Arkansas Code of 1987 (2023) › Title 14 - LOCAL GOVERNMENT (§§ 14-1-101 — 14-387-706) › Subtitle 10 - ECONOMIC DEVELOPMENT AND TOURISM GENERALLY (§§ 14-163-201 — 14-176-113) › Chapter 164 - INDUSTRIAL DEVELOPMENT BONDS (§§ 14-164-201 — 14-164-821) › Subchapter 2 - MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE BOND LAW (§§ 14-164-201 — 14-164-224) › Section 14-164-203 - Definitions

As used in this subchapter:
(1)
"Construct" means to acquire or build, in whole or in part, in such manner and by such method, including contracting therefor and, if the latter, by negotiation or bidding upon such terms and pursuant to such advertising as the municipality or county shall determine to be in the public interest and necessary under the circumstances existing at the time to accomplish the purposes of, and authorities set forth in, this subchapter;
(2)
(A)
"County" means a county of this state, or if a county is divided into two (2) districts, the term "county" means the entire county or either district of the county.
(B)
It is the purpose and intent of this subdivision (2) to define the term "county", as used in this subchapter, to mean an entire county or either district of a county which is divided into two (2) districts and has two (2) separate levying courts, in order that either district of a county so divided may issue revenue bonds and do all other acts in the manner and for the purposes authorized in this subchapter;
(3)
"Equip" means to install or place on or in any building or structure equipment of any kind, whether or not affixed, including, without limiting the generality of the foregoing, building service equipment, fixtures, heating equipment, air conditioning equipment, machinery, furniture, furnishings, and personal property of every kind;
(4)
"Facilities" means any real property, personal property, or mixed property of any kind that can be used or that will be useful in securing or developing industry, including, without limiting the generality of the foregoing, rights-of-way, roads, streets, pipes, pipelines, reservoirs, utilities, materials, equipment, fixtures, machinery, furniture, furnishings, instrumentalities, and other real, personal, or mixed property of every kind;
(5)
"Governing body" means the council, board of directors, or city commission of any municipality;
(6)
"Industry" means, but is not limited to, manufacturing facilities, warehouses, distribution facilities, repair and maintenance facilities, agricultural facilities, corporate and management offices for industry, tourism attractions and facilities, and technology-based enterprises;
(7)
"Lease" means to lease for such rentals, for such periods, and upon such terms and conditions as the municipality or county shall determine, including, without limiting the generality of the foregoing, the granting of renewal or extension options for rentals for such periods and upon such terms and conditions as the municipality or county shall determine and the granting of purchase options for such prices and upon such terms and conditions as the municipality or county shall determine;
(8)
"Loan" means to loan all or part of the proceeds of bonds upon repayment and other terms and conditions as the municipality or county determines;
(9)
"Municipality" means a city of the first class, a city of the second class, or an incorporated town;
(10)
"Sell" means to sell for such price, in such manner, and upon such terms as the municipality or county determines, including, without limiting the generality of the foregoing, private or public sale, and if public, pursuant to such advertisement as the municipality or county determines, sell for cash or credit payable in lump sum or installments over such period as the municipality or county determines and if on credit, with or without interest and at such rate or rates, as the municipality or county determines;
(11)
"Surplus revenues" means revenues remaining after adequate provision has been made for expenses of operation, maintenance, and depreciation and all requirements of ordinances, orders, or indentures securing bonds issued before or after to finance the cost of acquiring, constructing, reconstructing, extending, or improving the lands, buildings, or facilities for developing and securing industry or utilities have been fully met and complied with;
(12)
"Technology-based enterprises" means:
(A)
A grouping of growing business sectors, identified as targeted businesses in §
15-4-2703(39)
and which pay one hundred fifty percent (150%) of the lesser of the county or state average wage;
(B)
"Scientific and technical services business" as defined in §
15-4-2703(35)
; and
(C)
A corporation, partnership, limited liability company, sole proprietorship, or other legal entity whose primary business directly involves commercializing the results of research conducted in one (1) of the six (6) growing business sectors identified as targeted businesses in §
15-4-2703(39)
and paying not less than one hundred fifty percent (150%) of the lesser of the county or state average wage; and
(13)
"Tourism attractions and facilities" means:
(A)
Cultural or historical sites;
(B)
Recreational or entertainment facilities;
(C)
Areas of natural phenomena or scenic beauty;
(D)
Theme parks;
(E)
Amusement or entertainment parks;
(F)
Indoor or outdoor plays or music shows;
(G)
Botanical gardens;
(H)
Cultural or educational centers; and
(I)
Lodging facilities that are an integrated part of any of the enterprises in subdivisions (13)(A)-(H) of this section.
Acts 1960 (Ex. Sess.), No. 9, §§ 6, 12; 1963, No. 231, § 1; 1967, No. 213, §§ 1, 2; 1971, No. 208, § 1; 1979, No. 773, § 1; 1981, No. 4, § 5; A.S.A. 1947, §§ 13-1606, 13-1612 -- 13-1612.2; Acts 1999, No. 307, § 1; 2005, No. 1232, § 5; 2005, No. 1922, § 1.