reglab/housing_qa huggingface dataset:
AR Code § 15-4-414 (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 4 - Jobs Creation by Stimulating Small Business Growth Act of 1985|§ 15-4-414. No personal liability

 Neither the members of the Arkansas Economic Development Council nor officials or employees of the Arkansas Economic Development Commission or the Division of Minority Business Enterprise of the Arkansas Economic Development Commission executing bonds or notes pursuant to this subchapter shall be liable personally on such bonds or notes by reason of the issuance thereof.
AR Code § 15-4-415 (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 4 - Jobs Creation by Stimulating Small Business Growth Act of 1985|§ 15-4-415. Authority to use bond proceeds

 The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for:   (1) The purchase of investment loans and paying of incidental expenses in connection therewith;  (2) Paying the expenses of amortizing and issuing the bonds;  (3) Paying interest on the bonds until revenues thereon are available in sufficient amounts; and  (4) Funding such debt service reserves as the council deems necessary or desirable.
AR Code § 15-4-416 (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 4 - Jobs Creation by Stimulating Small Business Growth Act of 1985|§ 15-4-416. Deposit and use of revenues

 (a) All revenues received by the Division of Minority Business Enterprise of the Arkansas Economic Development Commission in behalf of the Arkansas Economic Development Council under the authority of this subchapter, except revenues derived from appropriations, are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided in this subchapter.  (b) The pledged revenues shall not be deposited into the State Treasury, but, when received, shall be deposited by the council into the account or accounts and into the depository or depositories specified by resolution of the council and shall be used by the council solely for the purpose of carrying out the provisions of this subchapter and in conformity with the provisions of any resolution or indenture-securing bonds of the council or other agreement entered into by the council pursuant to the provisions of this subchapter.  (c) Any revenues at any time held by the council in excess of the amount necessary to accomplish the purpose for which the revenues were received and to comply with all covenants and agreements of the agency relating thereto shall be deposited to the credit of the state into such depositories and shall be reported to the Treasurer of State at such time and in such manner as shall be designated and prescribed by the Treasurer of State.
AR Code § 15-4-501 (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|§ 15-4-501. Purpose — Incorporators

 In order to encourage and promote the economic, agricultural, and industrial development of any city, town, or county in this state, not fewer than fifteen (15) natural persons of the age of twenty-one (21) or more who are residents of the city, town, or county may act as incorporators of a corporation to be organized under this act by executing articles of incorporation as provided in this act.
AR Code § 15-4-502 (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|§ 15-4-502. Articles of incorporation — Contents

 (a) The articles of incorporation shall state:  (1) The name of the corporation. The name shall include the name of the city, town, or county and the words “industrial development” or “economic development” and the word “corporation”, “incorporated”, “inc.”, or “company”. The name shall be such as to distinguish it from any other corporation organized and existing under the laws of this state;  (2) The purpose for which the corporation is formed;  (3) The names and addresses of the incorporators who shall serve as directors and manage the affairs of the corporation until its first annual meeting of members or until their successors are elected and qualified;  (4) The number of directors, not fewer than three (3), to be elected at the annual meetings of members;  (5) The address of its principal office and the name and address of its agent upon whom process may be served;  (6) The period of duration of the corporation, which may be perpetual;  (7) The terms and conditions upon which persons shall be admitted to membership in the corporation, but if expressly so stated, the determination of such matters may be reserved to the directors by the bylaws; and  (8) Any provisions not inconsistent with law which the incorporators may choose to insert for the regulation of the business and the conduct of the affairs of the corporation.    (b) It shall not be necessary to set forth in the articles of incorporation any of the corporate powers enumerated in this act.
AR Code § 15-4-503 (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|§ 15-4-503. Articles — Signatures and acknowledgment of incorporators

 The original copy of the articles of incorporation shall be signed by the incorporators and acknowledged before any officer authorized by the laws of this state to acknowledge the execution of deeds and conveyances.
AR Code § 15-4-505 (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|§ 15-4-505. Articles — Filing

 (a) The original executed articles of incorporation shall be filed in the office of the Secretary of State.  (b) If the Secretary of State finds that the articles of incorporation conform to law, he or she shall, when the fees prescribed by this act have been paid:  (1) Endorse on the original copy the word “Filed”, and the month, day, and year of the filing thereof;  (2) File the original in the office of the Secretary of State; and  (3) Issue a certificate of incorporation to the incorporators.    (c) The incorporators shall file for recording a certified copy of the articles of incorporation in the office of the county clerk in the county in which the principal office of the corporation is located.
AR Code § 15-4-506 (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|§ 15-4-506. Beginning of corporate existence

 (a) Upon the issuance of a certificate of incorporation by the Secretary of State, the corporate existence of the corporation shall begin.  (b) The certificate of incorporation shall be conclusive evidence, except as against the state, that all conditions precedent required to be performed by the incorporators have been complied with and that the corporation has been incorporated under this act.
AR Code § 15-4-507 (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|§ 15-4-507. Meeting

 (a) After the issuance of the certificate of incorporation, an organization meeting shall be held at the call of a majority of the incorporators for the purpose of adopting bylaws and electing officers and for the transaction of such other business as may properly come before the meeting.  (b) The incorporators calling the meeting shall give at least three (3) days' notice by mail to each incorporator. The notice shall state the time and place of the meeting, but the notice may be waived in writing.
AR Code § 15-4-508 (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|§ 15-4-508. Filing corrected articles of incorporation

 (a) In the event any corporation has filed defective articles of incorporation or has failed to do all things necessary to perfect its corporate organization, it may, nevertheless, file corrected articles of incorporation or amend the original articles and do and perform all acts and things necessary in the premises for the correction of such defects.  (b) The action so taken shall be valid and binding upon all persons concerned. The capacity of such a corporation to file corrected articles of incorporation or amendments to the original articles or to do and perform all acts and things necessary in the premises shall not be questioned.
AR Code § 15-4-509 (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|§ 15-4-509. Corporate powers

 Each corporation organized under this act shall have power:   (1) To sue and be sued, complain, and defend in its corporate name;  (2) To have perpetual succession, unless a limited period of duration is stated in its articles of incorporation;  (3) To adopt a corporate seal, which may be altered at pleasure, and to use it, or a facsimile thereof as required by law;  (4) To encourage and promote the economic, agricultural, and industrial development of its city, town, or county;  (5) To purchase, receive, lease as lessee or in any other manner acquire, own, hold, maintain, sell, exchange, and use any and all real and personal property, or any interest therein;  (6) In the manner hereinafter provided, to borrow money and otherwise contract indebtedness, to issue its bonds or other obligations therefor, and to secure the payment thereof by mortgage, pledge, or a deed of trust of all or any part of its property, assets, revenues, or income;  (7) To sell and convey, mortgage, pledge, lease as lessor, and otherwise dispose of all or any part of its property and assets;  (8) To accept gifts or grants of money, service, or property, real or personal;  (9) To make any and all contracts necessary or convenient for the exercise of the powers granted in this act;  (10) To conduct its business and have officers within or without the state;  (11) To elect or appoint officers, agents, and employees of the corporation and to define their duties and fix their compensation;  (12) To make and alter bylaws not inconsistent with the articles of incorporation or with the laws of this state for the administration and regulation of the affairs of the corporation; and  (13) To do and perform any and all acts and things and to have and exercise any and all powers as may be necessary, convenient, or appropriate to effectuate the purpose for which the corporation is organized.
AR Code § 15-4-510 (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|§ 15-4-510. Bylaws

 (a) The power to make, alter, amend, or repeal the bylaws of the corporation shall be vested in the board of directors.  (b) The bylaws may contain any provision for the regulation and management of the affairs of the corporation not inconsistent with law or the articles of incorporation.
AR Code § 15-4-511 (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|§ 15-4-511. Amendments to articles of incorporation

 (a) A corporation organized under this act may amend its articles of incorporation 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) The power to amend shall include the power to accomplish any desired change in the provisions of its articles of incorporation and to include any purpose, power, or provision which would be authorized to be included in original articles of incorporation if executed at the time the amendment is made.  (c) Articles of amendment, signed by the president or vice president and attested by the secretary certifying to such an amendment and its lawful adoption, shall be executed, acknowledged, filed, and recorded as the original articles of incorporation of a corporation organized under this act.  (d) As soon as the Secretary of State has accepted the articles of amendment for filing and issued a certificate of amendment, the amendments shall be in effect.
AR Code § 15-4-512 (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|§ 15-4-512. Filing charges

 The Secretary of State shall charge and collect for:   (1) Filing articles of incorporation and issuing a certificate of incorporation, ten dollars ($10.00);  (2) Filing articles of amendment and issuing a certificate of amendment, ten dollars ($10.00); and  (3) Filing articles of dissolution, one dollar ($1.00).
AR Code § 15-4-513 (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|§ 15-4-513. Nonprofit operation — Payment of indebtedness

 (a)  (1) Each corporation organized under the provisions of this act shall be operated without profit to its members.  (2) All revenues of the corporation derived from lands subject to mortgage or deed of trust given to secure the payment of bonds or other obligations of the corporation shall be devoted:  (A) First to the payment of taxes, insurance, and, in the instance of damage to the mortgaged property of the corporation caused by acts of God, to the extent of the amount in excess of insurance recovery as shall be required to restore the property to its condition prior to the time of the damage;  (B) Then to the payment of interest on and principal of the bonds or other obligations of the corporation secured by the mortgage or deed of trust as they mature and according to the terms of the mortgage or deed of trust; and  (C) Thereafter to the encouragement and promotion of the economic, agricultural, and industrial development of its city, town, or county.      (b) However, revenues of the corporation may be used also to refund the amounts paid by members of the corporation, as evidenced by its register of membership certificates, and the refunds may be made concurrently with the payment of bonds or other obligations of the corporation.  (c) Notwithstanding the fact that refunds from time to time may be made as provided in subsection (b) of this section, no prior legal right to such revenues of the corporation shall ever attach for the purpose of making refunds on membership certificates so long as any bonds or other obligations of the corporation remain outstanding.
AR Code § 15-4-514 (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|§ 15-4-514. Authority to borrow money, issue bonds, etc

 (a) Each corporation organized under this act is authorized to borrow money and to issue negotiable coupon bonds, or notes, or other obligations for the payment thereof from corporate funds to carry out the purposes for which the corporation is organized.  (b) However, no first lien bonds, notes, or other obligations shall be issued by any corporation organized under the provisions of this act for the purpose of purchasing any equipment or other personal property not used in manufacturing or processing operations.
AR Code § 15-4-515 (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|§ 15-4-515. Exemption from Arkansas Securities Act

 Whenever any corporation organized under this act borrows money, the bonds of the corporation or its other obligations issued to evidence such indebtedness shall be exempt from the provisions of the Arkansas Securities Act, § 23-42-101 et seq.
AR Code § 15-4-517 (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|§ 15-4-517. Bond issue — Terms

 (a)  (1) Bonds, notes, or other obligations issued under the provisions of this act shall be issued by the corporation in such form as its directors may provide and shall be executed by the president and the secretary of the corporation and be sealed with its corporate seal.  (2) In the event any of the officers whose signatures appear on any such obligations shall cease to be officers before the delivery thereof, the signatures shall, nevertheless, be valid and sufficient for all purposes the same as if they had remained in office until delivery.  (3) Signatures to interest coupons attached to any such obligation may be lithographed or engraved.    (b) First lien obligations of the corporation shall bear interest at such rate or rates, payable semiannually, and shall be payable at such times and places not exceeding twenty-five (25) years from their date, as shall be prescribed by the corporation.
AR Code § 15-4-518 (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|§ 15-4-518. Security for bonds

 (a)  (1) Such bonds, notes, or other obligations as may be issued by the corporation may be secured by a mortgage or deed of trust of any of the lands of the corporation and the improvements constructed or proposed to be constructed thereon and machinery and equipment installed or to be installed therein.  (2) However, no corporation shall issue first lien obligations under the provisions of this act in excess of eighty percent (80%) of the appraised or cost value duly established of such lands, improvements, machinery, and equipment mortgaged to secure payment of the obligations.    (b) Obligations may be secured additionally by a mortgage or deed of trust on any other personal property of the corporation, by a pledge of the revenues of the corporation derived from the properties mortgaged to secure the obligations, and by a pledge of any and all other income of the corporation.
AR Code § 15-4-520 (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|§ 15-4-520. Excess funds

 (a) Any funds remaining with the corporation in excess of the amount necessary to finance a project, including the cost of lands, buildings, and facilities and other expenses necessary to its completion, shall be used by the corporation to reduce the amount of its first lien obligations.  (b) For this purpose, the corporation shall call its first lien obligations for payment in inverse numerical order not later than the next interest payment date after completion of the project.
AR Code § 15-4-521 (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|§ 15-4-521. Sale of obligations

 (a) Obligations of the corporation may be sold at public or private sale as the corporation shall determine.  (b)  (1) No first lien obligations may be sold for less than par on the basis of interest thereon at the rate of ten percent (10%) per annum.  (2) However, any obligation of the corporation may be sold with the privilege of conversion into obligations bearing a lower rate or rates of interest on such terms that the corporation shall receive no less and pay no more than substantially the same that it would have received and paid had no conversion been effected.    (c) Any conversion of obligations must be approved by the trustee provided in the deed of trust given to secure the payment of the obligations.  (d) No brokerage, agent's fees, or commissions of any kind for securing a purchaser of the bonds shall be allowed.  (e) Obligations may be sold and delivered at one (1) time or in parcels as funds are needed.  (f) The proceeds derived from the sale of obligations of the corporation shall be used exclusively for the purpose for which issued.
AR Code § 15-4-522 (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|§ 15-4-522. Refunding obligations

 (a) Any corporation organized under this act shall have the right to refund its outstanding obligations at any time.  (b) All refunding obligations shall state on their face that they are refunding obligations, and no refunding obligations shall be issued until the debt refunded is cancelled simultaneously with the issue of the refunding obligations, either:  (1) By the surrender of the obligations being refunded; or  (2) If the outstanding obligations are redeemable before maturity and have been called for redemption, by the deposit of the money for their payment on presentation according to the terms of the call, in trust, with the paying agent for the obligations to be refunded; or  (3) By a combination of methods set out in subdivisions (b)(1) and (2) of this section.