bearer or may be registrable as to principal only with interest coupons or may be registrable as to both principal and interest without coupons, and may be made exchangeable for bonds of another denomination.  (B) The bonds of another denomination may in turn be either coupon bonds payable to bearer or coupon bonds registrable as to principal only or bonds registrable as to both principal and interest without coupons; and    (2) Be in such form and denomination, may have such date or dates, may be stated to mature at such times, may bear interest payable at such times and at such rate or rates, provided that no bond may bear interest at a rate exceeding ten percent (10%) per annum, may be made payable at such places within or without the State of Arkansas, may be made subject to such terms of redemption in advance of maturity at such prices, and may contain such terms and conditions, all as the council shall determine.    (e) The bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration of ownership, as set forth in subsection (d) of this section.  (f) The authorizing resolution may contain any other terms, covenants, and conditions that the council determines are desirable, including, without limitation, those pertaining to the:  (1) Maintenance of various funds and reserves;  (2) Nature and extent of the security;  (3) Custody and application of the proceeds of the bonds;  (4) Collection and disposition of revenues; and  (5) Rights, duties, and obligations of the council and of the holders and registered owners of the bonds.
AR Code § 15-4-705 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 7 - Industrial Development Guaranty Bond Act|§ 15-4-705. Trust indenture

 (a) The resolution authorizing the issuance of bonds may provide for the execution of a trust indenture by the Arkansas Economic Development Council with a bank or trust company within or without the State of Arkansas.  (b) The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the council, including without limitation, those pertaining to the maintenance of various funds and reserves, the nature and extent of the security, the custody and application of the proceeds of the bonds, the collection and disposition of revenues, and the rights, duties, and obligations of the council and of the holders and registered owners of the bonds.
AR Code § 15-4-706 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 7 - Industrial Development Guaranty Bond Act|§ 15-4-706. Execution and delivery of bonds

 (a) The bonds shall be executed by the facsimile signature of the Chair of the Arkansas Economic Development Council and by the manual signature of the Director of the Arkansas Economic Development Commission.  (b) Interest coupons attached to the bonds shall be executed with the facsimile signature of the chair.  (c) Delivery of the bonds and coupons so executed shall be valid notwithstanding any change in persons holding such offices occurring after the bonds have been executed.
AR Code § 15-4-707 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 7 - Industrial Development Guaranty Bond Act|§ 15-4-707. Temporary notes or bonds

 Temporary notes or bonds conforming generally to the provisions of this subchapter, exchangeable for definitive bonds, may be issued in the discretion of the Arkansas Economic Development Council.
AR Code § 15-4-708 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 7 - Industrial Development Guaranty Bond Act|§ 15-4-708. Sale of bonds

 (a) The bonds shall be sold at public sale on sealed bids.  (b) Notice of the sale shall be published one (1) time a week for three (3) consecutive weeks in a newspaper published in the City of Little Rock and having a general circulation throughout the State of Arkansas, with the first publication to be at least twenty (20) days prior to the date of sale.  (c) The award, if made, shall be to the bidder whose bid results in the lowest net interest cost, determined by computing the aggregate interest cost at the rate bid and deducting any premium or adding the amount of any discount.