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 11 - ARKANSAS CAPITAL ACCESS PROGRAM FOR SMALL BUSINESS ACT OF 1993 (§§ 15-5-1101 — 15-5-1111) › Section 15-5-1111 - Arkansas Credit Reserve Program

The Arkansas Development Finance Authority shall establish the Arkansas Credit Reserve Program within the Arkansas Capital Access Program for Small Business.
Added by Act 2013, No. 1222,§ 3, eff. 8/16/2013.
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 12 - PETROLEUM STORAGE TANK TRUST FUND BOND FINANCING ACT (§§ 15-5-1201 — 15-5-1210) › Section 15-5-1201 - Title

This subchapter may be known and may be cited as the "Petroleum Storage Tank Trust Fund Bond Financing Act".
Acts 1995, No. 1054, § 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 12 - PETROLEUM STORAGE TANK TRUST FUND BOND FINANCING ACT (§§ 15-5-1201 — 15-5-1210) › Section 15-5-1202 - Purpose

The purpose of this subchapter is to provide for the benefit of the public an additional method for financing remediation costs and costs of compensating tank owners or operators for third-party claims from the Petroleum Storage Tank Trust Fund. This financing program is made available on terms and conditions prescribed by this subchapter, and it is found and determined that this subchapter is in furtherance of a public purpose and that the duties imposed upon the Arkansas Development Finance Authority in this subchapter are in furtherance of the conservation of the environment and for the protection of the public health, welfare, and safety.
Acts 1995, No. 1054, § 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 12 - PETROLEUM STORAGE TANK TRUST FUND BOND FINANCING ACT (§§ 15-5-1201 — 15-5-1210) › Section 15-5-1203 - Definitions

As used in this subchapter:
(1)
"Act" means the Arkansas Development Finance Authority Act, §
15-5-101
et seq.;
(2)
"Authority" means the Arkansas Development Finance Authority;
(3)
"Bonds" means the Arkansas Development Finance Authority Petroleum Storage Tank Trust Fund revenue bonds or other obligations authorized to be issued or incurred by the authority pursuant to this subchapter and the Arkansas Development Finance Authority Act, §§
15-5-101
et seq.,
15-5-201
et seq., and
15-5-301
et seq.;
(4)
"Debt service fund" means the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and any subaccount of the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund to be established on the books of the authority for the purpose of paying the principal of and interest on the bonds as they come due;
(5)
[Repealed.]
(6)
"Pledged fees" means the fees collected by the Secretary of the Department of Finance and Administration pursuant to §
8-7-906
;
(7)
"Reserve fund" means the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund and any subaccount of the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund established on the books of the authority pursuant to this subchapter as a reserve for the payment of the principal or any interest on the bonds;
(8)
"Trust fund" means the Petroleum Storage Tank Trust Fund established in the State Treasury pursuant to §
8-7-905
; and
(9)
"Trust fund act" means the Petroleum Storage Tank Trust Fund Act, §
8-7-901
et seq.
Amended by Act 2019, No. 910,§ 3400, eff. 7/1/2019.
Acts 1995, No. 1054, § 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 12 - PETROLEUM STORAGE TANK TRUST FUND BOND FINANCING ACT (§§ 15-5-1201 — 15-5-1210) › Section 15-5-1204 - Issuance of revenue bonds by the authority

(a)
(1)
Upon the request of the Director of the Division of Environmental Quality and based upon an estimate by the Department of Finance and Administration of the pledged fees to be collected, the Arkansas Development Finance Authority may issue bonds for the purpose of:
(A)
Providing money for the Petroleum Storage Tank Trust Fund; and
(B)
Paying the cost of issuing the bonds and establishing the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund, if necessary.
(2)
The money in the Petroleum Storage Tank Trust Fund shall be used as provided in the Petroleum Storage Tank Trust Fund Act, §
8-7-901
et seq.
(b)
(1)
The bonds are special obligations payable only from:
(A)
The pledged fees collected by the Secretary of the Department of Finance and Administration pursuant to §
8-7-906
;
(B)
The amounts on deposit in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund, if any; and
(C)
The investment income on the amounts in the Petroleum Storage Tank Trust Fund, the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund, and the Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund.
(2)
The bonds do not constitute an indebtedness of the state as prohibited by the Arkansas Constitution.
(c)
(1)
(A)
Bonds issued under this subchapter shall be authorized by resolution of the Board of Directors of the Arkansas Development Finance Authority and shall have the form and characteristics and bear the designations as are provided in the resolution and permitted under 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)
The resolution may include such provisions and covenants as the board determines necessary.
(2)
The board may approve and have executed any other proceedings, agreements, trust agreements, or other instruments necessary and convenient to the issuance of the bonds.
Amended by Act 2019, No. 910,§ 3046, eff. 7/1/2019.
Acts 1995, No. 1054, § 1; 1999, No. 1164, § 131.
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 12 - PETROLEUM STORAGE TANK TRUST FUND BOND FINANCING ACT (§§ 15-5-1201 — 15-5-1210) › Section 15-5-1205 - Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund - Pledged fees

(a)
(1)
The debt service on the bonds shall be secured by a lien on and pledge of the petroleum environmental assurance fee established by §
8-7-906
.
(2)
The pledging of such fees is authorized.
(b)
Commencing on the first day of the month next succeeding the issuance of bonds by the Arkansas Development Finance Authority, the pledged fees are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided and authorized in this subchapter, 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
, and the Petroleum Storage Tank Trust Fund Act, §
8-7-901
et seq.
(c)
(1)
Commencing on the first day of the month next succeeding the issuance of bonds by the authority, the pledged fees shall not be deposited into the State Treasury and shall not be subject to legislative appropriations, but, as received by the Secretary of the Department of Finance and Administration or the Treasurer of State, shall be deposited into a bank or banks selected by the authority and approved by the Treasurer of State.
(2)
The pledged fees shall be deposited to the credit of a fund established on the books of the authority created and designated as the "Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund".
(d)
(1)
There is established on the books of the authority a reserve fund to be known as the "Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund".
(2)
The Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund shall be funded from the proceeds of the bonds and shall be held and used to ensure prompt payment of debt service on the bonds in such a manner and pursuant to such conditions as may be specified by the authority in the resolution or trust indenture authorizing or securing the bonds.
Amended by Act 2019, No. 910,§ 3401, eff. 7/1/2019.
Acts 1995, No. 1054, § 1; 2005, No. 1962, § 63.
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 12 - PETROLEUM STORAGE TANK TRUST FUND BOND FINANCING ACT (§§ 15-5-1201 — 15-5-1210) › Section 15-5-1206 - Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund - Payment of debt service - Tax exemption

(a)
Payment of principal and interest on the bonds shall be paid from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund when due.
(b)
If and so long as all payments of debt service are properly made, on the last day of each fiscal quarter the pledged fees remaining in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund in excess of a reserve of two (2) months' requirements of debt service shall be withdrawn from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and deposited into the Petroleum Storage Tank Trust Fund as special revenues.
(c)
The interest on the bonds shall be exempt from state, county, and municipal income, inheritance, and estate taxes.
Acts 1995, No. 1054, § 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 12 - PETROLEUM STORAGE TANK TRUST FUND BOND FINANCING ACT (§§ 15-5-1201 — 15-5-1210) › Section 15-5-1207 - Expiration of subchapter

The provisions of this subchapter shall expire upon payment of all principal and accrued interest due on the bonds and any refunding bonds issued.
Acts 1995, No. 1054, § 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 12 - PETROLEUM STORAGE TANK TRUST FUND BOND FINANCING ACT (§§ 15-5-1201 — 15-5-1210) › Section 15-5-1208 - Refunding bonds

(a)
The Arkansas Development Finance Authority may provide by resolution for the issuance of refunding bonds to refund outstanding bonds issued under this subchapter and accrued interest on those bonds.
(b)
The authority may sell the refunding bonds and use the proceeds to retire the outstanding bonds issued under this subchapter, exchange the refunding bonds for the outstanding bonds, or refund the bonds in the manner provided by any other applicable statute.
Acts 1995, No. 1054, § 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 12 - PETROLEUM STORAGE TANK TRUST FUND BOND FINANCING ACT (§§ 15-5-1201 — 15-5-1210) › Section 15-5-1209 - Eligible security

The bonds are eligible to secure deposits of public funds of the state and cities, counties, school districts, districts, authorities, and other political subdivisions of the state.
Acts 1995, No. 1054, § 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 12 - PETROLEUM STORAGE TANK TRUST FUND BOND FINANCING ACT (§§ 15-5-1201 — 15-5-1210) › Section 15-5-1210 - Subchapter cumulative of other laws

This subchapter is cumulative of other laws on the subject and the Arkansas Development Finance Authority may use provisions of other applicable laws in the issuance of bonds and other obligations, but this subchapter is wholly sufficient authority for the issuance of bonds and the performance of all other acts and procedures authorized by this subchapter.
Acts 1995, No. 1054, § 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 13 - AFFORDABLE NEIGHBORHOOD HOUSING TAX CREDIT ACT OF 1997 (§§ 15-5-1301 — 15-5-1305) › Section 15-5-1301 - Title

This subchapter shall be known and may be cited as the "Affordable Neighborhood Housing Tax Credit Act of 1997".
Acts 1997, No. 1331, § 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 13 - AFFORDABLE NEIGHBORHOOD HOUSING TAX CREDIT ACT OF 1997 (§§ 15-5-1301 — 15-5-1305) › Section 15-5-1304 - Tax credits authorized - Amount allowed annually - Exceeded when - Upper limits set - Carryover permitted

(a)
(1)
For proposals approved under §
15-5-1303
, the amount of the tax credit shall not exceed thirty percent (30%) of the total amount invested in affordable housing assistance activities by a business firm.
(2)
Any tax credit not used in the period for which the credit was approved may be carried forward to any of the five (5) subsequent taxable years until the full credit has been allowed.
(3)
The total amount of tax credits granted for programs approved under §
15-5-1303
shall not exceed seven hundred fifty thousand dollars ($750,000) in any taxable year.
(4)
For taxable year 1997, at least one-half (1/2) of the tax credits shall be designated by the Arkansas Development Finance Authority to the affordable housing assistance activities in counties declared disaster areas by the Governor.
(b)
(1)
For any year during the compliance period indicated in the land-use restriction agreement, the owner of the rental affordable housing units for which a credit is being claimed shall certify to the authority that all tenants renting claimed affordable housing units are income-eligible for the affordable housing units and that the rentals for each claimed affordable housing unit are affordable in compliance with the provisions of §
15-5-1302
.
(2)
The authority is authorized, in its discretion, to audit the records and the accounts of the owner to verify the certification.
(c)
(1)
In the case of owner-occupied affordable housing units, the qualifying owner-occupant, before the end of the first year in which credits are claimed, shall certify to the authority that the occupant is income eligible during the preceding two (2) years and at the time of the initial purchase contract, but not thereafter.
(2)
The qualifying owner-occupant shall further certify to the authority before the end of the first year in which credits are claimed that during the compliance period indicated in the land-use restriction agreement, the cost of the affordable housing unit to the occupant for the claimed affordable housing unit can reasonably be projected to be in compliance with the provisions of §
15-5-1302
.
(3)
Any succeeding owner-occupant acquiring the affordable housing unit during the compliance period indicated in the land-use restriction agreement shall make the same certification.
Acts 1997, No. 1331, § 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 13 - AFFORDABLE NEIGHBORHOOD HOUSING TAX CREDIT ACT OF 1997 (§§ 15-5-1301 — 15-5-1305) › Section 15-5-1305 - Rules

The Secretary of the Department of Finance and Administration and the Arkansas Development Finance Authority shall promulgate rules necessary to administer the provisions of this subchapter. No rule or portion of a rule promulgated under the authority of this subchapter shall become effective until it has been approved by the secretary in accordance with the Arkansas Administrative Procedure Act, §
25-15-201
et seq.
Amended by Act 2019, No. 315,§ 1088, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 3404, eff. 7/1/2019.
Acts 1997, No. 1331, § 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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1401 - Title

This subchapter shall be known and may be cited as the "Venture Capital Investment Act of 2001".
Acts 2001, No. 1791, § 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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1402 - Purpose

The State of Arkansas desires to increase the availability of equity and near-equity capital for emerging, expanding, relocating, and restructuring enterprises in the state. Such investments will help strengthen the state's economic base and create jobs.
Acts 2001, No. 1791, § 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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1404 - Designated investor group

(a)
(1)
The Arkansas Development Finance Authority shall solicit from investor groups investment plans for the raising and investing of capital in accordance with the requirements of this subchapter.
(2)
Investment plans submitted shall address the investor group's:
(A)
Level of experience;
(B)
Quality of management;
(C)
Investment philosophy and process;
(D)
Probability of success in fund raising; and
(E)
Plan for achieving the purposes of this subchapter.
(b)
(1)
The authority shall consider and select the investment plans and shall select and certify as the designated investor group the one (1) investor group deemed best qualified to:
(A)
Capitalize the private revolving fund with the most effective and efficient utilization of the capital guaranty;
(B)
Invest the capital in private seed and venture capital entities in a manner mobilizing a wide variety of equity capital and near-equity capital investments in ventures promoting the economic development of Arkansas; and
(C)
Help build a significant, fiscally strong, and permanent resource to serve the objectives expressed in this subsection.
(2)
The designated investor group must have a manager who is a person with demonstrated substantial successful experience in design, implementation, and management of seed and venture capital investment programs and in capital formation.
(c)
The authority, in its discretion, shall have the right to:
(1)
Remove and replace the chosen designated investor group; and
(2)
Effect the assignment of all assets, liabilities, guaranties, and other contracts of this program to a new designated investor group.
Acts 2001, No. 1791, § 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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1405 - Guaranty

(a)
The Arkansas Development Finance Authority shall have the power to extend a capital guaranty of obligations issued by the designated investor group.
(b)
The capital guaranty shall be secured by:
(1)
The authority guaranty, subject to the limits establish by the authority; and
(2)
Tax credits.
(c)
The authority may charge a reasonable fee for costs and the fair compensation of risk associated with its guaranty.
Acts 2001, No. 1791, § 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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1407 - Registration of tax credits

(a)
The Arkansas Development Finance Authority, in conjunction with the Revenue Division of the Department of Finance and Administration, shall develop a system for registration of all tax credits claimed under this subchapter.
(b)
The system shall verify that any:
(1)
Tax credit claimed upon a tax return is valid and properly taken in the year of claim; and
(2)
Transfer of the tax credit is made in accordance with the requirements of this subchapter.
Acts 2001, No. 1791, § 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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1408 - Annual report

The designated investor group shall publish an annual report within six (6) months after the close of its fiscal year, which shall:
(1)
Include its annual audit of the activities conducted by the designated investor group;
(2)
Be presented in writing, and by testimony if requested, to the:
(A)
Governor;
(B)
House Committee on Agriculture, Forestry, and Economic Development and the Senate Committee on Agriculture, Forestry, and Economic Development; and
(C)
Arkansas Development Finance Authority;
(3)
Document and review the progress of the designated investor group in implementing its investment plan; and
(4)
List any use, redemption, or transfer of tax credits allowed under this subchapter.
Acts 2001, No. 1791, § 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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1409 - Powers of the Arkansas Development Finance Authority

The Arkansas Development Finance Authority shall have the power to promulgate rules and make any contract, execute any document, perform any act, or enter into any financial or other transaction necessary to implement this subchapter.
Amended by Act 2019, No. 315,§ 1089, eff. 7/24/2019.
Acts 2001, No. 1791, § 9.
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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1410 - Legislative findings

The General Assembly finds:
(1)
There is a need to strengthen and advance the infrastructure that supports and accelerates the advancement of the growth of technology-based enterprises in Arkansas;
(2)
There exists a shortage of risk capital and financial assistance at the early stages of development for technology-based enterprises;
(3)
An improved investment climate for early stage technology-based enterprises is expected to increase, advance, and accelerate the growth and development of technology-based enterprises in Arkansas;
(4)
The ultimate goal of supporting technology-based enterprises is to convert research and development activities and early stage technology-based enterprises into viable commercial ventures; and
(5)
The provision of financial investment and assistance to aid early stage technology-based enterprises is expected to strengthen the economic base of the State of Arkansas and create better paying jobs, thereby benefiting all residents of the state.
Added by Act 2019, No. 925,§ 5, eff. 7/24/2019.
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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1411 - Creation of the Arkansas Venture Capital Development Fund

(a)
There is established the Arkansas Venture Capital Development Fund, and within that Arkansas Venture Capital Development Fund the Arkansas Venture Capital Development Fund Account, which Arkansas Venture Capital Development Fund and Arkansas Venture Capital Development Fund Account shall be held by and maintained as a separate fund and separate account within the Venture Capital Investment Trust.
(b)
(1)
The Arkansas Venture Capital Development Fund is a Direct Fund, as defined in §
15-5-703
, created for the purpose of providing financial assistance to technology-based enterprises located in Arkansas with the expectation of:
(A)
Developing jobs paying in excess of county and state average wages;
(B)
Improving the growth, development, and advancement of technology-based enterprises; and
(C)
Converting research and development activities and early stage technology-based enterprises into viable and productive commercial ventures.
(2)
The Arkansas Venture Capital Development Fund shall target financial assistance toward:
(A)
Technology-based enterprises that are in the early stages of development and that are not yet able to attract adequate private sources of traditional financing or venture or investor-backed capital for their growth and development; and
(B)
Venture capital funds that have a direct connection to Arkansas and are focused on providing equity capital or near-equity capital to technology-based enterprises.
Amended by Act 2019, No. 925,§ 5, eff. 7/24/2019.
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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1412 - Eligibility for financial assistance - Limitation

(a)
For a technology-based enterprise or venture capital fund to be eligible for financial assistance under this subchapter, the technology-based enterprise or venture capital fund shall:
(1)
Demonstrate that at least one dollar ($1.00) of financial assistance provided by the Arkansas Venture Capital Development Fund will result in at least one dollar ($1.00) of new private financial assistance;
(2)
Demonstrate a reasonable expectation that financial assistance from the Arkansas Venture Capital Development Fund can, over time, result in private financial assistance that is at least ten (10) times the amount of financial assistance provided by the Arkansas Venture Capital Development Fund; and
(3)
Have no more than five hundred (500) employees.
(b)
Funds from the Arkansas Venture Capital Development Fund shall not be used to provide financial assistance that exceeds five million dollars ($5,000,000) to any single technology-based enterprise or venture capital fund.
Added by Act 2019, No. 925,§ 5, eff. 7/24/2019.
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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1413 - Funding of Arkansas Venture Capital Development Fund

(a)
The trustees of the Venture Capital Investment Trust may accept moneys and funds for the Arkansas Venture Capital Development Fund from any source.
(b)
Moneys and funds received by the trustees of the trust for the fund shall be dedicated and used solely as authorized in this subchapter.
(c)
(1)
Moneys and funds received by the Arkansas Development Finance Authority or the Arkansas Economic Development Commission designated for use or ownership by the fund shall be deposited to the trust and held in the Arkansas Venture Capital Development Fund Account, as applicable and as specified in this subchapter, until used for the purposes of this subchapter.
(2)
Moneys deposited to the trust for the purposes of providing financial assistance to technology-based enterprises under this subchapter shall be allocated to the account according to a ratio approved by the trustees of the trust.
Added by Act 2019, No. 925,§ 5, eff. 7/24/2019.
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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1414 - Review committee

The review committee shall:
(1)
Recommend to the trustees of the Venture Capital Investment Trust the payment of fees and expenses out of the Arkansas Venture Capital Development Fund for the operation of the fund; and
(2)
Approve an investment policy under this subchapter.
Added by Act 2019, No. 925,§ 5, eff. 7/24/2019.
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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1415 - Annual report

The trustees of the Venture Capital Investment Trust shall publish an annual report within five (5) months after the close of each fiscal year that shall:
(1)
Include an annual audit of the Arkansas Venture Capital Development Fund's activities conducted by the trustees with the assistance of the review committee;
(2)
Be presented in writing, and by testimony if requested, to the:
(A)
Governor;
(B)
House Committee on Agriculture, Forestry, and Economic Development;
(C)
Senate Committee on Agriculture, Forestry, and Economic Development;
(D)
Arkansas Development Finance Authority; and
(E)
Arkansas Economic Development Commission; and
(3)
Document and review the progress of the trustees of the trust and the review committee in implementing the investment and financial assistance activities under this subchapter.
Added by Act 2019, No. 925,§ 5, eff. 7/24/2019.
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 14 - VENTURE CAPITAL INVESTMENT ACT OF 2001 (§§ 15-5-1401 — 15-5-1416) › Section 15-5-1416 - Powers of the trustees of the Venture Capital Investment Trust

The trustees of the Venture Capital Investment Trust may promulgate guidelines and rules and make any contract, execute any document, perform any act, or enter into any financial or other transaction necessary to implement the duties of the trustees under this subchapter.
Added by Act 2019, No. 925,§ 5, eff. 7/24/2019.
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 15 - ARKANSAS BROWNFIELD REVOLVING LOAN FUND ACT (§§ 15-5-1501 — 15-5-1511) › Section 15-5-1501 - Title

This subchapter may be titled as the "Arkansas Brownfield Revolving Loan Fund Act".
Acts 2003, No. 1194, § 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 15 - ARKANSAS BROWNFIELD REVOLVING LOAN FUND ACT (§§ 15-5-1501 — 15-5-1511) › Section 15-5-1502 - Definitions

As used in this subchapter:
(1)
"Authority" means the Arkansas Development Finance Authority or its successor; and
(2)
[Repealed.]
(3)
"Fund" means the Brownfield Revolving Loan Fund.
Amended by Act 2019, No. 910,§ 3047, eff. 7/1/2019.
Acts 2003, No. 1194, § 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 15 - ARKANSAS BROWNFIELD REVOLVING LOAN FUND ACT (§§ 15-5-1501 — 15-5-1511) › Section 15-5-1503 - Brownfield Revolving Loan Fund - Establishment - Uses

(a)
(1)
There is established on the books of the Arkansas Development Finance Authority a special restricted fund to be known as the "Brownfield Revolving Loan Fund", which shall be maintained by the authority and administered by the Division of Environmental Quality for the purposes stated under this subchapter.
(2)
The authority may create subaccounts within the fund, as necessary.
(b)
Moneys in the fund shall be expended in a manner consistent with the terms and conditions of applicable federal and state grants and may be used to:
(1)
Provide loans to prospective and actual purchasers of abandoned industrial, commercial, or agricultural sites for assessments, investigations, and remedial actions under §
8-7-1101
et seq.;
(2)
Provide grants for assessments, investigations, and remedial actions under §
8-7-1101
et seq. or as consistent with federal law;
(3)
Secure the payment of the principal, premium, and interest on and to pay costs incurred in connection with bonds issued by the authority if the net proceeds of the bonds are deposited into the fund;
(4)
Fund administrative expenses relating to implementing this subchapter; and
(5)
Provide for any other expenditures consistent with applicable federal or state law.
Amended by Act 2019, No. 910,§ 3048, eff. 7/1/2019.
Acts 2003, No. 1194, § 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 15 - ARKANSAS BROWNFIELD REVOLVING LOAN FUND ACT (§§ 15-5-1501 — 15-5-1511) › Section 15-5-1504 - Brownfield Revolving Loan Fund - Sources - Deposits

(a)
The following moneys shall be deposited directly into the Brownfield Revolving Loan Fund:
(1)
Grants from the federal government or federal agencies allotted to the state for capitalization of the Brownfield Revolving Loan Fund;
(2)
State matching grants;
(3)
Proceeds of bonds issued by the Arkansas Development Finance Authority under this subchapter;
(4)
Loan payments of principal, interest, and premiums under this subchapter;
(5)
Any money received from the Hazardous Substance Remedial Action Trust Fund;
(6)
Any money received by the state as a gift or donation to the Brownfield Revolving Loan Fund;
(7)
Any interest earned upon money deposited into the Brownfield Revolving Loan Fund; and
(8)
Any other money legally designated for the Brownfield Revolving Loan Fund.
(b)
(1)
All moneys received after July 1, 2003, from whatever source for direct deposit into the Brownfield Revolving Loan Fund or paid to the authority for deposit into the Brownfield Revolving Loan Fund are cash funds restricted in their use and shall not be deposited into the State Treasury or deemed to be a part of the State Treasury for the purposes of Arkansas Constitution, Article 5, § 29; Arkansas Constitution, Article 16, § 12; Arkansas Constitution, Amendment 20; or any other constitutional or statutory provisions, but shall be held by the authority and used solely for the purposes stated under this subchapter.
(2)
All moneys received by the authority under this subchapter shall be deposited into the Brownfield Revolving Loan Fund when received unless otherwise provided by state law.
(3)
(A)
Interest and other moneys received from the investment of moneys, the purchase of bonds, notes, or other evidences of indebtedness, or the making of loans with moneys in the Brownfield Revolving Loan Fund shall be cash funds to be used solely as authorized under this subchapter.
(B)
Interest earnings that are transferred directly to the authority shall be cash funds to be used solely as authorized under this subchapter.
(c)
The authority may accept grants for deposit into the Brownfield Revolving Loan Fund from any state or federal agency, municipality, corporation, foundation, individual, or authority and may accept any appropriation from the State Treasury that the authority received before, as of, or after July 1, 2003.
Acts 2003, No. 1194, § 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 15 - ARKANSAS BROWNFIELD REVOLVING LOAN FUND ACT (§§ 15-5-1501 — 15-5-1511) › Section 15-5-1505 - Brownfield Revolving Loan Fund - Administration

(a)
(1)
The Brownfield Revolving Loan Fund shall be administered by the Division of Environmental Quality, with the Arkansas Development Finance Authority serving as agent for the division.
(2)
The division may establish procedures to administer the fund and the programs financed, in whole or in part, with moneys from the fund that are used for the purposes stated under this subchapter.
(3)
The division may enter into contracts and other agreements in connection with the operation of the fund, including contracts and agreements with federal agencies, local governmental entities, the authority, and other persons, to implement this subchapter.
(b)
The division shall have full authority to operate the fund and may make withdrawals as necessary to achieve the intended purposes of this subchapter.
Amended by Act 2019, No. 910,§ 3049, eff. 7/1/2019.
Acts 2003, No. 1194, § 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 15 - ARKANSAS BROWNFIELD REVOLVING LOAN FUND ACT (§§ 15-5-1501 — 15-5-1511) › Section 15-5-1506 - Loans - Grants

(a)
With approval of the Division of Environmental Quality, the Arkansas Development Finance Authority may:
(1)
Make secured or unsecured loans from the Brownfield Revolving Loan Fund;
(2)
Award grants from the fund;
(3)
Collect interest on any loans issued; and
(4)
Assess penalties on late loan payments.
(b)
Loans issued under this subchapter may contain an acceleration clause.
Amended by Act 2019, No. 910,§ 3050, eff. 7/1/2019.
Acts 2003, No. 1194, § 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 15 - ARKANSAS BROWNFIELD REVOLVING LOAN FUND ACT (§§ 15-5-1501 — 15-5-1511) › Section 15-5-1507 - Allocation from Treasurer of State

(a)
(1)
The Arkansas Development Finance Authority may accept moneys from the Treasurer of State for deposit into the Brownfield Revolving Loan Fund, as provided by law, to be used for the purposes authorized under this subchapter.
(2)
Federal or state grants transferred directly to the authority for deposit into the fund are declared to be cash funds restricted in their use solely for the purposes under this subchapter.
(b)
Notwithstanding the provisions of §§
19-6-108
and
19-6-601
, federal or state grants received by the Treasurer of State for purposes authorized under this subchapter are declared to be cash funds to be used solely as authorized under this subchapter.
(c)
(1)
Moneys received under this section shall not be considered to be a part of the State Treasury for the purposes of:
(A)
Arkansas Constitution, Article 5, § 29;
(B)
Arkansas Constitution, Article 16, § 12;
(C)
Arkansas Constitution, Amendment 20; or
(D)
Any other constitutional or statutory provision.
(2)
The Treasurer of State shall not deposit moneys received under this section into the State Treasury but shall remit the moneys to the authority for deposit into the fund.
Acts 2003, No. 1194, § 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 15 - ARKANSAS BROWNFIELD REVOLVING LOAN FUND ACT (§§ 15-5-1501 — 15-5-1511) › Section 15-5-1508 - Security for bonds

The Arkansas Development Finance Authority may use the moneys in the Brownfield Revolving Loan Fund and the assets acquired with moneys in the fund to secure payment of the principal, premium, and interest on bonds issued by the authority if the net proceeds of the bonds are deposited into the fund.
Acts 2003, No. 1194, § 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 15 - ARKANSAS BROWNFIELD REVOLVING LOAN FUND ACT (§§ 15-5-1501 — 15-5-1511) › Section 15-5-1509 - Administrative fees

(a)
The Division of Environmental Quality and the Arkansas Development Finance Authority may establish fees for their respective administrative services under this subchapter, including the costs of financing loans and awarding grants under this subchapter.
(b)
The authority to establish fees under this section is supplemental to the authority granted to the division or the Arkansas Development Finance Authority under other laws.
Amended by Act 2019, No. 910,§ 3051, eff. 7/1/2019.
Acts 2003, No. 1194, § 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 15 - ARKANSAS BROWNFIELD REVOLVING LOAN FUND ACT (§§ 15-5-1501 — 15-5-1511) › Section 15-5-1510 - Collection of fees

(a)
(1)
With approval of the Division of Environmental Quality, the Arkansas Development Finance Authority may collect administrative fees and remit the fees directly to the authority within fifteen (15) days after each payment is collected.
(2)
The authority shall remit any administrative fee owed to the division, and the fees shall be deposited into the Brownfield Revolving Loan Fund on a quarterly basis.
(b)
Any administrative fees owed to the authority shall not be deposited into the fund.
Amended by Act 2019, No. 910,§ 3052, eff. 7/1/2019.
Acts 2003, No. 1194, § 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 15 - ARKANSAS BROWNFIELD REVOLVING LOAN FUND ACT (§§ 15-5-1501 — 15-5-1511) › Section 15-5-1511 - Rules

The Division of Environmental Quality may adopt rules as necessary to implement this subchapter.
Amended by Act 2019, No. 315,§ 1090, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 3053, eff. 7/1/2019.
Acts 2003, No. 1194, § 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 16 - ARKANSAS RISK CAPITAL MATCHING FUND ACT OF 2007 (§§ 15-5-1601 — 15-5-1609) › Section 15-5-1601 - [Repealed]

Repealed by Act 2019, No. 925,§ 6, eff. 7/24/2019.
Acts 2007, No. 1025, § 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 16 - ARKANSAS RISK CAPITAL MATCHING FUND ACT OF 2007 (§§ 15-5-1601 — 15-5-1609) › Section 15-5-1602 - [Repealed]

Repealed by Act 2019, No. 925,§ 6, eff. 7/24/2019.
Acts 2007, No. 1025, § 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 16 - ARKANSAS RISK CAPITAL MATCHING FUND ACT OF 2007 (§§ 15-5-1601 — 15-5-1609) › Section 15-5-1603 - [Repealed]

Amended by Act 2019, No. 910,§ 3406, eff. 7/1/2019.
Amended by Act 2019, No. 910,§ 3405, eff. 7/1/2019.
Amended by Act 2019, No. 910,§ 442, eff. 7/1/2019.
Repealed by Act 2019, No. 925,§ 6, eff. 7/24/2019.
Amended by Act 2015EX1, No. 8,§ 103, eff. 7/1/2015.
Amended by Act 2015EX1, No. 8,§ 102, eff. 7/1/2015.
Amended by Act 2015EX1, No. 7,§ 103, eff. 7/1/2015.
Amended by Act 2015EX1, No. 7,§ 102, eff. 7/1/2015.
Amended by Act 2013, No. 1095,§ 4, eff. 4/11/2013.
Acts 2007, No. 1025, § 1; 2009, No. 791, § 2.