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— 15-4-3910) › Subchapter 31 - NONPROFIT INCENTIVE ACT OF 2005 (§§ 15-4-3101 — 15-4-3107) › Section 15-4-3107 - [Repealed]

Repealed by Act 2017, No. 208,§ 1, eff. 8/1/2017.
Acts 2005, No. 1277, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3201 - Title

This subchapter shall be known and may be cited as the "Arkansas Amendment 82 Implementation Act".
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3204 - Amendment 82 agreement

As soon as practicable after the General Assembly's approval of the issuance of bonds and before the Arkansas Development Finance Authority issues bonds, the Governor, the Speaker of the House of Representatives, the President Pro Tempore of the Senate, the Director of the Arkansas Economic Development Commission, the President of the Arkansas Development Finance Authority, and the Chief Fiscal Officer of the State, all on behalf of the state, and the sponsor of the qualified Amendment 82 project shall execute the Amendment 82 agreement in substantially the same form as approved by the General Assembly.
Amended by Act 2019, No. 910,§ 423, eff. 7/1/2019.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3205 - Penalties

The sponsor shall be subject to specific penalties set forth in the Amendment 82 agreement and enacted in related legislation under §
15-4-3203(j)
if the sponsor:
(1)
Does not satisfy the minimum job creation and investment requirements specified in the Amendment 82 agreement within the time period specified in the Amendment 82 agreement;
(2)
Does not maintain the job creation requirements specified in the Amendment 82 agreement for the period of time specified in the Amendment 82 agreement; or
(3)
Fails to satisfy other terms of the Amendment 82 agreement.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3207 - Bond principal

Amendment 82 bonds may be issued to:
(1)
Finance project costs in an aggregate principal amount approved by the General Assembly without regard to any debt limitation; and
(2)
Refund outstanding Amendment 82 bonds in an aggregate principal amount approved by the Arkansas Development Finance Authority without regard to any debt limitation.
Amended by Act 2017, No. 685,§ 3, eff. 8/1/2017.
Amended by Act 2015, No. 593,§ 6, eff. 7/22/2015.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3208 - Amendment 82 bonds

(a)
After the General Assembly's approval in regular session, fiscal session, or extraordinary session and the execution of the Amendment 82 agreement, the Arkansas Development Finance Authority, on behalf of the state, may issue bonds under Arkansas Constitution, Amendment 82, and this subchapter, to be known as "Amendment 82 Bonds" in one (1) or more series up to the maximum principal amount approved by the General Assembly.
(b)
(1)
Bonds shall be issued for the purpose of financing infrastructure needs and other needs to support a qualified Amendment 82 project.
(2)
The proceeds of the Amendment 82 bonds shall be applied:
(A)
To the payment of project costs and the costs and expenses of issuance of the Amendment 82 bonds; or
(B)
In connection with a qualified Amendment 82 project refinancing, to the repayment of indebtedness incurred to pay project costs and the costs and expenses of issuance of the Amendment 82 bonds.
Acts 2005, No. 1981, § 1; 2009, No. 962, § 32.
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 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3209 - Series of bonds

(a)
The bonds shall be issued, whether or not the interest on the bonds is subject to federal taxation, in series in amounts sufficient to finance or refinance all or any part of a qualified Amendment 82 project's costs, with the respective series to be designated by the year in which issued, and if more than one (1) series is to be issued in a particular year, by alphabetical designation.
(b)
Each series of bonds shall have such date as the Arkansas Development Finance Authority shall determine and shall mature or be subject to mandatory sinking-fund redemption as determined by the authority over a period ending not later than thirty (30) years after the date of issuing the bonds of each series.
(c)
Pending the issuance of bonds, the authority may issue temporary notes maturing not more than five (5) years after the date of issuance to be exchanged for or paid from the proceeds of bonds at such time as the bonds may be issued.
(d)
(1)
Each series of the bonds shall bear interest at the rate or rates accepted by the authority. The bonds may bear interest at either a fixed or variable rate or may be convertible from one (1) interest-rate mode to another.
(2)
Interest shall be payable at such times as the authority shall determine, including the use of zero-coupon or capital appreciation bonds.
(e)
As determined by the authority, the bonds may:
(1)
Be issued in the form of a bond registered as to principal and interest without coupons;
(2)
Be in denominations;
(3)
Be made exchangeable for bonds of another form or denomination bearing the same rate of interest and date of maturity;
(4)
Be made payable at the places within or without the state;
(5)
Be made subject to redemption prior to maturity in the manner and for redemption prices; and
(6)
Contain other terms and conditions.
(f)
The bonds shall have all of the qualities of negotiable instruments or securities under the laws of this state, subject to the provision for registration of ownership.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3210 - Authorization of bonds

(a)
(1)
Prior to the issuance of any series of bonds, the Arkansas Development Finance Authority shall adopt a resolution authorizing the issuance of the bonds.
(2)
Each resolution may contain terms, covenants, and conditions as deemed desirable, including, without limitation, those pertaining to:
(A)
The establishment and maintenance of funds and accounts;
(B)
The deposit and investment of revenues and of bond proceeds; and
(C)
The rights and obligations of the state, its officers and officials, the authority, and the registered owners of the bonds.
(3)
(A)
The resolution of the authority may provide for the execution and delivery by the authority of a trust indenture or indentures, which may be a master trust indenture, series indenture, supplemental indenture, or any other form of indenture deemed necessary by the authority, with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions referred to in this subchapter or as otherwise authorized by law.
(B)
The trust indenture or indentures shall be binding upon the state and its agencies, officers, and officials to the extent set forth in this subchapter or as otherwise authorized by law.
(b)
Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved:
(1)
To apply to the payment of debt service on the bonds issued or secured under Arkansas Constitution, Amendment 82, and this subchapter all, any part, or none of the revenues that may be derived from any qualified Amendment 82 project financed by the bonds or financed by the authority in some other manner; and
(2)
At the option of the authority and to the extent of the revenues that the authority elects to apply to debt service, to release from any requirement of the resolution or trust indenture other revenues and resources of the state.
(c)
Any resolution or trust indenture adopted or executed under this section may provide for the retirement and defeasance of the bonds by the depositing of cash or investments in trust to be maintained for the purpose of retirement and defeasance of the bonds. When the provisions of the resolution or trust indenture are complied with, the bonds being defeased shall not be deemed to be outstanding bonded indebtedness for the purposes of this subchapter.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3211 - Form and delivery of bonds

(a)
Each bond shall:
(1)
Be signed with the manual or facsimile signatures of the Governor, the Chair of the Board of Directors of the Arkansas Development Finance Authority, and the Treasurer of State; and
(2)
Have affixed, imprinted, or lithographed on the bond the Great Seal of the State of Arkansas.
(b)
Delivery of the bonds shall be valid notwithstanding any change in persons holding such offices occurring after the bonds have been executed.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3212 - Sale and price of bonds

(a)
The bonds may be sold in the manner, either at public or private sale, and upon terms determined by the Arkansas Development Finance Authority to be reasonable and expedient for effectuating the purposes of Arkansas Constitution, Amendment 82, and this subchapter.
(b)
The bonds may be sold at the price the authority determines acceptable, including sale at a discount or a premium.
(c)
(1)
If the bonds are to be sold at public sale, the authority shall give notice of the offering of the bonds in a manner reasonably designed to notify participants in the public finance industry that the offering is being made.
(2)
The authority shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.
(d)
The authority may employ administrative agents, fiscal agents, underwriters, architects, accountants, engineers, and legal counsel and may pay them reasonable compensation from the proceeds of the bonds.
(e)
(1)
The authority may structure the sale of bonds using financing techniques recommended by its underwriters or other professional advisors in order to take advantage of market conditions and obtain the most favorable interest rates consistent with the purposes of Arkansas Constitution, Amendment 82, and this subchapter.
(2)
(A)
In furtherance of this authorization, the authority may enter into ancillary agreements in connection with the sale of the bonds as it deems necessary and advisable.
(B)
Ancillary agreements may include, without limitation:
(i)
Bond purchase agreements;
(ii)
Remarketing agreements;
(iii)
Letters of credit; or
(iv)
Reimbursement agreements.
(3)
The authority may also enter into interest rate exchange agreements or similar agreements or contracts with any person on a competitive or negotiated basis under terms or conditions determined by the authority, but in compliance with §
15-5-317
.
(f)
After funding any necessary reserve or reserves, the proceeds from the sale of the bonds may be used to pay:
(1)
The fees of any trustee or paying agent;
(2)
The costs of publication of notices;
(3)
The costs of printing the bonds;
(4)
The costs of publication and printing of official statements and other documents relating to the sale of the bonds;
(5)
The fees of any nationally recognized rating agency;
(6)
The fees of the issuer;
(7)
The fees of the guarantor;
(8)
Project costs; and
(9)
Other reasonable costs incurred by the authority for issuing and selling the bonds.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3214 - General obligation bonds

(a)
The bonds shall be direct general obligations of the state for the payment of debt service on which the full faith and credit of the state are irrevocably pledged so long as any of the bonds are outstanding.
(b)
(1)
The bonds shall be payable from general revenues or special revenues, which shall be appropriated by the General Assembly for that purpose, and the amount of general revenues or, if applicable, special revenues as may be necessary are pledged to the payment of debt service on the bonds and shall be and remain pledged for those purposes.
(2)
In addition, each authorizing resolution or trust indenture may pledge all, a portion, or none of the revenues generated by any qualified Amendment 82 project as additional security for the bonds.
Amended by Act 2015, No. 593,§ 7, eff. 7/22/2015.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3215 - Annual determination of moneys required for bond repayment

(a)
(1)
On or before commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for payment of all or a part of the debt service on the outstanding bonded indebtedness during the fiscal year and deduct therefrom the estimated moneys to be available from special revenues or to the Arkansas Development Finance Authority from other sources related to the qualified Amendment 82 project to determine what amount of general revenues, if any, will be required.
(2)
The Chief Fiscal Officer of the State shall certify the estimated amount to the Treasurer of State.
(3)
The Treasurer of State shall then make monthly transfers from the State Apportionment Fund to the appropriate trust fund of the amount of general revenues or, if applicable, special revenues required to pay the maturing debt service on the outstanding bonded indebtedness.
(b)
(1)
The obligation to make monthly transfers of general revenues from the State Apportionment Fund to the appropriate trust fund shall constitute a first charge against the general revenues prior to all other uses to which the general revenues are devoted, either under present law or under any laws that may be enacted in the future.
(2)
To the extent other general obligation bonds of the state may have been issued or may subsequently be issued, the bonds shall rank on a parity of security with respect to payment from general revenues.
(c)
The resolution or trust indenture authorizing or securing the bonds issued shall identify the fund to which moneys shall be credited and used for the purposes identified in §
15-4-3208(b)
, and for those purposes, the holder of the trust funds is designated as the disbursing officer to administer those funds in accordance with Arkansas Constitution, Amendment 82, and this subchapter.
(d)
Moneys held in trust funds in excess of the amount necessary to ensure the prompt payment of debt service on the bonds and the establishment and maintenance of reserve funds, if any, may be used for the redemption of bonds prior to maturity in the manner and in accordance with the provisions pertaining to redemption prior to maturity as set forth in the resolution or trust indenture authorizing or securing the bonds.
Amended by Act 2015, No. 593,§ 8, eff. 7/22/2015.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3216 - Exemption from taxes - Eligible to secure deposits - Legal for investment

(a)
All bonds issued under Arkansas Constitution, Amendment 82, and this subchapter and interest on the bonds are exempt from all state and local taxes.
(b)
The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of bank, fiduciary, insurance company, trust, and public funds.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3217 - Refunding bonds

(a)
After bonds have been issued under Arkansas Constitution, Amendment 82, and this subchapter, the Arkansas Development Finance Authority may issue bonds for the purpose of refunding any outstanding bonds issued under Arkansas Constitution, Amendment 82, and this subchapter.
(b)
The refunding bonds shall be general obligations of the state and shall be secured and sold in accordance with the provisions of this subchapter.
(c)
The proceeds of the refunding bonds either may be applied to the payment of the bonds being refunded or deposited in trust and there maintained in cash or investments for the retirement of the bonds being refunded as shall be specified by the authority in the resolution or trust indenture authorizing or securing the refunding bonds.
(d)
The resolution or trust indenture under which the refunding bonds are issued may provide that any refunding bonds shall have the same security for payment as provided for the bonds being refunded. Other than approval of the resolution or trust indenture under which refunding bonds are issued by appropriate action of the authority, no additional action or approval for the issuance of refunding bonds shall be required to be taken by the General Assembly, the Arkansas Economic Development Commission, or the Chief Fiscal Officer of the State under this subchapter or as otherwise may be provided by other law.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3218 - Contractual obligations of state - Enforcement

(a)
This subchapter shall constitute a contract between the state and the registered owners of all bonds issued under Arkansas Constitution, Amendment 82, and this subchapter that shall never be impaired, and any violation of its terms, whether under purported legislative authority or otherwise, shall be enjoined by the courts at the suit of any bondholder or any taxpayer.
(b)
(1)
In any suit for impairment or violation of contract with regard to bonds issued under Arkansas Constitution, Amendment 82, and this subchapter brought against the Arkansas Development Finance Authority, the Treasurer of State, or other appropriate agency, officer, or official of the state, the courts shall prevent a diversion of any revenues pledged and shall compel the restoration of diverted revenues by injunction or mandamus.
(2)
Without limitation as to any other appropriate remedy at law or in equity, any bondholder, by an appropriate action, including, without limitation, injunction or mandamus, may compel the performance under this subchapter of all covenants and obligations of the state and its officers and officials.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3219 - No rights until first series of bonds sold and delivered - Outstanding bonds unaffected

(a)
This subchapter shall not create any right of any character, and no right of any character shall arise under it unless and until the first series of bonds authorized by this subchapter are sold and delivered.
(b)
The issuance of bonds authorized by this subchapter shall not impair or affect any outstanding bonds of the Arkansas Development Finance Authority issued under prior acts.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3220 - Legal actions heard as preferred cause - Appeals

Any case involving the validity of this subchapter or involving the bonds issued under Arkansas Constitution, Amendment 82, and this subchapter shall be deemed of public interest and shall be advanced by all courts and heard as a preferred cause, and all appeals from judgments or decrees rendered in the cases must be taken within thirty (30) calendar days after rendition of the judgment or decree.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3221 - Monitoring and reporting

(a)
The Arkansas Economic Development Commission shall require audits of all accounts related to construction, operation, or maintenance of any qualified Amendment 82 project funded by this subchapter.
(b)
The Arkansas Economic Development Commission is responsible for monitoring and reporting to the Arkansas Development Finance Authority, the Governor, and the General Assembly on the ongoing economic impact of the project and the sponsor's progress in meeting the terms and conditions under the Amendment 82 agreement and this subchapter.
(c)
The Arkansas Economic Development Commission and the authority, as applicable, shall require the sponsor to comply with all reporting and auditing requirements of the United States Securities and Exchange Commission or other state or federal regulatory agency that may have jurisdiction over the sponsor.
Acts 2005, No. 1981, § 1; 2011, No. 1047, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3222 - Release of information

(a)
(1)
Except as otherwise required to be disclosed under this subchapter, all information of the type identified in §
25-19-105(b)(9)(A)
and related to a proposed project or a qualified Amendment 82 project that is provided to, compiled by or for, or developed by or for the Arkansas Economic Development Commission, the Arkansas Development Finance Authority, the Chief Fiscal Officer of the State, a local entity, the Governor, or the Office of Economic and Tax Policy of the Bureau of Legislative Research in furtherance of their powers, duties, and obligations under this subchapter is awarded the privileges and entitled to the exclusions set forth in subsection (b) of this section.
(2)
Subdivision (a)(1) of this section shall not apply to information that is:
(A)
Generated, compiled, or developed by a local entity that is not an agency or instrumentality of the state;
(B)
Noncompetitive and nonproprietary; and
(C)
Not provided to the commission under its powers, duties, and obligations set forth in this subchapter.
(b)
The information described in subdivision (a)(1) of this section is not open to inspection and copying by any citizen of the State of Arkansas and is specifically exempt from the requirements of §
25-19-105(a)
regardless of whether such information is in the custody of the commission, the authority, the Chief Fiscal Officer of the State, a local entity, or the Governor.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 32 - ARKANSAS AMENDMENT 82 IMPLEMENTATION ACT (§§ 15-4-3201 — 15-4-3224) › Section 15-4-3224 - Public reporting requirements

(a)
The reports delivered to the General Assembly under §
15-4-3203(i)(2) and (3)
shall be available to the general public under the same policies and procedures that generally apply with respect to reports to the General Assembly.
(b)
(1)
During the term of an Amendment 82 agreement, the Arkansas Economic Development Commission shall provide a report to the Legislative Council no less frequently than annually with respect to the status of the applicable qualified Amendment 82 project which details the sponsor's compliance with the provisions of the Amendment 82 agreement.
(2)
At a minimum, the commission's report shall address:
(A)
A description of the infrastructure needs and other needs provided by the state under Arkansas Constitution, Amendment 82, and this subchapter and costs associated with each item;
(B)
A description of how the sponsor has satisfied the investment and job creation requirements of the Amendment 82 agreement, including performance benchmarks and economic goals as specifically defined in the Amendment 82 agreement;
(C)
The number of jobs created by each qualified Amendment 82 project and average hourly wages for each project;
(D)
A description of the benefits package, including, without limitation, health and retirement benefits received by hourly employees;
(E)
A comparison of the total number of new jobs and annual payroll by the sponsor pertaining to the qualified Amendment 82 project on the date the Amendment 82 agreement was executed and the end date of the calendar year before the filing of this report; and
(F)
The application of any penalties for failure of the sponsor to satisfy its commitments under an Amendment 82 agreement.
(c)
At the end of a ten-year period following the beginning of operation of the Amendment 82 project, the General Assembly may request a third party cost-benefit analysis to accurately determine the total project costs and the total benefits received by the state from the qualified Amendment 82 project.
(d)
While Amendment 82 bonds are outstanding, the Arkansas Development Finance Authority shall provide a report to the Legislative Council, no less frequently than annually, with respect to the status of the Amendment 82 bonds. The report shall contain the information required by §
19-9-502
.
(e)
During the term of an Amendment 82 agreement, the Chief Fiscal Officer of the State shall provide a report to the Legislative Council, no less frequently than annually, with respect to the dates and costs of all economic incentives received by each qualified Amendment 82 project except as restricted by law.
Acts 2005, No. 1981, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 33 - EQUITY INVESTMENT INCENTIVE ACT OF 2007 (§§ 15-4-3301 — 15-4-3307) › Section 15-4-3301 - Title

This subchapter shall be known and may be cited as the "Equity Investment Incentive Act of 2007".
Acts 2007, No. 566, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 33 - EQUITY INVESTMENT INCENTIVE ACT OF 2007 (§§ 15-4-3301 — 15-4-3307) › Section 15-4-3302 - Equity investment incentives - Creation - Purpose - Tax credit

(a)
Equity investment incentives in the form of tax credits to persons or companies investing in certain types of eligible businesses are created.
(b)
The equity investment incentives shall:
(1)
Encourage capital investment in certain types of businesses including:
(A)
Early-stage businesses and start-up businesses in this state;
(B)
Businesses paying wages in excess of prevailing wages in the state or the county where the company is located; and
(C)
Businesses that are invested in by venture capital funds and regional or community-based alliance funds; and
(2)
Create new jobs.
(c)
(1)
An equity investment incentive tax credit is created that shall be equal to thirty-three and one-third percent (331/3%) of the approved amount invested by an investor in an eligible business, as identified in §
15-4-3303(a)
.
(2)
The tax credit, if awarded, is available to the investor.
Acts 2007, No. 566, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 33 - EQUITY INVESTMENT INCENTIVE ACT OF 2007 (§§ 15-4-3301 — 15-4-3307) › Section 15-4-3303 - Eligibility for equity investment incentive

(a)
Eligibility for the equity investment incentive tax credit under this subchapter is limited to investments in:
(1)
Targeted businesses as defined in §
15-4-2703
; or
(2)
A business that receives assistance in the form of equity investments from capital investment funds that target early-stage businesses and start-up businesses, if the business:
(A)
Pays not less than one hundred fifty percent (150%) of the lesser of the county average wage or the state average wage; and
(B)
Meets at least two (2) of the following conditions:
(i)
The business is in one (1) of the business sectors set forth in §
15-4-2703
;
(ii)
The business is identified in a local or regional economic development plan as the type of business targeted for recruitment or growth within the community or region;
(iii)
The business is supported by a resolution of the city council or quorum court in the municipality or county in which the business is located or plans to locate;
(iv)
The business is supported by business incubators certified under §
26-51-815(d)
;
(v)
The business is supported by federal small business innovation research grants; or
(vi)
The business is supported by technology development or seed capital investments made by instrumentalities of the state.
(b)
(1)
The award of the equity investment incentive tax credit to a qualified business under subsection (a) of this section shall be determined jointly at the discretion of the Director of the Arkansas Economic Development Commission with the advice of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission and the President of the Arkansas Development Finance Authority.
(2)
Only cash investments shall qualify for the equity investment incentive tax credit under this subchapter, including without limitation the initial principal amount of a qualifying convertible financing structure if the convertible financing structure is required to be converted to equity by the business receiving the investment no later than five (5) years from the date the convertible financing structure was consummated.
(3)
A business that seeks eligibility for an equity investment incentive tax credit under this subchapter shall sign an equity investment incentive agreement with the Arkansas Economic Development Commission.
Amended by Act 2019, No. 910,§ 425, eff. 7/1/2019.
Amended by Act 2015EX1, No. 8,§ 99, eff. 7/1/2015.
Amended by Act 2015EX1, No. 7,§ 99, eff. 7/1/2015.
Amended by Act 2015, No. 164,§ 1, eff. 7/22/2015.
Acts 2007, No. 566, § 1; 2011, No. 829, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 33 - EQUITY INVESTMENT INCENTIVE ACT OF 2007 (§§ 15-4-3301 — 15-4-3307) › Section 15-4-3304 - Application for an equity investment incentive tax credit

(a)
A business that seeks eligibility for an equity investment incentive tax credit under this subchapter shall file an application with the Arkansas Economic Development Commission.
(b)
The application shall include:
(1)
A business plan describing the proposed business for which an equity investment incentive tax credit is sought;
(2)
A projection of the amount of capital being sought for the proposed business;
(3)
If the application proposes to use a convertible financing structure, a clear statement concerning the timing and conditions under which the convertible financing structure converts into equity; and
(4)
Other information requested jointly by the Director of the Arkansas Economic Development Commission and the President of the Arkansas Development Finance Authority.
(c)
(1)
The commission shall gather information necessary to determine the eligibility of a business that seeks an equity investment incentive tax credit and process the application.
(2)
The commission shall share the application and all information concerning the business with the Arkansas Development Finance Authority and the Division of Science and Technology of the Arkansas Economic Development Commission for review and concurrence on whether or not an equity investment incentive is offered to the business.
(d)
(1)
If a business is notified of approval of an application for an equity investment incentive tax credit, the business shall sign an equity investment incentive agreement with the commission.
(2)
After the equity investment incentive agreement has been signed by the business and the commission, the business may solicit investors and offer the equity investment incentive tax credit to the investors.
(e)
For the equity investment tax credit to be awarded to an investor, the eligible business shall verify that all conditions to the award of an equity investment incentive tax credit stated in the equity investment incentive agreement have been met within the time set forth in the agreement.
Amended by Act 2019, No. 910,§ 426, eff. 7/1/2019.
Amended by Act 2015EX1, No. 8,§ 100, eff. 7/1/2015.
Amended by Act 2015EX1, No. 7,§ 100, eff. 7/1/2015.
Amended by Act 2015, No. 164,§ 2, eff. 7/22/2015.
Acts 2007, No. 566, § 1; 2011, No. 829, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 33 - EQUITY INVESTMENT INCENTIVE ACT OF 2007 (§§ 15-4-3301 — 15-4-3307) › Section 15-4-3306 - Rules

The Arkansas Economic Development Commission and the Arkansas Development Finance Authority shall promulgate jointly rules to implement this subchapter.
Amended by Act 2015EX1, No. 8,§ 101, eff. 7/1/2015.
Amended by Act 2015EX1, No. 7,§ 101, eff. 7/1/2015.
Acts 2007, No. 566, § 1; 2011, No. 829, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 33 - EQUITY INVESTMENT INCENTIVE ACT OF 2007 (§§ 15-4-3301 — 15-4-3307) › Section 15-4-3307 - Definition

As used in this subchapter, "convertible financing structure" means an investment mechanism that converts into equity at a subsequent event, including without limitation convertible debt, convertible equity, and a convertible note.
Added by Act 2015, No. 164,§ 6, eff. 7/22/2015.
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 34 - REGIONAL ECONOMIC DEVELOPMENT PARTNERSHIP ACT (§§ 15-4-3401 — 15-4-3412) › Section 15-4-3401 - Title

This subchapter shall be known and may be cited as the "Regional Economic Development Partnership Act".
Acts 2011, No. 895, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 34 - REGIONAL ECONOMIC DEVELOPMENT PARTNERSHIP ACT (§§ 15-4-3401 — 15-4-3412) › Section 15-4-3402 - Legislative intent

The General Assembly finds that:
(1)
The support of regional economic development efforts is vital to the economic health and vitality of the state;
(2)
In order to increase the income of Arkansans at a growth pace greater than the national average and to compete more effectively in the global marketplace for new business and jobs, the state must invest in innovative economic development strategies;
(3)
The economy of the state varies significantly, and effective policies and programs must be customized to take advantage of resources and strengths within a particular region;
(4)
New economic development strategies will meet the special needs and take advantage of the extraordinary assets of particular regions of the state instead of relying on a single approach;
(5)
When economically feasible, the state should assist regional public and private efforts to promote economic development by providing state funds to share the cost of eligible marketing and promotional expenses associated with implementing a regional strategic plan; and
(6)
The Governor's Strategic Plan for Economic Development is focused on increasing the capacity of a region of Arkansas to participate in economic development.
Amended by Act 2013, No. 1112,§ 1, eff. 8/16/2013.
Acts 2011, No. 895, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 34 - REGIONAL ECONOMIC DEVELOPMENT PARTNERSHIP ACT (§§ 15-4-3401 — 15-4-3412) › Section 15-4-3403 - Definitions

As used in this subchapter:
(1)
"Economic development region" means a group of municipalities or counties that:
(A)
Includes at least two (2) counties; and
(B)
Has formed a regional economic development partnership;
(2)
"In-kind contributions" means items given to a regional economic development partnership, including without limitation donated office space, equipment, staff, and other items specifically approved by the Arkansas Economic Development Commission; and
(3)
"Regional economic development partnership" means an organization whose mission is to promote specific regions within the state in accordance with the intent described under §
15-4-3402
.
Amended by Act 2013, No. 1112,§ 3, eff. 8/16/2013.
Amended by Act 2013, No. 1112,§ 2, eff. 8/16/2013.
Acts 2011, No. 895, § 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 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 34 - REGIONAL ECONOMIC DEVELOPMENT PARTNERSHIP ACT (§§ 15-4-3401 — 15-4-3412) › Section 15-4-3404 - Regional economic development partnerships - Board of directors

(a)
A regional economic development partnership shall satisfy the following requirements:
(1)
The economic development region includes the active participation of at least two (2) contiguous counties;
(2)
The economic development region is of adequate size in population to:
(A)
Effectively undertake economic development activities while remaining a distinct and viable region for attracting new investment; and
(B)
Generate adequate regional resources to provide matching funds; and
(3)
The economic development region is economically integrated as determined by:
(A)
Commuting patterns;
(B)
Economic base;
(C)
Major employers;
(D)
Membership in a defined metropolitan or micropolitan statistical area; or
(E)
Other indicators determined by the Arkansas Economic Development Commission.
(b)
(1)
After a regional economic development partnership has been formed, a county may elect to join the regional economic development partnership by adopting an ordinance to that effect.
(2)
However, a county that adopts an ordinance under subdivision (b)(1) of this section shall become a member of the regional economic development partnership only upon a majority vote of the members of the board of directors of the regional economic development partnership that are residents of Arkansas.
(c)
(1)
A regional economic development partnership formed on or after January 1, 2013, shall be governed by a board of directors that shall operate, manage, and control the regional economic development partnership in all respects.
(2)
If a regional economic development partnership is formed on or after January 1, 2013:
(A)
The board of directors shall contain at least one (1) representative from each county that is a member of the regional economic development partnership;
(B)
The governing body of each county that is a member of the regional economic development partnership shall appoint members of the board of directors; and
(C)
A person appointed to the board of directors may be a representative of either a public entity or a private entity.
(3)
Each member of the board of directors shall serve for a term as provided under the bylaws of the regional economic development partnership.
(4)
The commission may allow an existing entity that applies to be a regional economic development partnership to maintain the entity's existing rules regarding the membership, terms, and duties of the board of directors.
(5)
If a regional economic development partnership includes a territory located in another state, regional funding provided under this subchapter shall only be provided to a county in Arkansas.
Amended by Act 2013, No. 1112,§ 4, eff. 8/16/2013.
Acts 2011, No. 895, § 1.