reglab/housing_qa huggingface dataset:
AR Code § 15-5-408 (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|§ 15-5-408. Evidence to support guaranty — Premium payment

 (a) Each borrower requesting a guaranty under this subchapter shall submit to the Arkansas Development Finance Authority supporting documents, instruments, contractor's costs or estimated cost of improvements, land costs, and other evidence showing conformity 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, or other law pursuant to which qualified bonds are to be or have been issued.  (b)  (1) Each borrower receiving a guaranty under this subchapter shall pay a premium payment or payments to the Bond Guaranty Reserve Account as provided in this section.  (2) The amount and terms of the premium payment shall be determined by the authority taking into consideration the relative degree of risk involved in guaranteeing the project and other appropriate considerations.
AR Code § 15-5-409 (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|§ 15-5-409. Review of applications

 (a) All applications filed with the Arkansas Development Finance Authority under the provisions of this subchapter shall first be reviewed by the appropriate designated staff officials of the authority or by a committee consisting of members of the authority for preliminary review and recommendation prior to being submitted for consideration by the authority.  (b) All applications submitted to the authority and all supporting documents, instruments, proposed contracts, estimated costs, or other evidence submitted with the applications shall be confidential and shall not be open to public review, except as provided in this subchapter, and all staff meetings or meetings of the review committee of members of the authority established for the purpose of giving preliminary review of the applications shall be confidential and shall not be open to the public.  (c) Upon conclusion of the preliminary review of each request for a guaranty under this subchapter, if the request for guaranty is submitted to the authority with a recommendation that it be approved, the application and all supporting documents, including the findings and the recommendations resulting from the staff or review committee, shall be an open public record available for inspection during all regular business hours.  (d) In the event that an application from a borrower requesting a guaranty under this subchapter is not recommended for approval by the authority under this subchapter, that application and all supporting documents, including all findings and recommendations in regard thereto by the staff or review committee, shall continue to be confidential and not open to public inspection.  (e) The borrower shall be notified in writing of any staff or review committee determination that the application is not being submitted to the authority with a recommendation that it be approved. The notice shall advise the borrower that the application will be kept confidential unless the borrower shall file, within thirty (30) days from the date of receipt of the written notice, a petition with the authority requesting that the authority hold a hearing in regard to the application, in which event the application and all supporting documents shall become public information available for public inspection.  (f) The membership of a review committee, when acting in that capacity, shall never be considered to constitute a quorum of the authority for the purpose of approving an application or guaranty under this subchapter.
AR Code § 15-5-410 (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|§ 15-5-410. No private right against authority under §§ 15-5-408 and 15-5-409

 No provision of §§ 15-5-408 and 15-5-409 shall be interpreted to create any private right against any member of the Arkansas Development Finance Authority or any member of the staff thereof.
AR Code § 15-5-411 (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|§ 15-5-411. Grants to fund

 The Arkansas Development Finance Authority is authorized to accept grants to its Bond Guaranty Reserve Account from any state or federal agencies, municipalities, corporations, foundations, individual donees, or authorities, specifically including, but not limited to, allocations from the Treasurer of State as hereinafter provided.
AR Code § 15-5-412 (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|§ 15-5-412. Guaranty agreement provision

 Guaranty agreements entered into by the Arkansas Development Finance Authority under the provisions of this subchapter with respect to qualified bonds issued on behalf of any borrower shall provide, among other things:   (1)  (A) That the authority guarantees and the authority is required to use the funds on deposit in the Bond Guaranty Reserve Account to meet amortization payments as guaranteed under this subchapter as the same become due, in the event and to the extent the borrower 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 authority, acting under the terms of the guaranty agreement, deems it necessary to assume the obligation of maintenance of any project, the amortization payments of which the authority has guaranteed under the provisions of this subchapter, the authority may use funds on deposit in the account to pay insurance and maintenance costs required for the preparation of the same and to protect the account from loss or to minimize losses in such manner as deemed necessary and advisable by the authority; and    (2)  (A) That the guaranty shall not be a general obligation of the authority or of the State of Arkansas, but shall be a special obligation, and in no event shall the guaranty constitute an indebtedness of the authority or of the State of Arkansas within the meaning of any constitutional or statutory limitation.  (B) Each guaranty agreement shall have plainly stated on the face of the agreement that the same has been entered into under the provisions of this subchapter, and that it does not constitute an indebtedness of the authority or of the State of Arkansas within any constitutional or statutory limitation, and that 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 authority under the guaranty agreement.  (C) Each agreement shall state that the obligation of the authority under the guaranty shall be limited to the funds available in the account as authorized in this subchapter.
AR Code § 15-5-413 (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|§ 15-5-413. Rules — Remedies

 (a) The Arkansas Development Finance Authority 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. The rules shall include the restriction and conditions imposed by this subchapter, including particularly those set forth in §§ 15-5-405 and 15-5-412, and may include such other and additional provisions, restrictions, and conditions as the authority, after the investigation referred to in this subsection, shall determine to be proper to achieve the most effective utilization of the guaranty program authorized by this subchapter, including, without limitation, a detailing of:  (1) The remedies that must be exhausted by the bondholders or a trustee acting in their behalf prior to calling upon the authority to perform under its guaranty agreement; and  (2) The subrogation or other rights of the authority with reference to the project and its operation in the event the authority makes payment pursuant to the applicable guaranty agreement.    (b) In this regard, the authority is expressly authorized to take such action and 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.  (c) The rules promulgated by the authority to govern the operation of the guaranty program shall contain specific provisions with respect to the rights of the authority to enter, take over, and manage the project and its properties upon default, and shall set forth the respective rights of the authority and the bondholders in regard thereto.  (d) Such rules shall be in conformity with this subchapter.
AR Code § 15-5-414 (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|§ 15-5-414. Authority to use money committed to other projects

 (a) If the Arkansas Development Finance Authority shall at any time determine that the moneys in the Bond Guaranty Reserve Account are not or will not be sufficient to meet the obligations of the Bond Guaranty Reserve Account, the authority is authorized to use the necessary amount of any available moneys that it may have which are not needed then or in the foreseeable future for or committed to, other authorized functions and purposes of the authority, and any such moneys so used may be reimbursed out of the Bond Guaranty Reserve Account if and when there are moneys therein available for the purposes.  (b)  (1) In addition to the procedure described in subsection (a) of this section, the authority, at its discretion by a majority vote of the Board of Directors of the Arkansas Development Finance Authority, may establish a Supplemental Guaranty Reserve Account by depositing into a separate account moneys from unpledged reserves of the authority, which may include grants from any state or federal agencies, municipalities, corporations, foundations, individual donors, or authorities.  (2) However, upon determination that the Bond Guaranty Reserve Account is sufficient to honor all foreseeable obligations of the guaranty program, the authority may use the funds in the Supplemental Guaranty Reserve Account for other purposes approved by a majority vote of the board.
AR Code § 15-5-415 (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|§ 15-5-415. Issuance of bonds to provide additional moneys

 (a) If at the time there are no other available moneys to meet the then-present or reasonably projected obligations of the Bond Guaranty Reserve Account, the Arkansas Development Finance Authority shall proceed promptly to issue bonds as authorized in this subchapter in such principal amounts as may be necessary to enable the authority 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 authority in the exercise of its discretion.
AR Code § 15-5-416 (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|§ 15-5-416. Authorizing resolution

 (a) The bonds shall be authorized by resolution of the Arkansas Development Finance Authority.  (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)  (1)  (A) The bonds may be coupon bonds payable to bearer or may be registrable as to principal only with interest coupons or 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.    (2) The bonds may:  (A) Be in such form and denomination;  (B) Have such date or dates;  (C) Be stated to mature at such times;  (D) Bear interest payable at such times and at such rate or rates;  (E) Be made payable at such places within or without the State of Arkansas;  (F) Be made subject to such terms of redemption in advance of maturity at such prices; and  (G) Contain such terms and conditions,      (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 are deemed 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 authority and of the holders and registered owners of the bonds, as the authority shall determine.      all as the authority shall determine.
AR Code § 15-5-417 (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|§ 15-5-417. Trust indenture

 (a) The resolution authorizing the issuance of bonds may provide for the execution by the Arkansas Development Finance Authority with a financial institution within or without the State of Arkansas of a trust indenture.  (b) The trust indenture may contain any terms, covenants, and conditions that are deemed desirable by the authority, including, without limitation, those pertaining to the maintainance 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 authority and of the holders and registered owners of the bonds.
AR Code § 15-5-418 (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|§ 15-5-418. Execution of bonds and coupons — Temporary notes or bonds

 (a) The bonds shall be executed by the facsimile or manual signature of the Chair of the Board of Directors of the Arkansas Development Finance Authority and by the facsimile or manual signature of the Secretary of the Board of Directors of the Arkansas Development Finance Authority.  (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.  (d) 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 Development Finance Authority.
AR Code § 15-5-419 (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|§ 15-5-419. Sale of bonds — Statement on face of bond

 (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 such price as the authority may accept, including sale at a discount.  (c) It shall be stated on the face of each bond that it has been issued under the provisions of this subchapter.
AR Code § 15-5-420 (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|§ 15-5-420. Obligation of authority — Disposition of proceeds

 (a) All bonds issued under this subchapter shall be obligations of the Arkansas Development Finance Authority only and shall not be obligations of the State of Arkansas and shall not be secured by a lien on any revenues of the State of Arkansas.  (b) The bonds shall be payable from the Guaranty Bond Fund created by § 15-5-421(e) and the revenues which, pursuant to the provisions of this subchapter, are to be deposited therein.  (c) The net proceeds, being gross proceeds less all expenses of authorizing and issuing the bonds, which shall be first paid out of the proceeds, of all bonds issued under this subchapter shall be deposited into the Bond Guaranty Reserve Account, except accrued interest paid by the purchaser shall be deposited into the fund.
AR Code § 15-5-422 (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|§ 15-5-422. Moneys for Correction Facilities Construction Fund

 The Arkansas Development Finance Authority is authorized to accept moneys for the Correction Facilities Construction Fund from any source, including, but not limited to, allocations from the Treasurer of State as provided in this section.
AR Code § 15-5-601 (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 6 - Allocation of State Ceiling|§ 15-5-601. Bonds affected — Definitions

 (a) This subchapter shall be effective for the calendar year 2001 and thereafter and may be relied upon by issuers of affected bonds, beneficiaries of the proceeds from and owners of the bonds, and other participants in the issuance of the bonds with respect to all affected bonds issued on and after January 1, 2001.  (b) As used in this subchapter:  (1) “Affected bonds” means bonds subject to the state ceiling; and  (2) “Qualified housing issues” shall have the same meaning as used in 26 U.S.C. § 146(d)(5)(B)(ii), as it existed on January 1, 2009;  (3) “State ceiling” shall have the same meaning as used in 26 U.S.C. § 146, as it existed on January 1, 2001; and  (4) “2008 Housing Act Volume Cap” means the temporary increase in annual private activity volume cap provided to the state by the Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289.
AR Code § 15-5-602 (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 6 - Allocation of State Ceiling|§ 15-5-602. Delegation of functions

 The President of the Arkansas Development Finance Authority may delegate in writing functions under this subchapter to other officers and employees within the Arkansas Development Finance Authority.
AR Code § 15-5-603 (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 6 - Allocation of State Ceiling|§ 15-5-603. Aggregate percentages allocated

 (a) The aggregate of the state ceiling for the State of Arkansas for each calendar year shall be allocated on a percentage basis as follows:  (1) The Arkansas Development Finance Authority is allocated for calendar year 2001 and for each year thereafter the following amounts for the purposes stated:  (A) For multifamily residential housing, ten percent (10%) of the aggregate state ceiling;  (B) For single family residential housing, seventeen percent (17%) of the aggregate state ceiling;  (C) For industrial development, thirty-three percent (33%) of the aggregate state ceiling; and  (D) For student loan financing, ten percent (10%) of the aggregate state ceiling.    (2) However, the authority, by resolution of the Board of Directors of the Arkansas Development Finance Authority, may provide that the total amount of seventy percent (70%) of the aggregate state ceiling allocated to the authority for calendar years 2001 and thereafter may be redistributed among the purposes stated in amounts other than those set forth in this subsection.    (b) To the extent any amounts of the aggregate state ceiling allocated pursuant to subsection (a) of this section are not used prior to September 1 in any year, these amounts shall be allocated pursuant to subsection (c) of this section.  (c) The remaining thirty percent (30%) of the aggregate state ceiling plus any amounts not used by September 1 in each year pursuant to subsection (b) of this section is allocated to all other affected bonds issued by all issuers of such affected bonds within the state, regardless of whether such issuers are at the state level or at the local level, pursuant to rules established by the authority promulgated in compliance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., in the amounts set forth in filings made by or on behalf of issuers.