reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 3 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - BONDS (§§ 15-5-301 — 15-5-318) › Section 15-5-311 - Execution

(a)
The bonds shall be executed by manual or facsimile signature of the Chair of the Board of Directors of the Arkansas Development Finance Authority and the manual or facsimile signature of the President of the Arkansas Development Finance Authority or any other director or officer authorized to do so by resolution of the Board of Directors of the Arkansas Development Finance Authority.
(b)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before delivery of the bonds or coupons, their signatures, nevertheless, shall be valid and sufficient for all purposes.
(c)
The authority shall adopt and use a seal in the execution and issuance of the bonds, and each bond shall be impressed or imprinted with the seal of the authority.
Acts 1985, No. 1062, § 8.00; A.S.A. 1947, § 13-2908.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 3 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - BONDS (§§ 15-5-301 — 15-5-318) › Section 15-5-312 - Statement on face of bond - Security

(a)
It shall be plainly stated on the face of each bond that it has been issued under this subchapter, that the bonds shall be obligations only of the Arkansas Development Finance Authority, and that in no event shall the bonds constitute an indebtedness of the State of Arkansas or an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged or an indebtedness secured by lien on or a security interest in any property of the state.
(b)
The payment of the bonds' principal, redemption premium, if any, interest, and trustee's and paying agent's fees may be secured by any combination of:
(1)
A lien on any security interest in facilities financed by bonds issued under this subchapter;
(2)
A lien encumbering or pledge of loans made or mortgages purchased by the authority;
(3)
A pledge of revenues of the authority that are not derived from appropriations;
(4)
Collateral security received by the authority, including without limitation, the authority's interest in and revenue derived from loan agreements;
(5)
A pledge of revenues derived from or by reason of ownership of guaranteed educational loan notes, educational loan notes, any loan agreements relating to guaranteed educational loans or educational loans, and the interest and revenue from the loan agreements; and
(6)
A lien encumbering or pledge of the proceeds of the bonds and any reserves established in connection with the bonds.
(c)
It shall not be necessary to the perfection of the lien and pledge for such purposes that the trustee in connection with the bond issue or the holders of the bonds take possession of the loans, notes, loan agreements, mortgages, and collateral security.
Amended by Act 2017, No. 824,§ 13, eff. 7/1/2017.
Amended by Act 2015, No. 1060,§ 8, eff. 4/4/2015.
Acts 1985, No. 1062, § 8.00; A.S.A. 1947, § 13-2908.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 3 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - BONDS (§§ 15-5-301 — 15-5-318) › Section 15-5-313 - Pledge valid and binding - Lien

(a)
Any pledge of revenues, moneys, funds, or other property made by the Arkansas Development Finance Authority shall be valid and binding from the time when the pledge is made and the revenues, moneys, funds, or other property so pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without the physical delivery thereof or further act on the part of the authority, and the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice thereof.
(b)
Neither the authorizing resolution nor any other instrument by which a pledge is created need be filed or recorded, except in the records of the authority.
Acts 1985, No. 1062, § 11.00; A.S.A. 1947, § 13-2911.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 3 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - BONDS (§§ 15-5-301 — 15-5-318) › Section 15-5-314 - Refunding bonds

(a)
Bonds may be issued for the purpose of refunding, either at maturity or in advance of maturity, any:
(1)
Bonds issued under this subchapter; or
(2)
Bonds or other obligations issued or incurred by a state agency or a political subdivision to finance a purpose for which the Arkansas Development Finance Authority is authorized to issue bonds under this subchapter.
(b)
The refunding bonds may either be sold or delivered in exchange for the bonds being refunded.
(c)
If sold, the proceeds may either 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 and the authorizing resolution or trust indenture securing the refunding bonds.
(d)
The authorizing resolution or trust indenture securing the refunding bonds may provide that the refunding bonds shall have the same security for their payment as provided for the bonds being refunded.
(e)
Refunding bonds shall be sold and secured in accordance with the provisions of this subchapter pertaining to the sale and security of the bonds.
Amended by Act 2015, No. 1060,§ 9, eff. 4/4/2015.
Acts 1985, No. 1062, § 15.00; A.S.A. 1947, § 13-2915.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 3 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - BONDS (§§ 15-5-301 — 15-5-318) › Section 15-5-315 - Securing deposit of public funds

Bonds issued under this subchapter shall be eligible to secure the deposit of public funds.
Acts 1985, No. 1062, § 16.00; A.S.A. 1947, § 13-2916.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 3 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - BONDS (§§ 15-5-301 — 15-5-318) › Section 15-5-316 - No personal liability

No director or officer of the Arkansas Development Finance Authority shall be liable personally for any reason arising from the issuance of bonds under this subchapter unless he or she shall have acted with a corrupt intent.
Acts 1985, No. 1062, § 12.00; A.S.A. 1947, § 13-2912.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 3 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - BONDS (§§ 15-5-301 — 15-5-318) › Section 15-5-318 - Primary administration of federal allocations of private activity and governmental volume cap

(a)
(1)
Except as provided in subsection (b) of this section, the Arkansas Development Finance Authority is hereby recognized as the primary administrator of federal allocations of private activity and governmental volume cap that are and may be allocated to the State of Arkansas by the United States Department of the Treasury.
(2)
All plans, policies, and procedures developed for the administration of volume cap allocations will be subject to the Arkansas Administrative Procedure Act, §
25-15-201
et seq.
(b)
This section shall not apply to §
15-5-601
et seq.
Acts 2011, No. 814, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 15-5-401 - Title

This subchapter may be referred to and cited as the "Arkansas Development Finance Authority Bond Guaranty Act of 1985".
Acts 1985, No. 340, § 1; 1985, No. 505, § 1; A.S.A. 1947, § 13-2924.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 15-5-403 - Definitions

As used in this subchapter:
(1)
"Act" means this subchapter;
(2)
"ADFA Act" means the Arkansas Development Finance Authority Act, §§
15-5-101
-
15-5-106
,
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
;
(3)
"Amortization payments" means the periodic, that is, monthly, semiannual, annual, etc., payments of interest, whether at a fixed or variable rate, or premium, if any, and installments of principal of qualified bonds as required by the trust indenture relating to the bonds;
(4)
"Authority" means the Arkansas Development Finance Authority;
(5)
"Board" means the Board of Directors of the Arkansas Development Finance Authority;
(6)
"Bond fund" means the Guaranty Bond Fund authorized in this subchapter from which bonds issued by the authority for the purpose of meeting the obligations of the Bond Guaranty Reserve Account are payable;
(7)
"Bond Guaranty Reserve Account" means the account created in this subchapter for the purpose of:
(A)
Meeting amortization payments of qualified bonds guaranteed by the authority; and
(B)
Enhancing and supporting the credit of those qualified bonds;
(8)
"Borrower" means the individual, entity, firm, or corporation, whether for profit or nonprofit, or city, county, other political subdivision, or state agency charged with developing the project under the terms of the trust indenture relating to qualified bonds;
(9)
"Project" means the project for which the proceeds of qualified bonds are utilized;
(10)
"Qualified bonds" means:
(A)
Revenue bonds validly issued by the authority in accordance with the provisions of 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
;
(B)
An obligation issued by the designated investor group under the Venture Capital Investment Act of 2001, §
15-5-1401
et seq.; or
(C)
Revenue bonds validly issued by a city or county under the Municipalities and Counties Industrial Development Revenue Bond Law, §
14-164-201
et seq.;
(11)
"State" means the State of Arkansas; and
(12)
"Supplemental Guaranty Reserve Account" means an account which may be established by the authority for the purpose of enhancing the Bond Guaranty Reserve Account.
Acts 1985, No. 340, § 3; 1985, No. 505, § 3; A.S.A. 1947, § 13-2926; Acts 1987, No. 1042, § 1; 1993, No. 185, § 1; 1999, No. 429, § 3; 2001, No. 1791, § 11; 2005, No. 83, § 1; 2007, No. 827, § 133.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 15-5-404 - Power of authority to grant or deny guaranty bonds

The Arkansas Development Finance Authority, in addition to all the duties and functions defined in 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
, is empowered to approve or deny by majority vote of the Board of Directors of the Arkansas Development Finance Authority the guaranty as provided in this subchapter of amortization payments on qualified bonds, subject to the provisions, restrictions, and conditions set forth in this subchapter.
Acts 1985, No. 340, § 4; 1985, No. 505, § 4; A.S.A. 1947, § 13-2927; Acts 1987, No. 1042, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 15-5-405 - When bonds may be guaranteed

Amortization payments on qualified bonds may be guaranteed in instances when:
(1)
The Arkansas Development Finance Authority deems the utilization of the guaranty is in the best interest of the economic development of the State of Arkansas;
(2)
The total amount of qualified bonds guaranteed at any time under this subchapter will be the lesser of:
(A)
One hundred fifty million dollars ($150,000,000); or
(B)
An amount equal to ten (10) times the amount on deposit at that time in the Bond Guaranty Reserve Account;
(3)
The borrower involved is not permitted to purchase or own at any time any of such bonds;
(4)
The borrower is found to be financially responsible and that sufficient income may reasonably be expected to amortize in an orderly manner amortization payments of the qualified bonds; and
(5)
(A)
A financial institution participates in the financing necessary to accomplish the project.
(B)
However, the authority may waive this requirement, in the exercise of its sound discretion, upon a sufficient showing by the borrower that such participation cannot be obtained or is not feasible because of justifiable circumstances and that the project involved otherwise meets the other conditions of this section and §
15-5-406
.
Acts 1985, No. 340, § 5; 1985, No. 505, § 5; A.S.A. 1947, § 13-2928; Acts 1987, No. 1042, § 3; 1993, No. 184, § 2; 1995, No. 197, § 1; 1995, No. 275, § 1; 1999, No. 429, § 4.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 15-5-406 - Standards and rules for evaluations

The Arkansas Development Finance Authority shall promulgate standards and rules for the evaluation of the financial condition and business history of developers and may require the attachment to each application for guaranty under this subchapter of a financial report and evaluation by an independent certified public accounting firm, in addition to such examination and evaluation as the authority may make, in determining whether the developer meets prescribed minimum standards and qualifications before entering into any guaranty under this subchapter.
Amended by Act 2019, No. 315,§ 1077, eff. 7/24/2019.
Acts 1985, No. 340, § 5; 1985, No. 505, § 5; A.S.A. 1947, § 13-2928; Acts 1987, No. 1042, § 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Acts 1985, No. 340, § 7; 1985, No. 505, § 7; A.S.A. 1947, § 13-2930; Acts 1987, No. 1042, § 4; 1989, No. 838, § 1; 1999, No. 429, § 5.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Acts 1985, No. 340, § 7; 1985, No. 505, § 7; A.S.A. 1947, § 13-2930; Acts 1999, No. 429, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 15-5-410 - No private right against authority under sections 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.
Acts 1985, No. 340, § 7; 1985, No. 505, § 7; A.S.A. 1947, § 13-2930.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Amended by Act 2013, No. 1149,§ 3, eff. 8/16/2013.
Acts 1985, No. 340, § 8; 1985, No. 505, § 8; A.S.A. 1947, § 13-2931.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Acts 1985, No. 340, § 9; 1985, No. 505, § 9; A.S.A. 1947, § 13-2932; Acts 1987, No. 1042, § 5; 1999, No. 429, § 7.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Amended by Act 2019, No. 315,§ 1078, eff. 7/24/2019.
Acts 1985, No. 340, § 10; 1985, No. 505, § 10; A.S.A. 1947, § 13-2933.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Acts 1985, No. 340, § 11; 1985, No. 505, § 11; A.S.A. 1947, § 13-2934; Acts 1993, No. 185, § 2; 2007, No. 827, § 134.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Acts 1985, No. 340, § 11; 1985, No. 505, § 11; A.S.A. 1947, § 13-2934.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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,
all as the authority shall determine.
(e)
The bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration of ownership, as set forth in subsection (d) of this section.
(f)
The authorizing resolution may contain any other terms, covenants, and conditions that 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.
Acts 1985, No. 340, § 11; 1985, No. 505, § 11; A.S.A. 1947, § 13-2934.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Acts 1985, No. 340, § 11; 1985, No. 505, § 11; A.S.A. 1947, § 13-2934.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Acts 1985, No. 340, § 11; 1985, No. 505, § 11; A.S.A. 1947, § 13-2934.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Acts 1985, No. 340, § 11; 1985, No. 505, § 11; A.S.A. 1947, § 13-2934.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Acts 1985, No. 340, § 11; 1985, No. 505, § 11; A.S.A. 1947, § 13-2934; Acts 2007, No. 827, § 135.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 4 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY BOND GUARANTY ACT OF 1985 (§§ 15-5-401 — 15-5-422) › Section 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.
Amended by Act 2013, No. 1149,§ 4, eff. 8/16/2013.
Acts 1988 (3rd Ex. Sess.), No. 31, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 6 - ALLOCATION OF STATE CEILING (§§ 15-5-601 — 15-5-610) › Section 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.
Acts 1987, No. 900, § 8; 2001, No. 1044, § 1; 2009, No. 6, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 6 - ALLOCATION OF STATE CEILING (§§ 15-5-601 — 15-5-610) › Section 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.
Acts 1987, No. 900, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 6 - ALLOCATION OF STATE CEILING (§§ 15-5-601 — 15-5-610) › Section 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.
Amended by Act 2019, No. 315,§ 1079, eff. 7/24/2019.
Amended by Act 2017, No. 824,§ 14, eff. 7/1/2017.
Acts 1987, No. 900, § 8; 2001, No. 1044, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 6 - ALLOCATION OF STATE CEILING (§§ 15-5-601 — 15-5-610) › Section 15-5-605 - Special rules for allocation of volume cap for multifamily residential housing bonds

(a)
Notwithstanding §
15-5-604(c)
, the priority allocation of volume cap to multifamily residential housing bonds, whether the bonds are issued by the Arkansas Development Finance Authority or by any other issuer, shall not be determined based solely on the date of the reservation filing.
(b)
Multifamily residential housing bonds shall be granted a priority based upon the decision of the authority in accordance with rules establishing criteria to determine priority for multifamily residential housing bonds.
(c)
The rules may provide for the priority of the allocation to be based upon:
(1)
The need for multifamily residential housing in the particular area of the state in which the project is to be located;
(2)
The characteristics of the proposed project; and
(3)
Any other factors as determined necessary by the authority.
(d)
The authority shall promulgate rules to establish criteria to determine priority for multifamily residential housing bonds in accordance with the Arkansas Administrative Procedure Act, §
25-15-201
et seq.
Amended by Act 2019, No. 315,§ 1083, eff. 7/24/2019.
Acts 1987, No. 900, § 8; 2001, No. 1044, § 4.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 6 - ALLOCATION OF STATE CEILING (§§ 15-5-601 — 15-5-610) › Section 15-5-607 - Records of filings

(a)
The Arkansas Development Finance Authority shall maintain continuous cumulative records of the filings made under this subchapter.
(b)
For such a purpose, the filings under this subchapter shall be dated and numbered by the President of the Arkansas Development Finance Authority in the order made.
(c)
The president shall attempt to accept filings in the order in which completed applications are received.
Acts 1987, No. 900, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 6 - ALLOCATION OF STATE CEILING (§§ 15-5-601 — 15-5-610) › Section 15-5-608 - Acceptable forms

Filings made under this subchapter and notice of issuance of bonds given under this subchapter and carryforward elections shall be substantially in the forms established by the Arkansas Development Finance Authority.
Acts 1987, No. 900, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 6 - ALLOCATION OF STATE CEILING (§§ 15-5-601 — 15-5-610) › Section 15-5-609 - Filing fee

The Arkansas Development Finance Authority may charge each issuer of affected bonds a filing fee for establishing its compliance with the Internal Revenue Code,
26 U.S.C. § 1
et seq., by appropriate resolution of the authority and may modify its filing fee from time to time by subsequent resolution of the authority.
Acts 1987, No. 900, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 6 - ALLOCATION OF STATE CEILING (§§ 15-5-601 — 15-5-610) › Section 15-5-610 - Allocation of 2008 Housing Act Volume Cap

(a)
The 2008 Housing Act Volume Cap shall be allocated one hundred percent (100%) to the Arkansas Development Finance Authority to finance qualified housing issues.
(b)
The authority may carry forward the 2008 Housing Act Volume Cap as provided in
26 U.S.C. § 146(f)(6)
, as in effect on January 1, 2009.
(c)
The authority, by resolution of the Board of Directors of the Arkansas Development Finance Authority, may assign any portion of the 2008 Housing Act Volume Cap to one (1) or more other bond issuers in the state for the purpose of financing qualified housing issues.
Acts 2009, No. 6, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 7 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY SMALL BUSINESS ACT OF 1989 (§§ 15-5-701 — 15-5-714) › Section 15-5-701 - Title

This subchapter may be referred to and cited as the "Arkansas Development Finance Authority Small Business Act of 1989".
Acts 1989, No. 623, § 1.