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 7 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY SMALL BUSINESS ACT OF 1989 (§§ 15-5-701 — 15-5-714) › Section 15-5-704 - Duty of authority

The Arkansas Development Finance Authority, in addition to all the duties and functions defined in the Arkansas Development Finance Authority Act, §§
15-5-101
-
15-5-106
,
15-5-201
-
15-5-211
,
15-5-213
, and
15-5-301
-
15-5-316
, is empowered to approve or deny by majority vote of the Board of Directors of the Arkansas Development Finance Authority the applications for direct loans and guaranties of obligations and qualified investments, except that, at the discretion of the board, approvals for loans up to any limit the board shall specify may be approved by the Small Business Loan Committee. The committee shall report all such actions taken at the next meeting of the board.
Acts 1989, No. 623, § 4; 1993, No. 183, § 3; 1995, No. 1329, § 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 7 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY SMALL BUSINESS ACT OF 1989 (§§ 15-5-701 — 15-5-714) › Section 15-5-705 - Funding or guarantee of loans - Conditions

(a)
Loans may be guaranteed when:
(1)
The Arkansas Development Finance Authority deems the utilization of a loan guaranty in the best interest of the economic development of the State of Arkansas;
(2)
The amount in the Small Business Revolving Loan Fund, excluding the unpaid portion of any direct loan made from the fund in accordance with subsection (b) of this section, is sufficient to pay current calendar debt service requirements on all guaranteed loans currently outstanding plus the loan to be guaranteed;
(3)
The small-business person is found to be financially responsible and demonstrates that sufficient income may reasonably be expected to be available to pay as they come due the amortization payments of the loan and all normal operating expenses of the business; and
(4)
(A)
A financial institution agrees to participate in the financing package necessary to accomplish the project.
(B)
Participation may range from ten percent (10%) to fifty percent (50%) depending upon the project and the requirement for funding.
(b)
A direct loan may be made by the authority from the fund when:
(1)
The authority deems the making of a direct loan to be in the best interest of the economic development of the State of Arkansas;
(2)
The small-business person is found to be financially responsible and demonstrates that sufficient income may be reasonably expected to be available to pay as they come due the amortization payments on the loan and the normal operating expenses of the business; and
(3)
The assets remaining in the fund, excluding the unpaid portion of any direct loan held by the fund, shall not be reduced by the making of the loan to an amount less than is required by subdivision (a)(2) of this section for all then-outstanding guaranteed loans.
(c)
In all events, the authority shall not make direct loans to small business persons which, in the aggregate, exceed at any one (1) time thirty percent (30%) of the total assets, including the unpaid portion of all direct loans made from the fund, of the fund.
Acts 1989, No. 623, § 5; 1991, No. 775, § 3; 1991, No. 874, § 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 7 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY SMALL BUSINESS ACT OF 1989 (§§ 15-5-701 — 15-5-714) › Section 15-5-706 - Evaluation of small-business persons

(a)
The Arkansas Development Finance Authority shall promulgate standards and rules for the evaluation of the financial condition and business history of the small-business person and may require the attachment to each application for a loan or guaranty or qualified investment under this subchapter of a financial report and evaluation by an independent certified public accountant firm in addition to such examination and evaluation as the authority may make in determining whether the small-business person meets prescribed minimum standards and qualifications before entering into any guaranty under this subchapter.
(b)
The authority may also promulgate rules for the handling of disbursements from and payments to the Small Business Revolving Loan Fund and the Direct Fund and for the management and implementation of programs provided in this subchapter, specifically including the establishment of amounts to be made available for small businesses in rural areas.
Amended by Act 2019, No. 315,§ 1085, eff. 7/24/2019.
Amended by Act 2015, No. 1060,§ 12, eff. 4/4/2015.
Acts 1989, No. 623, § 5; 1991, No. 775, § 4; 1991, No. 874, § 4; 1995, No. 1329, § 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 7 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY SMALL BUSINESS ACT OF 1989 (§§ 15-5-701 — 15-5-714) › Section 15-5-708 - Applications - Supporting documents

Each small-business person requesting a loan or guaranty or qualified investment under this subchapter shall submit to the Arkansas Development Finance Authority an application, supporting documents, and instruments as may be required by the rules promulgated by the authority pursuant to this subchapter and approved by a majority vote of the Board of Directors of the Arkansas Development Finance Authority.
Amended by Act 2019, No. 315,§ 1086, eff. 7/24/2019.
Acts 1989, No. 623, § 7; 1993, No. 183, § 4; 1995, No. 1329, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 7 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY SMALL BUSINESS ACT OF 1989 (§§ 15-5-701 — 15-5-714) › Section 15-5-709 - Applications - Review - Confidentiality and public disclosure - Notice

(a)
All applications filed with the Arkansas Development Finance Authority under the provisions of this subchapter shall first be reviewed by the appropriate designated staff officials of the authority or by a committee consisting of members of the Board of Directors of the Arkansas Development Finance Authority for preliminary review and recommendation prior to being submitted for consideration by the authority.
(b)
All applications submitted to the authority and all supporting documents, instruments, proposed contracts, estimated costs, or other evidence submitted therewith shall be confidential and shall not be open to public review except as provided in this section, and all staff meetings or meetings of the review committee of members of the authority established for the purpose of giving preliminary review of such applications shall be confidential and shall not be open to the public.
(c)
Upon conclusion of the preliminary review of each request under this subchapter, if the request is submitted to the authority with a recommendation that it be approved, the application and all supporting documents, including the findings and the recommendations resulting from the staff or review committee thereof, shall be an open public record available for inspection during all regular business hours.
(d)
In the event that an application from a small-business person under this subchapter is not recommended for approval by the authority under this subchapter, that application and all supporting documents, including all findings and recommendations in regard thereto by the staff or review committee, shall continue to be confidential and not open to public inspection.
(e)
(1)
The small-business person shall be notified in writing of any staff or review committee determination that the application is not being submitted to the authority with a recommendation that it be approved.
(2)
The notice shall advise the small-business person that the application will be kept confidential unless within thirty (30) days from the date of receipt of the written notice the small-business person files a petition with the authority requesting that the authority hold a hearing in regard to the application. In that event, the application and all supporting documents shall become public information available for public inspection.
(f)
The membership of a review committee, when acting in that capacity, shall never be considered to constitute a quorum of the board for the purpose of approving an application for guaranty under this subchapter.
Acts 1989, No. 623, § 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 7 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY SMALL BUSINESS ACT OF 1989 (§§ 15-5-701 — 15-5-714) › Section 15-5-710 - Liability of authority's members and staff

No provision of §§
15-5-708
and
15-5-709
shall be interpreted to create any private right against any member of the Arkansas Development Finance Authority or any member of the staff thereof.
Acts 1989, No. 623, § 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 7 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY SMALL BUSINESS ACT OF 1989 (§§ 15-5-701 — 15-5-714) › Section 15-5-711 - Grants to fund

The Arkansas Development Finance Authority may accept grants to its Small Business Revolving Loan Fund and its Direct Fund from any source.
Amended by Act 2015, No. 1060,§ 13, eff. 4/4/2015.
Acts 1989, No. 623, § 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 7 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY SMALL BUSINESS ACT OF 1989 (§§ 15-5-701 — 15-5-714) › Section 15-5-712 - Power to make grants and loans

The Arkansas Development Finance Authority may make grants, direct loans, or loan guaranties to:
(1)
New or existing:
(A)
Title IX revolving loan funds;
(B)
Small business investment companies; and
(C)
Specialized small business investment companies;
(2)
The Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission;
(3)
A certified community development financial institution under the Riegle Community Development and Regulatory Improvement Act of 1994, Pub. L. No. 103-325; and
(4)
An entrepreneur as described in the Entrepreneur Fee Waiver Pilot Program under §
15-5-714
.
Amended by Act 2017, No. 857,§ 1, eff. 8/1/2017.
Amended by Act 2015, No. 1060,§ 14, eff. 4/4/2015.
Acts 1991, No. 775, § 6; 1991, No. 874, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 7 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY SMALL BUSINESS ACT OF 1989 (§§ 15-5-701 — 15-5-714) › Section 15-5-713 - Funding of qualified investments

(a)
The Arkansas Development Finance Authority may approve the use of funds for qualified investments upon such terms and conditions and for such periods of time as shall be recommended by the President of the Arkansas Development Finance Authority and approved by the Board of Directors of the Arkansas Development Finance Authority from:
(1)
Cash funds held by the authority; and
(2)
The Venture Capital Investment Trust.
(b)
The board shall not approve a qualified investment that:
(1)
Does not further the purposes of this subchapter; and
(2)
Is not in the best interest of the state.
Amended by Act 2015, No. 1060,§ 15, eff. 4/4/2015.
Acts 1995, No. 1329, § 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 7 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY SMALL BUSINESS ACT OF 1989 (§§ 15-5-701 — 15-5-714) › Section 15-5-714 - Entrepreneur Fee Waiver Pilot Program - Definition

(a)
There is created a program to be known as the "Entrepreneur Fee Waiver Pilot Program".
(b)
The program shall be developed, implemented, and administered by the Arkansas Development Finance Authority.
(c)
The purpose of the program is to encourage and assist entrepreneurs by providing a waiver of state filing fees, state permit fees, or state licensing fees associated with the formation of a small business in this state.
(d)
As used in this section, "entrepreneur" means an individual starting a small business and who meets the eligibility criteria established by the authority for the program.
(e)
The authority shall promulgate rules in accordance with the Arkansas Administrative Procedure Act, §
25-15-201
et seq., to establish criteria for the review and approval of applications for the program.
(f)
A entrepreneur shall apply to the authority, using the form prescribed by the authority, before the formation of the small business for which the entrepreneur seeks waiver of the state filing fees, state permit fees, or state licensing fees.
(g)
Any waivers or vouchers under this section shall be provided in the manner determined by the authority.
(h)
The total amount waived by the authority under this section shall not exceed five hundred thousand dollars ($500,000) per fiscal year.
(i)
The Secretary of State shall provide notice of the program to an entrepreneur filing for the formation of a small business in this state.
Added by Act 2017, No. 857,§ 2, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 8 - [Repealed] RURAL AND AGRICULTURAL DEVELOPMENT (§ 15-5-801) › Section 15-5-801 - et seq - [Repealed]

Repealed by Act 2015, No. 1060,§ 16, eff. 4/4/2015.
Acts 1989, No. 885, § 2, Acts 1991, No. 764, § 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 9 - CONSTRUCTION ASSISTANCE REVOLVING LOANS (§§ 15-5-901 — 15-5-910) › Section 15-5-902 - Fund - Administration

(a)
(1)
The Construction Assistance Revolving Loan Fund shall be administered by the Arkansas Natural Resources Commission.
(2)
The commission may establish procedures and adopt rules required to administer the fund and programs financed, in whole or in part, with moneys in the fund in accordance with federal or state law providing for:
(A)
Wastewater systems, water systems, solid and hazardous waste facilities, recycling facilities, nonpoint source management facilities, wetlands conservation and management facilities, and other environmental projects; and
(B)
Assessments, investigations, and remedial actions with respect to abandoned industrial, commercial, or agricultural sites, including without limitation the federal environmental acts.
(b)
The commission may enter into contracts and other agreements in connection with the operation of the fund, including without limitation contracts and agreements with federal agencies, local governmental entities, the Arkansas Development Finance Authority, the Division of Environmental Quality, and other persons to the extent necessary or convenient for the implementation of the fund and programs financed, in whole or in part, with moneys in the fund.
(c)
The commission shall maintain full authority for the operation of the fund in accordance with applicable federal and state law, including withdrawals necessary to achieve the intended purposes of the fund.
(d)
To the extent that moneys provided by the United States Government under the federal environmental acts and nonappropriated state matches do not designate the account into which the moneys shall be deposited, the moneys shall be deposited into the accounts within the fund designated by the commission.
(e)
The commission shall execute capitalization grant agreements on behalf of the state in order to obtain funds under the Clean Water Act.
Amended by Act 2019, No. 910,§ 3044, eff. 7/1/2019.
Acts 1991, No. 718, § 1; 1993, No. 833, § 2; 1997, No. 1042, § 8; 2003, No. 548, § 2; 2009, No. 458, § 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 9 - CONSTRUCTION ASSISTANCE REVOLVING LOANS (§§ 15-5-901 — 15-5-910) › Section 15-5-903 - Fund - Grants - Deposits - Cash funds

(a)
The Arkansas Natural Resources Commission and the Arkansas Development Finance Authority as agent for the commission are authorized to accept grants for the use of the Construction Assistance Revolving Loan Fund from any state or federal agencies, municipalities, corporations, foundations, individual donors, or authorities, specifically including without limitation appropriations from the State Treasury as heretofore or hereafter provided.
(b)
All moneys received by the commission or the authority under and pursuant to the provisions of this subchapter shall be deposited as and when received into the fund except as otherwise specifically provided by federal or state law.
(c)
(1)
Except for moneys hereafter deposited into or paid to the commission or the authority for deposit into the State Grants Account, all moneys now or hereafter received for, deposited into, or paid to the commission or the authority for deposit into the fund are specifically declared to be cash funds restricted in their use and which 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 and applied by the commission or the authority as agent for the commission solely for the uses set forth in this subchapter.
(2)
Interest and other moneys received from the investment of moneys, the purchase of bonds, notes, or other evidences of indebtedness issued by local governmental entities, or the making of loans with moneys in the fund, including in each case moneys in the State Grants Account, are declared to be cash funds restricted in their use and shall not be deposited into the State Treasury but shall be held and applied by the commission or the authority solely for the uses set forth in this subchapter.
Acts 1991, No. 718, § 1; 2003, No. 548, § 2; 2009, No. 458, § 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 9 - CONSTRUCTION ASSISTANCE REVOLVING LOANS (§§ 15-5-901 — 15-5-910) › Section 15-5-904 - Fees for technical and administrative services

(a)
(1)
The Arkansas Natural Resources Commission may establish and collect fees for its technical and administrative services in connection with the planning, design, acquisition, construction, expansion, equipping, or rehabilitation of wastewater systems, water systems, solid and hazardous waste facilities, recycling facilities, nonpoint source management facilities, wetlands conservation and management facilities, and other environmental projects or parts of environmental projects and in connection with assessments, investigations, and remedial actions with respect to abandoned industrial, commercial, or agricultural sites, financed in whole or in part with moneys in the Construction Assistance Revolving Loan Fund.
(2)
The authority granted in this section shall be supplemental to the authority granted to the commission under other laws to establish and collect fees for its services.
(b)
The fees shall be payable in any one (1) or more of the following methods:
(1)
From proceeds of loans, bonds, notes, or other evidences of indebtedness of a local governmental entity or other owner of an environmental project purchased from moneys in the fund;
(2)
From proceeds of bonds issued by the commission or the Arkansas Development Finance Authority in connection with the fund; or
(3)
From periodic payments due on the loans, bonds, notes, or other evidences of indebtedness of a local governmental entity or other owner of an environmental project purchased with moneys in the fund.
(c)
If requested by the commission, the authority will collect the fees from the local governmental entities or other environmental project owners receiving financial assistance from the Construction Assistance Revolving Loan Fund and deposit the fees into the Construction Assistance Administrative Account within five (5) days after each periodic payment is made.
Acts 1991, No. 718, § 1; 1993, No. 833, § 3; 1997, No. 1042, § 9; 2003, No. 548, § 2; 2009, No. 458, § 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 9 - CONSTRUCTION ASSISTANCE REVOLVING LOANS (§§ 15-5-901 — 15-5-910) › Section 15-5-905 - Federal grants deposited into fund

(a)
The Arkansas Natural Resources Commission and the Arkansas Development Finance Authority may accept moneys for deposit into the Construction Assistance Revolving Loan Fund from allocations from the Treasurer of State under this section.
(b)
Notwithstanding the provisions of §§
19-6-108
and
19-6-601
, grants received by the Treasurer of State from the federal government for deposit into the fund are declared to be cash funds restricted in their use and dedicated and are to be used solely as authorized in this subchapter.
Acts 1991, No. 718, §§ 1, 2; 1993, No. 833, § 4; 2003, No. 548, § 2; 2009, No. 458, § 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 9 - CONSTRUCTION ASSISTANCE REVOLVING LOANS (§§ 15-5-901 — 15-5-910) › Section 15-5-906 - Security for bonds

(a)
The Arkansas Natural Resources Commission and, with the approval of the commission, the Arkansas Development Finance Authority may use the moneys in the Construction Assistance Revolving Loan Fund, excluding the State Grants Account, and use the assets acquired with moneys in the fund to secure the payment of the principal of and premium, if any, and interest on bonds issued by the commission or the authority if the proceeds of the bonds are deposited into the Construction Assistance Revolving Loan Fund Account and pay the principal of and premium, if any, and interest on and pay costs incurred in connection with bonds issued by the commission or the authority if proceeds of the bonds are deposited into the Construction Assistance Revolving Loan Fund Account.
(b)
Subject to §
15-5-901(c)
, the commission and, with the approval of the commission, the authority may pledge the Construction Assistance Revolving Loan Fund Account, excluding the State Grants Account, and pledge the assets acquired with moneys in the Construction Assistance Revolving Loan Fund Account to secure the payment of the principal of and premium, if any, and interest on bonds issued by the commission or the authority if proceeds of the bonds are deposited into the Drinking Water State Revolving Loan Fund Account established by §
15-22-1102
, consistent with applicable federal law and pay the principal of and premium, if any, and interest on and costs incurred in connection with bonds issued by the commission or the authority if proceeds of the bonds are deposited into the Drinking Water State Revolving Loan Fund Account established by §
15-22-1102
, consistent with applicable federal law.
(c)
Nothing in subsections (a) and (b) of this section shall be deemed to adversely affect pledges made by the authority to secure the payment of the principal of and premium, if any, and interest on bonds issued by the authority before July 1, 2003, so long as the bonds are outstanding.
(d)
All accounts within the fund or subaccounts within the accounts established in §
15-5-901
pledged to secure the payment of the principal of and premium, if any, and interest on bonds issued by the authority before July 1, 2003, shall be maintained at the authority so long as the bonds are outstanding.
Acts 1991, No. 718, § 1; 2003, No. 548, § 2; 2009, No. 458, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 9 - CONSTRUCTION ASSISTANCE REVOLVING LOANS (§§ 15-5-901 — 15-5-910) › Section 15-5-907 - Substitution of loans - Forgiveness of principal

(a)
The Arkansas Natural Resources Commission may remove any loan, bond, note, or other evidence of indebtedness purchased with moneys in the Construction Assistance Revolving Loan Fund Account from the account and substitute another loan, bond, note, or other evidence of indebtedness not then in default as to payment of any installment of principal, interest, or financing fee and having an equal or greater outstanding principal balance, made by the commission for a purpose authorized by this subchapter.
(b)
The commission may forgive principal of loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the Construction Assistance Revolving Loan Fund, provided that principal may be forgiven only for loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the fund provided by the federal government under the Clean Water Act for the purpose of providing additional subsidization to eligible recipients in the form of forgiveness of principal, negative interest loans, or grants or any combination of principal, negative interest loans, or grants.
Acts 2003, No. 548, § 3; 2009, No. 458, § 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 9 - CONSTRUCTION ASSISTANCE REVOLVING LOANS (§§ 15-5-901 — 15-5-910) › Section 15-5-908 - Withholding general revenue turnback

(a)
Should any city, town, county, or political subdivision receiving general revenue turnback funds, as defined in the Revenue Stabilization Law, §
19-5-101
et seq., fail, neglect, or refuse to pay any installment of principal, interest, or financing fee for a period of more than ninety (90) calendar days past the due date in accordance with the written instrument for the repayment of its bonds, notes, or other evidences of indebtedness purchased with moneys in the Construction Assistance Revolving Loan Fund Account, the Arkansas Natural Resources Commission, after notification to the city, town, county, or political subdivision, may certify to the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State the name of the city, town, county, or political subdivision, the amount of deficiencies ninety (90) days or more past due.
(b)
Upon certification, the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State are directed to withhold from the city's, town's, county's, or other political subdivision's share of general revenue turnback, as the share is defined in the Revenue Stabilization Law, §
19-5-101
et seq., the amount certified as due and to transfer the amount to the Construction Assistance Revolving Loan Fund Account and the Construction Assistance Administrative Account as follows:
(1)
Amounts withheld as fees shall be transferred to the Construction Assistance Administrative Account; and
(2)
Amounts withheld as principal and interest shall be transferred to the Construction Assistance Revolving Loan Fund Account.
Acts 2003, No. 548, § 3; 2009, No. 458, § 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 9 - CONSTRUCTION ASSISTANCE REVOLVING LOANS (§§ 15-5-901 — 15-5-910) › Section 15-5-909 - Definitions

As used in this subchapter:
(1)
"Administrative account" means the Construction Assistance Administrative Account established by this subchapter within the Construction Assistance Revolving Loan Fund;
(2)
"Authority" means the Arkansas Development Finance Authority or any successor agency or commission of the state;
(3)
"Clean Water Act" means the Federal Water Pollution Control Act of 1972, as amended by the federal Water Quality Act of 1987;
(4)
"Commission" means the Arkansas Natural Resources Commission or a successor agency or commission of the state;
(5)
[Repealed.]
(6)
"Federal environmental acts" means the Clean Water Act, the Safe Drinking Water Act, the Resource Conservation and Recovery Act, the Clean Air Act, and the Comprehensive Environmental Response, Compensation, and Liability Act;
(7)
"Fund" means the Construction Assistance Revolving Loan Fund established by this subchapter;
(8)
"Owner" means the owner or prospective owner of an environmental project, excluding any federal agencies;
(9)
"Revolving loan account" means the Construction Assistance Revolving Loan Fund Account established by this subchapter within the fund;
(10)
"State" means the State of Arkansas; and
(11)
"State Grants Account" means the State Grants Account established by this subchapter within the fund.
Amended by Act 2019, No. 910,§ 3045, eff. 7/1/2019.
Acts 2003, No. 548, § 3; 2009, No. 458, § 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 9 - CONSTRUCTION ASSISTANCE REVOLVING LOANS (§§ 15-5-901 — 15-5-910) › Section 15-5-910 - Interest rates on loans

(a)
The loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the Construction Assistance State Revolving Loan Fund shall bear interest at rates of interest, including without limitation negative rates of interest, established by the Arkansas Natural Resources Commission.
(b)
However, the commission may establish negative rates of interest only for loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the fund provided by the federal government under the Clean Water Act for the purpose of providing additional subsidization to eligible recipients in the form of forgiveness of principal, negative interest loans, or grants or any combination of principal, negative interest loans, or grants.
(c)
Notwithstanding any other provision of law, loans, bonds, notes, and other evidences of indebtedness issued by owners may bear interest at a negative rate if they are purchased with moneys in the fund.
Acts 2009, No. 458, § 10.
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 15-5-1101 - Title

This subchapter may be referred to and cited as the "Arkansas Capital Access Program for Small Business Act of 1993".
Acts 1993, No. 733, § 1; 1993, No. 886, § 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 11 - ARKANSAS CAPITAL ACCESS PROGRAM FOR SMALL BUSINESS ACT OF 1993 (§§ 15-5-1101 — 15-5-1111) › Section 15-5-1102 - Legislative findings and declaration of public necessity

(a)
The General Assembly finds:
(1)
There is a persistent shortage of capital available to small businesses in Arkansas, and there exists an immediate and urgent need to provide the means and methods for providing financing to:
(A)
Improve the viability of small businesses in the state by stabilizing and increasing employment in small businesses;
(B)
Foster an environment that promotes the establishment of new small businesses which reduce the state's unemployment rate by hiring new employees; and
(C)
Complement Arkansas financial institutions to better serve their customers in ways which contribute to a strengthened and diversified Arkansas economy, and which does not compete with Arkansas financial institutions;
(2)
Small businesses make important contributions to economic growth and vitality in this state;
(3)
Small businesses comprise approximately eighty-five percent (85%) of the business entities in this state;
(4)
Small businesses provide approximately ninety-eight percent (98%) of the private sector employment in this state;
(5)
All national economic indicators establish that the greatest source of future new employment is in the small business sector of the economy;
(6)
Many private sector financial institutions in Arkansas are limited in their ability to provide financing to small but rapidly growing businesses; and
(7)
There exists a need to leverage private sector investment in entrepreneurial activity and in economic development finance, therefore, state assistance for development finance should reflect a leveraging investment strategy.
(b)
It is the purpose of this subchapter to establish a capital access program under which the State of Arkansas through the Arkansas Development Finance Authority will provide public fiscal resources to assist Arkansas financial institutions to overcome obstacles and constraints in meeting the full range of economically sound financing needs of Arkansas small businesses.
Acts 1993, No. 733, § 2; 1993, No. 886, § 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 11 - ARKANSAS CAPITAL ACCESS PROGRAM FOR SMALL BUSINESS ACT OF 1993 (§§ 15-5-1101 — 15-5-1111) › Section 15-5-1103 - Definitions

As used in this subchapter:
(1)
"Financial institution" means all banks, savings and loan associations, corporations organized under the County and Regional Industrial Development Company Act, §
15-4-1201
et seq., and any other lending institutions approved by the Board of Directors of the Arkansas Development Finance Authority;
(2)
"Loss reserve account" means an account in a financial institution that is established and maintained by the Arkansas Development Finance Authority for the benefit of a financial institution participating in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program;
(3)
"Qualified business" means a person conducting business for profit or not-for-profit who is authorized to conduct business in the State of Arkansas; and
(4)
"Qualified loan" means a loan or portion of a loan made by a financial institution to a qualified business for any business activity that has its primary economic effect in Arkansas.
Amended by Act 2017, No. 426,§ 6, eff. 8/1/2017.
Amended by Act 2013, No. 1222,§ 1, eff. 8/16/2013.
Acts 1993, No. 733, § 3; 1993, No. 886, § 3; 1995, No. 487, § 1; 1999, No. 429, § 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 11 - ARKANSAS CAPITAL ACCESS PROGRAM FOR SMALL BUSINESS ACT OF 1993 (§§ 15-5-1101 — 15-5-1111) › Section 15-5-1104 - Contracts with financial institutions - Contents of contract

(a)
The Arkansas Development Finance Authority may contract with a financial institution for the purpose of allowing the financial institution to participate in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program.
(b)
A contract between the authority and a financial institution under this section shall provide:
(1)
For the creation of a loss reserve account by the authority for the benefit of the financial institution;
(2)
That the financial institution, a qualified business, and the authority will deposit moneys to the credit of the financial institution's loss reserve account when the financial institution makes a qualified loan to the qualified business;
(3)
That the authority will pay moneys in the loss reserve account, not exceeding an amount equal to the total amount credited to the loss reserve account, to the financial institution to reimburse the financial institution for any financial loss incurred as a result of any qualified loan made under the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program;
(4)
That the liability of the authority to the financial institution under the contract is limited to the amount of money credited to the loss reserve account of the financial institution; and
(5)
For such other terms as the authority may require.
Amended by Act 2013, No. 1222,§ 1, eff. 8/16/2013.
Acts 1993, No. 733, § 4; 1993, No. 886, § 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 11 - ARKANSAS CAPITAL ACCESS PROGRAM FOR SMALL BUSINESS ACT OF 1993 (§§ 15-5-1101 — 15-5-1111) › Section 15-5-1105 - Capital Access Fund - Use - Investment earnings - Administrative expenses

(a)
There is created within the Arkansas Development Finance Authority the Capital Access Fund.
(b)
(1)
All moneys deposited into the fund are for the purpose of making payments to loan loss reserve accounts established under §
15-5-1106
.
(2)
All moneys available for deposit into the fund shall be restricted to only such cash funds available to the authority for the purposes provided in this subchapter.
(c)
Moneys in the fund may be invested as provided in §
15-5-407
.
Acts 1993, No. 733, § 5; 1993, No. 886, § 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 11 - ARKANSAS CAPITAL ACCESS PROGRAM FOR SMALL BUSINESS ACT OF 1993 (§§ 15-5-1101 — 15-5-1111) › Section 15-5-1106 - Loss reserve accounts - Limitation on amount

(a)
The Arkansas Development Finance Authority shall establish a loss reserve account for each financial institution with which the authority makes a contract.
(b)
The loss reserve account for a financial institution shall consist of moneys paid in fees by borrowers and the financial institution and moneys transferred to the account from the Capital Access Fund.
(c)
The authority may establish and maintain loss reserve accounts with any financial institution under such policies as the authority may adopt.
(d)
All moneys in a loss reserve account are the property of the authority.
Acts 1993, No. 733, § 6; 1993, No. 886, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 5 - ARKANSAS DEVELOPMENT FINANCE AUTHORITY (§§ 15-5-101 — 15-5-1908) › Subchapter 11 - ARKANSAS CAPITAL ACCESS PROGRAM FOR SMALL BUSINESS ACT OF 1993 (§§ 15-5-1101 — 15-5-1111) › Section 15-5-1107 - Enrollment of qualified loan - Procedure - Fee - Transfers to loss reserve account

(a)
(1)
When a financial institution participates in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program, if the financial institution decides to enroll a qualified loan under the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program to obtain the protection against loss provided by its loss reserve account, the financial institution shall notify the Arkansas Development Finance Authority of the qualified loan within ten (10) days after the qualified loan is made.
(2)
The notification required under subdivision (a)(1) of this section shall be in writing on a form prescribed by the authority.
(b)
(1)
When making a qualified loan that will be enrolled under the Arkansas Capital Access Program for Small Business, the financial institution shall require the qualified business to which the qualified loan is made to pay a fee of not less than one and five-tenths percent (1.5%) of the principal amount of the qualified loan but not more than three and five-tenths percent (3.5%) of the principal amount.
(2)
When making a qualified loan that will be enrolled under the Arkansas Credit Reserve Program, the financial institution shall require the qualified business to which the qualified loan is made to pay a fee of not less than one percent (1%) of the principal amount of the qualified loan.
(3)
(A)
The financial institution shall also pay a fee in an amount equal to the fee paid by the borrower.
(B)
However, the financial institution may collect the amount of its fee from the qualified borrower.
(4)
The authority and the financial institution shall allow a qualified business to pay the fees required under this subsection using sources other than sources of the qualified business.
(5)
The financial institution shall deliver the fees collected under this subsection to the authority for deposit into the loss reserve account for the financial institution.
(c)
When depositing fees collected under subsection (b) of this section to the credit of the loss reserve account for a financial institution, the authority shall transfer an amount that is not less than the total amount of the fees paid by the borrower and the financial institution from the Capital Access Fund to the loss reserve account for the financial institution.
Amended by Act 2013, No. 1222,§ 2, eff. 8/16/2013.
Acts 1993, No. 733, § 7; 1993, No. 886, § 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 11 - ARKANSAS CAPITAL ACCESS PROGRAM FOR SMALL BUSINESS ACT OF 1993 (§§ 15-5-1101 — 15-5-1111) › Section 15-5-1108 - Claims for reimbursement of losses - Amounts subject to reimbursement

(a)
The Arkansas Development Finance Authority shall establish procedures under which financial institutions participating in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program may submit claims for reimbursement for losses incurred as a result of qualified loan defaults.
(b)
Costs for which a financial institution may be reimbursed from its loss reserve account include qualified loan principal, accrued interest on the principal, actual and necessary costs of seeking recovery of the principal amount and accrued interest on the principal, and any other related costs.
(c)
(1)
A financial institution may seek reimbursement of qualified loan losses before the liquidation of collateral from defaulted qualified loans.
(2)
The financial institution shall repay its loss reserve account for any moneys received as reimbursement under this section if the financial institution recovers moneys from the borrower or from the liquidation of collateral for the defaulted qualified loan.
Amended by Act 2013, No. 1222,§ 2, eff. 8/16/2013.
Acts 1993, No. 733, § 8; 1993, No. 886, § 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 11 - ARKANSAS CAPITAL ACCESS PROGRAM FOR SMALL BUSINESS ACT OF 1993 (§§ 15-5-1101 — 15-5-1111) › Section 15-5-1109 - Rules

The Arkansas Development Finance Authority may adopt such rules as it considers necessary to carry out its duties, functions, and powers relating to the Arkansas Capital Access Program for Small Business and the Arkansas Credit Reserve Program.
Amended by Act 2013, No. 1222,§ 2, eff. 8/16/2013.
Acts 1993, No. 733, § 9; 1993, No. 886, § 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 11 - ARKANSAS CAPITAL ACCESS PROGRAM FOR SMALL BUSINESS ACT OF 1993 (§§ 15-5-1101 — 15-5-1111) › Section 15-5-1110 - Financial report of Capital Access Fund

(a)
At least annually, the Arkansas Development Finance Authority shall prepare a report conforming to generally accepted accounting principles that describes the financial condition of the Capital Access Fund and describes the results and economic impact of the Arkansas Capital Access Program for Small Business and the Arkansas Credit Reserve Program.
(b)
The reports required under this section shall be submitted to the Governor and to the Legislative Council.
Amended by Act 2013, No. 1222,§ 2, eff. 8/16/2013.
Acts 1993, No. 733, § 10; 1993, No. 886, § 10.