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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 38 - LOCAL FOOD, FARMS, AND JOBS ACT (§§ 15-4-3801 — 15-4-3808) › Section 15-4-3805 - Reporting requirements

(a)
By October 1 of each year, an agency or agency designee shall submit a report to the Department of Agriculture stating:
(1)
The name of the agency and, if applicable, agency designee;
(2)
A policy statement signed by the executive head of the agency or agency designee expressing a commitment to complying with this subchapter;
(3)
The name of the person in the agency or agency designee who is responsible for developing and administering the report required under this section;
(4)
The manner in which the agency intends to reach the procurement goals stated in this subchapter;
(5)
The dollar amount the agency spent with providers of local farm or food products in the previous fiscal year; and
(6)
The percentage of the total dollar amount the agency spent on purchases of food products with providers of local farm or food products.
(b)
By December 31 of each year, the department shall:
(1)
Prepare a report compiling the information received under subsection (a) of this section; and
(2)
Make the report required under this subsection available to the Governor and the cochairs of the Legislative Council or, if the General Assembly is in session, the cochairs of the Joint Budget Committee, the House Committee on Agriculture, Forestry, and Economic Development, and the Senate Committee on Agriculture, Forestry, and Economic Development.
Amended by Act 2019, No. 796,§ 4, eff. 7/24/2019.
Added by Act 2017, No. 617,§ 1, eff. 8/1/2017.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 38 - LOCAL FOOD, FARMS, AND JOBS ACT (§§ 15-4-3801 — 15-4-3808) › Section 15-4-3806 - Promotion

(a)
The Department of Agriculture may use its internet resources to:
(1)
Promote, create, and expand local farm and food economies in this state;
(2)
Maintain a list of local farm or food products and the providers of local farm or food products; and
(3)
Facilitate compliance with this subchapter.
(b)
(1)
The Department of Agriculture shall establish a program coordinator position, which shall be responsible for developing partnerships among vendors, agencies, and providers of local farm or food products to support the goals of this subchapter.
(2)
The program coordinator shall:
(A)
Support and assist providers of local farm or food products in:
(i)
Developing a business plan;
(ii)
Gaining access to agencies, distribution networks, and food service operators; and
(iii)
Using available resources, including without limitation public and private entities;
(B)
Be a resource for agencies to use to assist in tracking and reporting their progress in satisfying the procurement goals stated in this subchapter;
(C)
Be a liaison between agencies and providers of local farm or food products to facilitate access to local farm or food products;
(D)
Encourage and facilitate involvement and participation in the Farm to School Program administered by the United States Department of Agriculture by working with providers of local farm or food products, vendors, and distributors to assess the need for and availability of local farm and food products;
(E)
Cooperate with the Department of Agriculture and providers of local farm or food products to promote, encourage, and increase participation in the Arkansas Grown program administered by the Department of Agriculture; and
(F)
Work with distributors to ensure that:
(i)
Local farm or food products are available for purchase and distribution to an agency;
(ii)
A list of local farm or food products is available for an agency; and
(iii)
A report is provided to the agency that lists the local farm or food products purchased and the dollar amount spent on the purchase of the local farm or food products.
Amended by Act 2019, No. 796,§ 5, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 50, eff. 7/1/2019.
Added by Act 2017, No. 617,§ 1, eff. 8/1/2017.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 38 - LOCAL FOOD, FARMS, AND JOBS ACT (§§ 15-4-3801 — 15-4-3808) › Section 15-4-3807 - Relationship to federal law

(a)
If this subchapter conflicts with federal law pertaining to a federal aid program, the conflicting provision or provisions of this subchapter do not apply to a contract that is subject to that federal law, rule, or regulation to the extent of the conflict.
(b)
To the extent a conflict does not exist with federal law, this subchapter applies to contracts paid, in whole or in part, with federal funds.
Added by Act 2017, No. 617,§ 1, eff. 8/1/2017.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 38 - LOCAL FOOD, FARMS, AND JOBS ACT (§§ 15-4-3801 — 15-4-3808) › Section 15-4-3808 - Rules

The Office of State Procurement may promulgate rules to implement and administer this subchapter, including without limitation a method for:
(1)
Identifying and certifying vendors as providers of local farm or food products; and
(2)
Determining the means of satisfying and tracking the procurement goals stated in this subchapter.
Added by Act 2017, No. 617,§ 1, eff. 8/1/2017.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 39 - ARKANSAS MILITARY AFFAIRS COUNCIL ACT (§§ 15-4-3901 — 15-4-3910) › Section 15-4-3901 - Title

This subchapter shall be known and may be cited as the "Arkansas Military Affairs Council Act".
Added by Act 2021, No. 522,§ 2, eff. 7/1/2021.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 39 - ARKANSAS MILITARY AFFAIRS COUNCIL ACT (§§ 15-4-3901 — 15-4-3910) › Section 15-4-3902 - Legislative intent

The General Assembly finds that:
(1)
The State of Arkansas has a long and distinguished history of hosting military installations vital to the defense of the United States;
(2)
This state is currently home to the following five (5) military installations:
(A)
Little Rock Air Force Base in Jacksonville, Arkansas;
(B)
Pine Bluff Arsenal in Pine Bluff, Arkansas;
(C)
Robinson Maneuver Training Center in North Little Rock, Arkansas;
(D)
Ebbing Air National Guard Base in Fort Smith, Arkansas; and
(E)
Fort Chaffee Joint Maneuver Training Center in Fort Chaffee, Arkansas;
(3)
Military installations are a major employer and contribute to state and local economic development;
(4)
The closure or reduction in operation of any military installation would have a detrimental impact on the economy of our state; and
(5)
State and local support for a military installation is a significant consideration of the United States Government in making decisions to realign or close a military installation.
Added by Act 2021, No. 522,§ 2, eff. 7/1/2021.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 39 - ARKANSAS MILITARY AFFAIRS COUNCIL ACT (§§ 15-4-3901 — 15-4-3910) › Section 15-4-3903 - Definitions

As used in this subchapter:
(1)
"City" means a city of the first class, a city of the second class, or an incorporated town in this state;
(2)
"Economic development organization" means a business entity:
(A)
In good standing with the Secretary of State; and
(B)
Formed to promote community development and economic development in a geographic area within this state;
(3)
"Eligible applicant" means:
(A)
A city;
(B)
A county;
(C)
An economic development organization;
(D)
A military community council;
(E)
A military installation; or
(F)
A state agency;
(4)
"Military community council" means a business entity:
(A)
In good standing with the Secretary of State; and
(B)
Formed to promote cooperation between military and civilian components of a designated geographic area within this state through the adoption and implementation of matters of joint interest to a military installation and the surrounding community by establishing and maintaining:
(i)
Necessary infrastructure;
(ii)
Safe and secure communities; and
(iii)
Support services; and
(5)
(A)
"Military installation" means a facility located in this state that is under the jurisdiction of the United States Department of Defense or the Department of the Military, including without limitation a:
(i)
Base;
(ii)
Camp;
(iii)
Post;
(iv)
Station;
(v)
Yard;
(vi)
Center; or
(vii)
Homeport facility for any ship.
(B)
"Military installation" does not include a facility used primarily for:
(i)
National Guard armories;
(ii)
Civil works;
(iii)
Rivers and harbors projects; or
(iv)
Flood control projects.
Added by Act 2021, No. 522,§ 2, eff. 7/1/2021.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 39 - ARKANSAS MILITARY AFFAIRS COUNCIL ACT (§§ 15-4-3901 — 15-4-3910) › Section 15-4-3904 - Arkansas Military Affairs Council - Creation - Members

(a)
There is established the Arkansas Military Affairs Council.
(b)
The purpose of the council is to advise and assist the Director of the Arkansas Economic Development Commission in the performance of his or her duties under this subchapter.
(c)
(1)
The council shall consist of twelve (12) members appointed at the discretion of the Governor.
(2)
Members of the council shall consist of:
(A)
Residents of communities near a military installation, including without limitation the following military installations:
(i)
Little Rock Air Force Base in Jacksonville, Arkansas;
(ii)
Pine Bluff Arsenal in Pine Bluff, Arkansas;
(iii)
Robinson Maneuver Training Center in North Little Rock, Arkansas;
(iv)
Fort Chaffee Joint Maneuver Training Center in Fort Chaffee, Arkansas; and
(v)
Ebbing Air National Guard Base in Fort Smith, Arkansas;
(B)
Representatives of aerospace and defense companies located within the State of Arkansas; and
(C)
The Secretary of the Department of the Military or his or her designee as an ex officio nonvoting member.
(3)
Members of the council shall serve for five-year terms.
(d)
The council shall select by majority vote:
(1)
One (1) member of the council to serve as chair; and
(2)
One (1) member of the council to serve as vice chair.
(e)
(1)
Members of the council shall serve without compensation.
(2)
However, if funds are appropriated for expense reimbursement, the members of the council may receive expense reimbursement in accordance with §
25-16-902
.
Added by Act 2021, No. 522,§ 2, eff. 7/1/2021.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 39 - ARKANSAS MILITARY AFFAIRS COUNCIL ACT (§§ 15-4-3901 — 15-4-3910) › Section 15-4-3905 - Military Affairs Division - Military Affairs Director - Creation

(a)
There is created the Military Affairs Division within the Arkansas Economic Development Commission to be the instrumentality of this state to promote and support military installations in the State of Arkansas.
(b)
(1)
There is created the Military Affairs Director to head the division.
(2)
The Director of the Arkansas Economic Development Commission shall hire a qualified applicant to serve as the Military Affairs Director.
(c)
All state agencies may provide the Director of the Arkansas Economic Development Commission with assistance in advancing the purpose of the division by ensuring that the activities of the division are coordinated with the activities of other state agencies to achieve the purposes of this subchapter.
Added by Act 2021, No. 522,§ 2, eff. 7/1/2021.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 39 - ARKANSAS MILITARY AFFAIRS COUNCIL ACT (§§ 15-4-3901 — 15-4-3910) › Section 15-4-3906 - Powers, functions, and duties

The Director of the Arkansas Economic Development Commission, the Military Affairs Director, and the Military Affairs Division, with the advice and assistance of the Arkansas Military Affairs Council and in coordination with the Secretary of the Department of the Military, have the following powers, functions, and duties:
(1)
To collect and distribute comprehensive information relating to the mission capability and economic impact of a military installation to:
(A)
A federal or state agency;
(B)
A city;
(C)
A county;
(D)
A military community council;
(E)
An economic development organization;
(F)
An individual; or
(G)
A corporation;
(2)
To advise and assist, in coordination with the secretary, a local government, a military community council, or an economic development organization in:
(A)
Advocating for the needs of:
(i)
A military installation;
(ii)
Military personnel; and
(iii)
Military families; and
(B)
Providing timely and effective responses to an inquiry from a federal agency concerning a military installation, in coordination with the secretary when an Arkansas National Guard military installation is impacted, and its host community;
(3)
To safeguard state and local economic development interests relating to:
(A)
A military installation;
(B)
Military personnel; and
(C)
Military families;
(4)
To advise the Governor:
(A)
Of the steps to take to:
(i)
Help safeguard and strengthen the mission capability of a military installation; and
(ii)
Position this state as a priority state in the national defense plan; and
(B)
On the problems and needs of military families in the State of Arkansas and to develop appropriate policies at a state level to mitigate those needs; and
(5)
To develop programs and resources to assist military personnel and their families upon exiting military service so that they may continue to work and live in this state.
Added by Act 2021, No. 522,§ 2, eff. 7/1/2021.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 39 - ARKANSAS MILITARY AFFAIRS COUNCIL ACT (§§ 15-4-3901 — 15-4-3910) › Section 15-4-3907 - Military Affairs Grant Program

The Military Affairs Grant Program is established to provide grants for projects or programs that:
(1)
Support and sustain military installations and military families in Arkansas; or
(2)
Result in economic growth to:
(A)
The community hosting a military installation;
(B)
The region surrounding a military installation; and
(C)
This state.
Added by Act 2021, No. 522,§ 2, eff. 7/1/2021.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 39 - ARKANSAS MILITARY AFFAIRS COUNCIL ACT (§§ 15-4-3901 — 15-4-3910) › Section 15-4-3909 - Grant agreement

An eligible applicant that receives approval from the Director of the Arkansas Economic Development Commission provided under the Military Affairs Grant Program shall execute a grant agreement with the Arkansas Economic Development Commission that includes without limitation the:
(1)
Eligibility date for incurring costs for the project or program;
(2)
Projected completion date of the portion of the project or program funded by the grant provided under the Military Affairs Grant Program;
(3)
Amount of approved costs; and
(4)
The process by which grant funds shall be disbursed to the eligible applicant.
Added by Act 2021, No. 522,§ 2, eff. 7/1/2021.
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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 39 - ARKANSAS MILITARY AFFAIRS COUNCIL ACT (§§ 15-4-3901 — 15-4-3910) › Section 15-4-3910 - Rules

The Military Affairs Division shall adopt rules to implement and administer this subchapter, including without limitation rules regarding the:
(1)
Application process for grants provided under the Military Affairs Grant Program;
(2)
Disbursement of grant funds; and
(3)
Reporting required by an eligible applicant that receives grant funds.
Added by Act 2021, No. 522,§ 2, eff. 7/1/2021.
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 1 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - GENERAL PROVISIONS (§§ 15-5-101 — 15-5-106) › Section 15-5-101 - Title

This subchapter, §§
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
shall be referred to as and may be cited as the "Arkansas Development Finance Authority Act".
Acts 1985, No. 1062, § 1.00; A.S.A. 1947, § 13-2901.
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 1 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - GENERAL PROVISIONS (§§ 15-5-101 — 15-5-106) › Section 15-5-104 - Construction

(a)
This subchapter and §§
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
shall be liberally construed.
(b)
Nothing contained in this subchapter and §§
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
shall be construed as a restriction or limitation upon any powers which the Arkansas Development Finance Authority might otherwise have under any other law of this state, and the provisions of this subchapter and §§
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
are cumulative to such powers. The provisions of this subchapter and §§
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
shall be construed to provide a complete, additional, and alternative method for the doing of the things authorized and shall be regarded as supplemental and additional to powers conferred by any other laws.
(c)
The issuance of bonds under the provisions of this subchapter and §§
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
need not comply with the requirements of any other state laws applicable to the issuance of bonds, notes, and other obligations, and it shall not be necessary to comply with general provisions of other laws dealing with public facilities, their acquisition, construction, leasing, encumbering, or disposition.
(d)
No proceedings, notice, or approval shall be required for the issuance of any bonds or any instrument or the security therefor except as provided for in this subchapter and §§
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
.
Acts 1985, No. 1062, § 21.00; A.S.A. 1947, § 13-2921.
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 1 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - GENERAL PROVISIONS (§§ 15-5-101 — 15-5-106) › Section 15-5-105 - Subchapters supplemental

(a)
Except as stated in §
15-5-303
, it is the specific intent of this subchapter and §§
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
that the provisions hereof are supplemental to other constitutional and statutory provisions now existing or hereafter adopted which may provide for enhancing the Public School Fund or the financing of agricultural business enterprises, capital improvements, educational facilities, healthcare facilities, housing development, industrial enterprises, or short-term advance funding of local government obligations.
(b)
Nothing contained in this subchapter and §§
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
shall be deemed to be a restriction or limitation upon alternative means of financing previously available or hereafter made available to municipalities or counties for the purposes set forth in this subchapter and §§
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
.
Acts 1985, No. 1062, § 25.00; A.S.A. 1947, § 13-2923; Acts 1987, No. 900, § 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 1 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - GENERAL PROVISIONS (§§ 15-5-101 — 15-5-106) › Section 15-5-106 - Bonds

The Arkansas Development Finance Authority is authorized to issue bonds for residential community developments.
Acts 1993, No. 1309, § 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 2 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - ADMINISTRATION (§§ 15-5-201 — 15-5-214) › Section 15-5-201 - Creation of authority

There is created, with such duties and powers as are hereinafter set forth to carry out the provisions of this subchapter and §§
15-5-101
-
15-5-106
and
15-5-301
-
15-5-316
, a public body politic and corporate, with corporate succession, to be an independent instrumentality exercising essential public functions, and to be known as the "Arkansas Development Finance Authority".
Acts 1985, No. 1062, § 4.00; A.S.A. 1947, § 13-2904.
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 2 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - ADMINISTRATION (§§ 15-5-201 — 15-5-214) › Section 15-5-203 - Board officers and employees

(a)
Annually and at such other times as may be deemed appropriate by the Board of Directors of the Arkansas Development Finance Authority, the board shall elect from the public members of the board appointed by the Governor one (1) of its members as chair and one (1) of its members as vice chair.
(b)
The board shall also employ a president who shall serve at the will of the Governor.
(c)
The board shall in consultation with the Secretary of the Department of Commerce appoint and employ such additional officers, accountants, financial advisors or experts, bond counsel, or other attorneys, agents, and employees as it may require and shall determine their qualifications, duties, and compensation. Periodically, the Arkansas Development Finance Authority will review selection of bond counsel or other attorneys to ensure that legal representatives are selected in a manner that will provide the authority with competent, economical legal representation that furthers the best interest of the authority.
(d)
The President of the Arkansas Development Finance Authority shall be an ex officio nonvoting member of the board and may be elected secretary of the board.
Amended by Act 2019, No. 910,§ 437, eff. 7/1/2019.
Acts 1985, No. 1062, § 4.00; A.S.A. 1947, § 13-2904.
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 2 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - ADMINISTRATION (§§ 15-5-201 — 15-5-214) › Section 15-5-204 - Prohibition on personal interests in contracts

(a)
(1)
No officer or employee of the Arkansas Development Finance Authority for purpose of personal gain shall have or attempt to have, directly or indirectly, any interest in any contract or agreement of the authority in connection with the sale or purchase of any bonds or investments of the authority.
(2)
The General Assembly finds and declares, in furtherance of the public purposes set forth in §
15-5-201
, that it shall not be deemed a violation of the provisions of this section if any member of the Board of Directors of the Arkansas Development Finance Authority or any firm owned by a member or by which a member is employed, shall participate in any program of the authority, provided that such participation shall be on the same terms and subject to the same conditions governing all other participants in the program.
(b)
Any member, officer, employee, or agent of the authority who is found guilty of violating this section is barred from public employment in the state in any capacity for a period of five (5) years from the date he or she was found guilty of violating this section, in addition to such other penalties as may be provided by law.
Amended by Act 2017, No. 374,§ 16, eff. 8/1/2017.
Acts 1985, No. 1062, § 20.00; A.S.A. 1947, § 13-2920.
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 2 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - ADMINISTRATION (§§ 15-5-201 — 15-5-214) › Section 15-5-205 - Board meetings

(a)
The powers of the Arkansas Development Finance Authority shall be vested in the members of the Board of Directors of the Arkansas Development Finance Authority in office from time to time, and six (6) members of the board shall constitute a quorum at any meeting thereof.
(b)
Action may be taken and motions and resolutions adopted by the board at any meeting thereof by the affirmative vote of a majority of present and voting board members.
(c)
However, any motion and resolution to authorize an issue of bonds, to approve a loan application, to authorize a lease transaction, or to approve a bond guaranty shall have the affirmative vote of at least six (6) board members.
(d)
No vacancy in the membership of the board shall impair the right of a quorum of the members to exercise all the powers and perform all duties of the board.
Acts 1985, No. 1062, § 4.00; A.S.A. 1947, § 13-2904.
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 2 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - ADMINISTRATION (§§ 15-5-201 — 15-5-214) › Section 15-5-208 - Services of public entities to authority - Expenses

(a)
All officers, departments, boards, agencies, divisions, and commissions of the state are authorized and empowered to render any and all of such services to the Arkansas Development Finance Authority as may be within the area of their respective governmental functions as fixed or established by law and as may be requested by the authority.
(b)
The cost and expenses of any such services shall be met and provided by the authority.
Acts 1985, No. 1062, § 19.00; A.S.A. 1947, § 13-2919.
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 2 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - ADMINISTRATION (§§ 15-5-201 — 15-5-214) › Section 15-5-210 - Annual report

(a)
On or before January 31 of each year, the Arkansas Development Finance Authority shall make an annual report of its activities for the preceding fiscal year to the Secretary of the Department of Commerce and to the General Assembly.
(b)
The report shall contain an audit of the preceding fiscal year prepared by an independent certified public accountant acceptable to the bond rating agency used by the authority.
Amended by Act 2019, No. 910,§ 439, eff. 7/1/2019.
Acts 1985, No. 1062, § 18.00; A.S.A. 1947, § 13-2918; Acts 1995, No. 783, § 1; 2003, No. 1037, § 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 2 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - ADMINISTRATION (§§ 15-5-201 — 15-5-214) › Section 15-5-211 - Dissolution of the authority

(a)
The Arkansas Development Finance Authority may be dissolved by act of the General Assembly on condition that the authority has no debts or obligations outstanding or provision has been made for the payment or retirement of such debts or obligations.
(b)
Upon any such dissolution of the authority, all property, funds, and assets thereof shall be vested in the state.
Acts 1985, No. 1062, § 4.00; A.S.A. 1947, § 13-2904.
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 2 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - ADMINISTRATION (§§ 15-5-201 — 15-5-214) › Section 15-5-212 - Approval of Legislative Council for certain matters

(a)
The Arkansas Development Finance Authority or the Secretary of the Department of Commerce on behalf of the authority shall not employ or select any investment banker, consultant, professional financial advisor, or attorney unless the selection criteria to be used in the selection have been submitted to the Legislative Council for review.
(b)
(1)
As soon as practicable after closing any new bond issue, the authority shall submit a program fact sheet for the new bond issue to the Legislative Council for its review. The program fact sheet shall include, but not be limited to, the fees, interest rates, average coupon life of the securities, and gross spread for the new bond issue.
(2)
A copy of each program fact sheet shall be submitted to Arkansas Legislative Audit at the same time that the program fact sheet is submitted to the Legislative Council.
Amended by Act 2019, No. 910,§ 440, eff. 7/1/2019.
Acts 1989 (1st Ex. Sess.), No. 36, § 11; 2005, No. 683, § 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 2 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - ADMINISTRATION (§§ 15-5-201 — 15-5-214) › Section 15-5-214 - Criminal background check

(a)
The Arkansas Development Finance Authority may require a state and federal criminal background check, which shall conform to the applicable federal standards and shall include the taking of fingerprints of an:
(1)
Applicant of a program administered by the authority, including individual members of an entity that may participate in a program administered by the authority;
(2)
Applicant for employment with the authority; or
(3)
Employee of the authority.
(b)
The criminal background check shall be performed through the Identification Bureau of the Division of Arkansas State Police and the Federal Bureau of Investigation.
(c)
Prior to a criminal background check, the applicant or employee shall sign a release authorizing the background check.
(d)
The results of the background check shall be used by the authority to determine the fitness or suitability of:
(1)
The applicant for participation in an authority program or for employment with the authority; or
(2)
An employee for continued employment with the authority.
(e)
The authority shall treat the criminal background information of an applicant or employee as confidential.
(f)
A criminal background check obtained under this section shall be destroyed by the authority within six (6) months of the receipt of the background check.
(g)
The authority shall promulgate rules for the requesting and use of criminal background checks under this section.
Amended by Act 2019, No. 910,§ 441, eff. 7/1/2019.
Acts 2005, No. 2173, § 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 3 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - BONDS (§§ 15-5-301 — 15-5-318) › Section 15-5-301 - Power to issue bonds

(a)
The Arkansas Development Finance Authority is authorized and empowered to issue bonds, whether or not the interest on the bonds is subject to federal income taxation, either for a specific activity or for a particular project or on a pooled or consolidated basis for a series of related or unrelated activities or projects in such amounts as shall be determined by the authority for the purpose of enhancing the Public School Fund or financing qualified agricultural business enterprises, capital improvement facilities, educational facilities, healthcare facilities, housing developments, industrial enterprises, exports of goods and short-term advance funding of local government obligations, scientific and technical services businesses, technology-based enterprises, tourism enterprises, nonprofit organizations, energy efficiency projects, or any combination of those facilities or enterprises, or any interest in facilities, including without limitation leasehold interests in and mortgages on those facilities.
(b)
However, nothing in this subchapter and §§
15-5-101
-
15-5-106
,
15-5-201
-
15-5-211
, and
15-5-213
shall be construed to authorize the authority to issue or sell revenue bonds or use the proceeds thereof to purchase, condemn, or otherwise acquire a utility plant or distribution system owned or operated by a regulated public utility.
Amended by Act 2017, No. 824,§ 10, eff. 7/1/2017.
Amended by Act 2013, No. 1252,§ 4, eff. 8/16/2013.
Acts 1985, No. 1062, § 6.00; 1986 (2nd Ex. Sess.), No. 18, § 2; A.S.A. 1947, § 13-2906; Acts 1987, No. 900, § 5; 2007, No. 593, § 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 3 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - BONDS (§§ 15-5-301 — 15-5-318) › Section 15-5-302 - Underwriters and experts

(a)
The Arkansas Development Finance Authority, when requested to do so by a state agency or a political subdivision, is authorized and empowered to engage an underwriter or underwriters to facilitate the issuance and sale of bonds to accomplish the financing of a specific activity or a particular project of the state agency or political subdivision permitted to be financed hereunder, or other activities and projects for which no state agency or political subdivision is authorized by law to obtain such financing, which the authority determines to be consistent with the purposes of this subchapter and §§
15-5-101
-
15-5-106
,
15-5-201
-
15-5-211
, and
15-5-213
.
(b)
In the furtherance thereof, the authority is also authorized and empowered to engage in connection therewith such legal counsel and other experts as may be recommended by the underwriter or underwriters.
Acts 1985, No. 1062, § 6.00; A.S.A. 1947, § 13-2906.
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 15-5-303 - Exclusive issuer of revenue bonds for public facilities

It is the intention of the General Assembly that the Arkansas Development Finance Authority shall be the exclusive issuer of revenue bonds for public facilities acquired or constructed for the benefit of state agencies, except the respective boards of trustees of state-supported institutions of higher education, the Career Education and Workforce Development Board, the State Board of Finance, and the Arkansas Economic Development Council when issuing bonds pursuant to §§
15-4-604
,
15-4-605
, and
15-4-608
, and the Industrial Development Guaranty Bond Act, §
15-4-701
et seq.
Amended by Act 2017, No. 824,§ 11, eff. 7/1/2017.
Amended by Act 2017, No. 269,§ 2, eff. 2/22/2017.
Acts 1985, No. 1062, § 24.00; A.S.A. 1947, § 13-2922; Acts 2007, No. 827, § 132.
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 15-5-304 - Exclusive issuer of mortgage bonds

For purposes of compliance with the Mortgage Subsidy Bond Tax Act of 1980, the General Assembly finds and declares that the Arkansas Development Finance Authority shall be the exclusive issuer of mortgage bonds as defined in the Mortgage Subsidy Bond Tax Act of 1980, and the authority shall receive the entire allocation to the state in principal amount of bonds to be issued annually.
Acts 1985, No. 1062, § 9.00; A.S.A. 1947, § 13-2909.
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 15-5-305 - Authorized investors

(a)
Any municipality or any board, commission, or other authority duly established by ordinance of any municipality or the boards of trustees, respectively, of the firemen's relief and pension funds and the policemen's pension and relief fund of any such municipality or the board of trustees of any retirement system created by the General Assembly, in its discretion, may invest any of its funds not immediately needed for its purposes in bonds issued under the provisions of this subchapter and §§
15-5-101
-
15-5-106
,
15-5-201
-
15-5-211
, and
15-5-213
, and bonds issued under the provisions of this subchapter and §§
15-5-101
-
15-5-106
,
15-5-201
-
15-5-211
, and
15-5-213
shall be eligible to secure the deposit of public funds.
(b)
All the obligations issued under this subchapter are legal and authorized investments for:
(1)
Banks;
(2)
Savings banks;
(3)
Trust companies;
(4)
Savings and loan associations;
(5)
Insurance companies;
(6)
Fiduciaries;
(7)
Trustees and guardians;
(8)
Any municipality or any board, commission, or other authority established by ordinance of any municipality or the boards of trustees of any municipality;
(9)
The firemen's relief and pension funds of any municipality;
(10)
The policemen's pension and relief fund of any municipality; or
(11)
The board of trustees for any retirement system created by the General Assembly.
Amended by Act 2017, No. 824,§ 12, eff. 7/1/2017.
Acts 1985, No. 1062, § 17.00; A.S.A. 1947, § 13-2917.
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 15-5-306 - Tax exemption

Any bonds issued under the provisions of this subchapter and §§
15-5-101
-
15-5-106
,
15-5-201
-
15-5-211
, and
15-5-213
and the interest paid thereon, unless specifically declared to be taxable in the authorizing resolution, shall be exempt from all state, county, and municipal taxes, and the exemption shall include income, inheritance, and property taxes.
Acts 1985, No. 1062, § 10.00; A.S.A. 1947, § 13-2910.
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 15-5-307 - Request to issue certain bonds

(a)
When gubernatorial approval is required by the provisions of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. L. No. 97-248, or any other federal or state law, the Governor is authorized to approve the issuance of bonds by the Arkansas Development Finance Authority upon receipt of written request for approval from the Board of Directors of the Arkansas Development Finance Authority.
(b)
The written request shall state that the authority has conducted a public hearing pursuant to appropriate public notice concerning the purposes for which the bonds are to be issued, shall contain a description of the project or projects to be financed, and shall describe the method of financing the project or projects.
(c)
The written request shall also summarize the comments made and questions posed at the public hearing.
Acts 1985, No. 1062, § 9.00; A.S.A. 1947, § 13-2909.
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 15-5-308 - Notice of issue - Disapproval

(a)
Not less than thirty (30) days prior to the issuance of any bonds authorized under this subchapter and §§
15-5-101
-
15-5-106
,
15-5-201
-
15-5-211
, and
15-5-213
with respect to any project or activity which is to be undertaken for the direct benefit of any person or entity which is not a state agency or a political subdivision, written notice of the intention of the Arkansas Development Finance Authority to provide financing and issue bonds therefor shall be given by the President of the Arkansas Development Finance Authority to the mayor of the municipality in which the project or activity is to be located, or, if the project or activity is not proposed to be located within a municipality, the notice shall be given to the county judge of the county.
(b)
No bonds for the financing of the project or activity shall be issued by the authority or any other political subdivision or instrumentality of the state for a one-year period if, within fifteen (15) days after the giving of the notice, the legislative body of the political subdivision in which the project or activity is proposed to be located shall have duly enacted an ordinance or resolution stating express disapproval by the legislative body of the project or activity and the reasons therefor.
(c)
Such disapproval shall not be effective unless a certified copy of the ordinance or resolution shall have been delivered to the president within twenty (20) days of the giving of notice by the president as herein required.
(d)
(1)
Any notice required by this section may be given by the mailing thereof or actual delivery thereof to the proper person, and it shall be conclusively presumed that any notice given by mail, with proper postage prepaid, has been timely received by the addressee.
(2)
However, it shall not be necessary to give the notice provided for in this section if the project or activity is of such a nature that a public hearing has been held in the affected political subdivision with respect thereto and approval given in the manner required by
26 U.S.C. § 147(f)
.
(e)
This section shall not apply to the issuance of bonds to provide financing on a pooled or consolidated basis for a series of related or unrelated activities or projects when the activities or projects have not been specifically identified prior to the issuance of the bonds.
Acts 1985, No. 1062, § 6.00; A.S.A. 1947, § 13-2906; Acts 1987, No. 900, § 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 3 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY ACT - BONDS (§§ 15-5-301 — 15-5-318) › Section 15-5-310 - Sale

(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 a price the authority may accept, including sale at discount.
Acts 1985, No. 1062, § 8.00; A.S.A. 1947, § 13-2908.