reglab/housing_qa huggingface dataset:
AR Code § 15-4-3022 (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 30 - Arkansas General Obligation Economic Development Superprojects Bond and Project Funding Act|§ 15-4-3022. Legal actions heard as preferred cause — Appeals

 Any case involving the validity of this subchapter or involving the bonds issued under this subchapter shall be deemed of public interest and shall be advanced by all courts and heard as a preferred cause, and all appeals from judgments or decrees rendered in the cases must be taken within thirty (30) calendar days after rendition of the judgment or decree.
AR Code § 15-4-3023 (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 30 - Arkansas General Obligation Economic Development Superprojects Bond and Project Funding Act|§ 15-4-3023. Construction

 This subchapter shall:   (1) Be liberally construed to accomplish its purposes;  (2) Constitute the sole authority necessary to accomplish its purposes; and  (3)  (A) Be interpreted to supplement existing laws conferring rights and powers upon the Arkansas Development Finance Authority.  (B) The rights and powers under this subchapter shall be regarded as alternate methods for the accomplishment of the purposes of this subchapter.
AR Code § 15-4-3201 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3201. Title

 This subchapter shall be known and may be cited as the “Arkansas Amendment 82 Implementation Act”.
AR Code § 15-4-3204 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3204. Amendment 82 agreement

 As soon as practicable after the General Assembly's approval of the issuance of bonds and before the Arkansas Development Finance Authority issues bonds, the Governor, the Speaker of the House of Representatives, the President Pro Tempore of the Senate, the Director of the Arkansas Economic Development Commission, the President of the Arkansas Development Finance Authority, and the Chief Fiscal Officer of the State, all on behalf of the state, and the sponsor of the qualified Amendment 82 project shall execute the Amendment 82 agreement in substantially the same form as approved by the General Assembly.
AR Code § 15-4-3205 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3205. Penalties

 The sponsor shall be subject to specific penalties set forth in the Amendment 82 agreement and enacted in related legislation under § 15-4-3203(j) if the sponsor:   (1) Does not satisfy the minimum job creation and investment requirements specified in the Amendment 82 agreement within the time period specified in the Amendment 82 agreement;  (2) Does not maintain the job creation requirements specified in the Amendment 82 agreement for the period of time specified in the Amendment 82 agreement; or  (3) Fails to satisfy other terms of the Amendment 82 agreement.
AR Code § 15-4-3206 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3206. Compliance time period — Audit requirements

 (a)  (1) The Amendment 82 agreement shall specify a time period in which the sponsor must comply with the terms and conditions specified in the Amendment 82 agreement.  (2) Except as provided in subsection (b) of this section, the time period shall not exceed four (4) years from the date of enactment of related legislation under § 15-4-3203(j).  (3) If the sponsor does not comply with the applicable time period, then the penalty provisions set forth in the Amendment 82 agreement and under § 15-4-3203(j) shall apply.    (b)  (1)  (A) The sponsor may request a one-year extension of the time period specified in the Amendment 82 agreement by submitting to the Director of the Arkansas Economic Development Commission a written request with an explanation as to why the extension is necessary.  (B) The request shall be submitted at least ninety (90) days before the expiration of the time period specified in the Amendment 82 agreement.    (2)  (A) Upon receipt of a request to extend the applicable time period, the director shall immediately notify the Secretary of the Department of Commerce, the Chief Fiscal Officer of the State, and the Governor.  (B) The director, the Secretary of the Department of Commerce, and the Chief Fiscal Officer of the State may approve a request for a one-year extension upon a determination that there is a valid economic reason for granting the extension.    (3) The sponsor shall be granted not more than three (3) one-year extensions of the applicable time period.    (c)  (1) The sponsor shall maintain and make available records pertaining to items contained in the terms and agreements of the Amendment 82 agreement for annual audit by the Chief Fiscal Officer of the State and upon request no more often than annually by the Office of Economic and Tax Policy of the Bureau of Legislative Research or a person or entity retained by the office.  (2) The Arkansas Tax Procedure Act, § 26-18-101 et seq., shall apply to records maintained under this subsection and any audits conducted of the records, including any audit conducted through the office.  (3)  (A) Records obtained or reviewed by the office under this section:  (i) Shall be considered working papers of the President Pro Tempore of the Senate and the Speaker of the House of Representatives under § 25-19-105(b)(7) and shall not be open to inspection and copying by any citizen of the State of Arkansas; and  (ii) Are specifically exempt from the requirements of § 25-19-105(a).    (B) However, a report of the audit shall be presented to the Legislative Council with respect to the status of the applicable qualified Amendment 82 project that details the sponsor's compliance with the provisions of the Amendment 82 agreement.
AR Code § 15-4-3207 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3207. Bond principal

 Amendment 82 bonds may be issued to:   (1) Finance project costs in an aggregate principal amount approved by the General Assembly without regard to any debt limitation; and  (2) Refund outstanding Amendment 82 bonds in an aggregate principal amount approved by the Arkansas Development Finance Authority without regard to any debt limitation.
AR Code § 15-4-3208 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3208. Amendment 82 bonds

 (a) After the General Assembly's approval in regular session, fiscal session, or extraordinary session and the execution of the Amendment 82 agreement, the Arkansas Development Finance Authority, on behalf of the state, may issue bonds under Arkansas Constitution, Amendment 82, and this subchapter, to be known as “Amendment 82 Bonds” in one (1) or more series up to the maximum principal amount approved by the General Assembly.  (b)  (1) Bonds shall be issued for the purpose of financing infrastructure needs and other needs to support a qualified Amendment 82 project.  (2) The proceeds of the Amendment 82 bonds shall be applied:  (A) To the payment of project costs and the costs and expenses of issuance of the Amendment 82 bonds; or  (B) In connection with a qualified Amendment 82 project refinancing, to the repayment of indebtedness incurred to pay project costs and the costs and expenses of issuance of the Amendment 82 bonds.
AR Code § 15-4-3209 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3209. Series of bonds

 (a) The bonds shall be issued, whether or not the interest on the bonds is subject to federal taxation, in series in amounts sufficient to finance or refinance all or any part of a qualified Amendment 82 project's costs, with the respective series to be designated by the year in which issued, and if more than one (1) series is to be issued in a particular year, by alphabetical designation.  (b) Each series of bonds shall have such date as the Arkansas Development Finance Authority shall determine and shall mature or be subject to mandatory sinking-fund redemption as determined by the authority over a period ending not later than thirty (30) years after the date of issuing the bonds of each series.  (c) Pending the issuance of bonds, the authority may issue temporary notes maturing not more than five (5) years after the date of issuance to be exchanged for or paid from the proceeds of bonds at such time as the bonds may be issued.  (d)  (1) Each series of the bonds shall bear interest at the rate or rates accepted by the authority. The bonds may bear interest at either a fixed or variable rate or may be convertible from one (1) interest-rate mode to another.  (2) Interest shall be payable at such times as the authority shall determine, including the use of zero-coupon or capital appreciation bonds.    (e) As determined by the authority, the bonds may:  (1) Be issued in the form of a bond registered as to principal and interest without coupons;  (2) Be in denominations;  (3) Be made exchangeable for bonds of another form or denomination bearing the same rate of interest and date of maturity;  (4) Be made payable at the places within or without the state;  (5) Be made subject to redemption prior to maturity in the manner and for redemption prices; and  (6) Contain other terms and conditions.    (f) The bonds shall have all of the qualities of negotiable instruments or securities under the laws of this state, subject to the provision for registration of ownership.
AR Code § 15-4-3210 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3210. Authorization of bonds

 (a)  (1) Prior to the issuance of any series of bonds, the Arkansas Development Finance Authority shall adopt a resolution authorizing the issuance of the bonds.  (2) Each resolution may contain terms, covenants, and conditions as deemed desirable, including, without limitation, those pertaining to:  (A) The establishment and maintenance of funds and accounts;  (B) The deposit and investment of revenues and of bond proceeds; and  (C) The rights and obligations of the state, its officers and officials, the authority, and the registered owners of the bonds.    (3)  (A) The resolution of the authority may provide for the execution and delivery by the authority of a trust indenture or indentures, which may be a master trust indenture, series indenture, supplemental indenture, or any other form of indenture deemed necessary by the authority, with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions referred to in this subchapter or as otherwise authorized by law.  (B) The trust indenture or indentures shall be binding upon the state and its agencies, officers, and officials to the extent set forth in this subchapter or as otherwise authorized by law.      (b) Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved:  (1) To apply to the payment of debt service on the bonds issued or secured under Arkansas Constitution, Amendment 82, and this subchapter all, any part, or none of the revenues that may be derived from any qualified Amendment 82 project financed by the bonds or financed by the authority in some other manner; and  (2) At the option of the authority and to the extent of the revenues that the authority elects to apply to debt service, to release from any requirement of the resolution or trust indenture other revenues and resources of the state.    (c) Any resolution or trust indenture adopted or executed under this section may provide for the retirement and defeasance of the bonds by the depositing of cash or investments in trust to be maintained for the purpose of retirement and defeasance of the bonds. When the provisions of the resolution or trust indenture are complied with, the bonds being defeased shall not be deemed to be outstanding bonded indebtedness for the purposes of this subchapter.
AR Code § 15-4-3211 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3211. Form and delivery of bonds

 (a) Each bond shall:  (1) Be signed with the manual or facsimile signatures of the Governor, the Chair of the Board of Directors of the Arkansas Development Finance Authority, and the Treasurer of State; and  (2) Have affixed, imprinted, or lithographed on the bond the Great Seal of the State of Arkansas.    (b) Delivery of the bonds shall be valid notwithstanding any change in persons holding such offices occurring after the bonds have been executed.
AR Code § 15-4-3212 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3212. Sale and price of bonds

 (a) The bonds may be sold in the manner, either at public or private sale, and upon terms determined by the Arkansas Development Finance Authority to be reasonable and expedient for effectuating the purposes of Arkansas Constitution, Amendment 82, and this subchapter.  (b) The bonds may be sold at the price the authority determines acceptable, including sale at a discount or a premium.  (c)  (1) If the bonds are to be sold at public sale, the authority shall give notice of the offering of the bonds in a manner reasonably designed to notify participants in the public finance industry that the offering is being made.  (2) The authority shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.    (d) The authority may employ administrative agents, fiscal agents, underwriters, architects, accountants, engineers, and legal counsel and may pay them reasonable compensation from the proceeds of the bonds.  (e)  (1) The authority may structure the sale of bonds using financing techniques recommended by its underwriters or other professional advisors in order to take advantage of market conditions and obtain the most favorable interest rates consistent with the purposes of Arkansas Constitution, Amendment 82, and this subchapter.  (2)  (A) In furtherance of this authorization, the authority may enter into ancillary agreements in connection with the sale of the bonds as it deems necessary and advisable.  (B) Ancillary agreements may include, without limitation:  (i) Bond purchase agreements;  (ii) Remarketing agreements;  (iii) Letters of credit; or  (iv) Reimbursement agreements.      (3) The authority may also enter into interest rate exchange agreements or similar agreements or contracts with any person on a competitive or negotiated basis under terms or conditions determined by the authority, but in compliance with § 15-5-317.    (f) After funding any necessary reserve or reserves, the proceeds from the sale of the bonds may be used to pay:  (1) The fees of any trustee or paying agent;  (2) The costs of publication of notices;  (3) The costs of printing the bonds;  (4) The costs of publication and printing of official statements and other documents relating to the sale of the bonds;  (5) The fees of any nationally recognized rating agency;  (6) The fees of the issuer;  (7) The fees of the guarantor;  (8) Project costs; and  (9) Other reasonable costs incurred by the authority for issuing and selling the bonds.
AR Code § 15-4-3214 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3214. General obligation bonds

 (a) The bonds shall be direct general obligations of the state for the payment of debt service on which the full faith and credit of the state are irrevocably pledged so long as any of the bonds are outstanding.  (b)  (1) The bonds shall be payable from general revenues or special revenues, which shall be appropriated by the General Assembly for that purpose, and the amount of general revenues or, if applicable, special revenues as may be necessary are pledged to the payment of debt service on the bonds and shall be and remain pledged for those purposes.  (2) In addition, each authorizing resolution or trust indenture may pledge all, a portion, or none of the revenues generated by any qualified Amendment 82 project as additional security for the bonds.
AR Code § 15-4-3215 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3215. Annual determination of moneys required for bond repayment

 (a)  (1) On or before commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for payment of all or a part of the debt service on the outstanding bonded indebtedness during the fiscal year and deduct therefrom the estimated moneys to be available from special revenues or to the Arkansas Development Finance Authority from other sources related to the qualified Amendment 82 project to determine what amount of general revenues, if any, will be required.  (2) The Chief Fiscal Officer of the State shall certify the estimated amount to the Treasurer of State.  (3) The Treasurer of State shall then make monthly transfers from the State Apportionment Fund to the appropriate trust fund of the amount of general revenues or, if applicable, special revenues required to pay the maturing debt service on the outstanding bonded indebtedness.    (b)  (1) The obligation to make monthly transfers of general revenues from the State Apportionment Fund to the appropriate trust fund shall constitute a first charge against the general revenues prior to all other uses to which the general revenues are devoted, either under present law or under any laws that may be enacted in the future.  (2) To the extent other general obligation bonds of the state may have been issued or may subsequently be issued, the bonds shall rank on a parity of security with respect to payment from general revenues.    (c) The resolution or trust indenture authorizing or securing the bonds issued shall identify the fund to which moneys shall be credited and used for the purposes identified in § 15-4-3208(b), and for those purposes, the holder of the trust funds is designated as the disbursing officer to administer those funds in accordance with Arkansas Constitution, Amendment 82, and this subchapter.  (d) Moneys held in trust funds in excess of the amount necessary to ensure the prompt payment of debt service on the bonds and the establishment and maintenance of reserve funds, if any, may be used for the redemption of bonds prior to maturity in the manner and in accordance with the provisions pertaining to redemption prior to maturity as set forth in the resolution or trust indenture authorizing or securing the bonds.
AR Code § 15-4-3216 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3216. Exemption from taxes — Eligible to secure deposits — Legal for investment

 (a) All bonds issued under Arkansas Constitution, Amendment 82, and this subchapter and interest on the bonds are exempt from all state and local taxes.  (b) The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of bank, fiduciary, insurance company, trust, and public funds.
AR Code § 15-4-3217 (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 32 - Arkansas Amendment 82 Implementation Act|§ 15-4-3217. Refunding bonds

 (a) After bonds have been issued under Arkansas Constitution, Amendment 82, and this subchapter, the Arkansas Development Finance Authority may issue bonds for the purpose of refunding any outstanding bonds issued under Arkansas Constitution, Amendment 82, and this subchapter.  (b) The refunding bonds shall be general obligations of the state and shall be secured and sold in accordance with the provisions of this subchapter.  (c) The proceeds of the refunding bonds either may 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 in the resolution or trust indenture authorizing or securing the refunding bonds.  (d) The resolution or trust indenture under which the refunding bonds are issued may provide that any refunding bonds shall have the same security for payment as provided for the bonds being refunded. Other than approval of the resolution or trust indenture under which refunding bonds are issued by appropriate action of the authority, no additional action or approval for the issuance of refunding bonds shall be required to be taken by the General Assembly, the Arkansas Economic Development Commission, or the Chief Fiscal Officer of the State under this subchapter or as otherwise may be provided by other law.