reglab/housing_qa huggingface dataset:
AR Code § 15-5-1403 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1403. Definitions

 As used in this subchapter:   (1) “Accredited investor” means an accredited investor as defined in 17 C.F.R. § 230.215, as it existed on January 1, 2013;  (2) “Authority” means the Arkansas Development Finance Authority;  (3) “Bond guaranty” means a special obligation of the Bond Guaranty Reserve Account as defined in § 15-5-403;  (4) “Capital guaranty” means the guaranty provided by the authority under § 15-5-1405;  (5) “Certificate” means a document executed by the authority extending a capital guaranty to the designated investor group;  (6) “Designated investor group” means the investor group selected by the authority under this subchapter;  (7) “Equity capital” means capital invested in common stock or preferred stock, royalty rights, limited partnership interests, limited liability company interests, and any other equity, securities, or rights that evidence ownership or investment in private enterprises;  (8) “Investor group” means any individual, corporation, partnership, limited liability company, or other lawfully organized entity;  (9) “Near-equity capital” means capital invested in unsecured, undersecured, subordinated, or convertible loans or debt securities;  (10) “Person” means any individual, corporation, partnership, or other lawfully organized entity;  (11) “Review committee” means a committee composed of the President of the Arkansas Development Finance Authority, the Director of the Arkansas Economic Development Commission, and the members of the Board of Directors of the Arkansas Development Finance Authority;  (12) “Revolving fund” means a bank account:  (A) Created by the designated investor group in a financial institution located in this state; and  (B) Used solely as provided in this subchapter;    (13) “Tax credit” means an income tax credit granted to the authority under this subchapter;  (14) “Technology-based enterprises” means a group of growing businesses in one (1) or more of the following business sectors:  (A) Advanced materials and manufacturing systems;  (B) Agriculture, food, and environmental sciences;  (C) Biotechnology, bioengineering, medical technology, and life sciences;  (D) Information technology;  (E) Transportation logistics; and  (F) Biobased products;    (15) “Venture capital funds” means private, for-profit investment funds that seek to invest in technology-based enterprises; and  (16) “Venture Capital Investment Trust” means the public trust formed July 21, 2003, under § 28-72-201 et seq., the trustees of which are the President of the Arkansas Development Finance Authority, the Director of the Arkansas Economic Development Commission, and the Secretary of the Department of Finance and Administration, and that has as a principal purpose increasing the availability of equity capital and near-equity capital for emerging and expanding enterprises in the State of Arkansas.
AR Code § 15-5-1404 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1404. Designated investor group

 (a)  (1) The Arkansas Development Finance Authority shall solicit from investor groups investment plans for the raising and investing of capital in accordance with the requirements of this subchapter.  (2) Investment plans submitted shall address the investor group's:  (A) Level of experience;  (B) Quality of management;  (C) Investment philosophy and process;  (D) Probability of success in fund raising; and  (E) Plan for achieving the purposes of this subchapter.      (b)  (1) The authority shall consider and select the investment plans and shall select and certify as the designated investor group the one (1) investor group deemed best qualified to:  (A) Capitalize the private revolving fund with the most effective and efficient utilization of the capital guaranty;  (B) Invest the capital in private seed and venture capital entities in a manner mobilizing a wide variety of equity capital and near-equity capital investments in ventures promoting the economic development of Arkansas; and  (C) Help build a significant, fiscally strong, and permanent resource to serve the objectives expressed in this subsection.    (2) The designated investor group must have a manager who is a person with demonstrated substantial successful experience in design, implementation, and management of seed and venture capital investment programs and in capital formation.    (c) The authority, in its discretion, shall have the right to:  (1) Remove and replace the chosen designated investor group; and  (2) Effect the assignment of all assets, liabilities, guaranties, and other contracts of this program to a new designated investor group.
AR Code § 15-5-1405 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1405. Guaranty

 (a) The Arkansas Development Finance Authority shall have the power to extend a capital guaranty of obligations issued by the designated investor group.  (b) The capital guaranty shall be secured by:  (1) The authority guaranty, subject to the limits establish by the authority; and  (2) Tax credits.    (c) The authority may charge a reasonable fee for costs and the fair compensation of risk associated with its guaranty.
AR Code § 15-5-1407 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1407. Registration of tax credits

 (a) The Arkansas Development Finance Authority, in conjunction with the Revenue Division of the Department of Finance and Administration, shall develop a system for registration of all tax credits claimed under this subchapter.  (b) The system shall verify that any:  (1) Tax credit claimed upon a tax return is valid and properly taken in the year of claim; and  (2) Transfer of the tax credit is made in accordance with the requirements of this subchapter.
AR Code § 15-5-1408 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1408. Annual report

 The designated investor group shall publish an annual report within six (6) months after the close of its fiscal year, which shall:   (1) Include its annual audit of the activities conducted by the designated investor group;  (2) Be presented in writing, and by testimony if requested, to the:  (A) Governor;  (B) House Committee on Agriculture, Forestry, and Economic Development and the Senate Committee on Agriculture, Forestry, and Economic Development; and  (C) Arkansas Development Finance Authority;    (3) Document and review the progress of the designated investor group in implementing its investment plan; and  (4) List any use, redemption, or transfer of tax credits allowed under this subchapter.
AR Code § 15-5-1409 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1409. Powers of the Arkansas Development Finance Authority

 The Arkansas Development Finance Authority shall have the power to promulgate rules and make any contract, execute any document, perform any act, or enter into any financial or other transaction necessary to implement this subchapter.
AR Code § 15-5-1410 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1410. Legislative findings

 The General Assembly finds:   (1) There is a need to strengthen and advance the infrastructure that supports and accelerates the advancement of the growth of technology-based enterprises in Arkansas;  (2) There exists a shortage of risk capital and financial assistance at the early stages of development for technology-based enterprises;  (3) An improved investment climate for early stage technology-based enterprises is expected to increase, advance, and accelerate the growth and development of technology-based enterprises in Arkansas;  (4) The ultimate goal of supporting technology-based enterprises is to convert research and development activities and early stage technology-based enterprises into viable commercial ventures; and  (5) The provision of financial investment and assistance to aid early stage technology-based enterprises is expected to strengthen the economic base of the State of Arkansas and create better paying jobs, thereby benefiting all residents of the state.
AR Code § 15-5-1411 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1411. Creation of the Arkansas Venture Capital Development Fund

 (a) There is established the Arkansas Venture Capital Development Fund, and within that Arkansas Venture Capital Development Fund the Arkansas Venture Capital Development Fund Account, which Arkansas Venture Capital Development Fund and Arkansas Venture Capital Development Fund Account shall be held by and maintained as a separate fund and separate account within the Venture Capital Investment Trust.  (b)  (1) The Arkansas Venture Capital Development Fund is a Direct Fund, as defined in § 15-5-703, created for the purpose of providing financial assistance to technology-based enterprises located in Arkansas with the expectation of:  (A) Developing jobs paying in excess of county and state average wages;  (B) Improving the growth, development, and advancement of technology-based enterprises; and  (C) Converting research and development activities and early stage technology-based enterprises into viable and productive commercial ventures.    (2) The Arkansas Venture Capital Development Fund shall target financial assistance toward:  (A) Technology-based enterprises that are in the early stages of development and that are not yet able to attract adequate private sources of traditional financing or venture or investor-backed capital for their growth and development; and  (B) Venture capital funds that have a direct connection to Arkansas and are focused on providing equity capital or near-equity capital to technology-based enterprises.
AR Code § 15-5-1412 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1412. Eligibility for financial assistance — Limitation

 (a) For a technology-based enterprise or venture capital fund to be eligible for financial assistance under this subchapter, the technology-based enterprise or venture capital fund shall:  (1) Demonstrate that at least one dollar ($1.00) of financial assistance provided by the Arkansas Venture Capital Development Fund will result in at least one dollar ($1.00) of new private financial assistance;  (2) Demonstrate a reasonable expectation that financial assistance from the Arkansas Venture Capital Development Fund can, over time, result in private financial assistance that is at least ten (10) times the amount of financial assistance provided by the Arkansas Venture Capital Development Fund; and  (3) Have no more than five hundred (500) employees.    (b) Funds from the Arkansas Venture Capital Development Fund shall not be used to provide financial assistance that exceeds five million dollars ($5,000,000) to any single technology-based enterprise or venture capital fund.
AR Code § 15-5-1413 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1413. Funding of Arkansas Venture Capital Development Fund

 (a) The trustees of the Venture Capital Investment Trust may accept moneys and funds for the Arkansas Venture Capital Development Fund from any source.  (b) Moneys and funds received by the trustees of the trust for the fund shall be dedicated and used solely as authorized in this subchapter.  (c)  (1) Moneys and funds received by the Arkansas Development Finance Authority or the Arkansas Economic Development Commission designated for use or ownership by the fund shall be deposited to the trust and held in the Arkansas Venture Capital Development Fund Account, as applicable and as specified in this subchapter, until used for the purposes of this subchapter.  (2) Moneys deposited to the trust for the purposes of providing financial assistance to technology-based enterprises under this subchapter shall be allocated to the account according to a ratio approved by the trustees of the trust.
AR Code § 15-5-1414 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1414. Review committee

 The review committee shall:   (1) Recommend to the trustees of the Venture Capital Investment Trust the payment of fees and expenses out of the Arkansas Venture Capital Development Fund for the operation of the fund; and  (2) Approve an investment policy under this subchapter.
AR Code § 15-5-1415 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1415. Annual report

 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.
AR Code § 15-5-1416 (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 14 - Venture Capital Investment Act of 2001|§ 15-5-1416. Powers of the trustees of the Venture Capital Investment Trust

 The trustees of the Venture Capital Investment Trust may promulgate guidelines and rules and make any contract, execute any document, perform any act, or enter into any financial or other transaction necessary to implement the duties of the trustees under this subchapter.
AR Code § 15-5-1501 (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 15 - Arkansas Brownfield Revolving Loan Fund Act|§ 15-5-1501. Title

 This subchapter may be titled as the “Arkansas Brownfield Revolving Loan Fund Act”.
AR Code § 15-5-1502 (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 15 - Arkansas Brownfield Revolving Loan Fund Act|§ 15-5-1502. Definitions

 As used in this subchapter:   (1) “Authority” means the Arkansas Development Finance Authority or its successor; and  (2) [Repealed.]  (3) “Fund” means the Brownfield Revolving Loan Fund.
AR Code § 15-5-1503 (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 15 - Arkansas Brownfield Revolving Loan Fund Act|§ 15-5-1503. Brownfield Revolving Loan Fund — Establishment — Uses

 (a)  (1) There is established on the books of the Arkansas Development Finance Authority a special restricted fund to be known as the “Brownfield Revolving Loan Fund”, which shall be maintained by the authority and administered by the Division of Environmental Quality for the purposes stated under this subchapter.  (2) The authority may create subaccounts within the fund, as necessary.    (b) Moneys in the fund shall be expended in a manner consistent with the terms and conditions of applicable federal and state grants and may be used to:  (1) Provide loans to prospective and actual purchasers of abandoned industrial, commercial, or agricultural sites for assessments, investigations, and remedial actions under § 8-7-1101 et seq.;  (2) Provide grants for assessments, investigations, and remedial actions under § 8-7-1101 et seq. or as consistent with federal law;  (3) Secure the payment of the principal, premium, and interest on and to pay costs incurred in connection with bonds issued by the authority if the net proceeds of the bonds are deposited into the fund;  (4) Fund administrative expenses relating to implementing this subchapter; and  (5) Provide for any other expenditures consistent with applicable federal or state law.
AR Code § 15-5-1504 (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 15 - Arkansas Brownfield Revolving Loan Fund Act|§ 15-5-1504. Brownfield Revolving Loan Fund — Sources — Deposits

 (a) The following moneys shall be deposited directly into the Brownfield Revolving Loan Fund:  (1) Grants from the federal government or federal agencies allotted to the state for capitalization of the Brownfield Revolving Loan Fund;  (2) State matching grants;  (3) Proceeds of bonds issued by the Arkansas Development Finance Authority under this subchapter;  (4) Loan payments of principal, interest, and premiums under this subchapter;  (5) Any money received from the Hazardous Substance Remedial Action Trust Fund;  (6) Any money received by the state as a gift or donation to the Brownfield Revolving Loan Fund;  (7) Any interest earned upon money deposited into the Brownfield Revolving Loan Fund; and  (8) Any other money legally designated for the Brownfield Revolving Loan Fund.    (b)  (1) All moneys received after July 1, 2003, from whatever source for direct deposit into the Brownfield Revolving Loan Fund or paid to the authority for deposit into the Brownfield Revolving Loan Fund are cash funds restricted in their use and shall not be deposited into the State Treasury or deemed to be a part of the State Treasury for the purposes of Arkansas Constitution, Article 5, § 29; Arkansas Constitution, Article 16, § 12; Arkansas Constitution, Amendment 20; or any other constitutional or statutory provisions, but shall be held by the authority and used solely for the purposes stated under this subchapter.  (2) All moneys received by the authority under this subchapter shall be deposited into the Brownfield Revolving Loan Fund when received unless otherwise provided by state law.  (3)  (A) Interest and other moneys received from the investment of moneys, the purchase of bonds, notes, or other evidences of indebtedness, or the making of loans with moneys in the Brownfield Revolving Loan Fund shall be cash funds to be used solely as authorized under this subchapter.  (B) Interest earnings that are transferred directly to the authority shall be cash funds to be used solely as authorized under this subchapter.      (c) The authority may accept grants for deposit into the Brownfield Revolving Loan Fund from any state or federal agency, municipality, corporation, foundation, individual, or authority and may accept any appropriation from the State Treasury that the authority received before, as of, or after July 1, 2003.
AR Code § 15-5-1505 (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 15 - Arkansas Brownfield Revolving Loan Fund Act|§ 15-5-1505. Brownfield Revolving Loan Fund — Administration

 (a)  (1) The Brownfield Revolving Loan Fund shall be administered by the Division of Environmental Quality, with the Arkansas Development Finance Authority serving as agent for the division.  (2) The division may establish procedures to administer the fund and the programs financed, in whole or in part, with moneys from the fund that are used for the purposes stated under this subchapter.  (3) The division may enter into contracts and other agreements in connection with the operation of the fund, including contracts and agreements with federal agencies, local governmental entities, the authority, and other persons, to implement this subchapter.    (b) The division shall have full authority to operate the fund and may make withdrawals as necessary to achieve the intended purposes of this subchapter.
AR Code § 15-5-1506 (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 15 - Arkansas Brownfield Revolving Loan Fund Act|§ 15-5-1506. Loans — Grants

 (a) With approval of the Division of Environmental Quality, the Arkansas Development Finance Authority may:  (1) Make secured or unsecured loans from the Brownfield Revolving Loan Fund;  (2) Award grants from the fund;  (3) Collect interest on any loans issued; and  (4) Assess penalties on late loan payments.    (b) Loans issued under this subchapter may contain an acceleration clause.