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14-95-602. Revenue bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-95-602. Revenue bonds.
(a) Pursuant to the intention of the General Assembly expressed in § 15-5-303, the Arkansas Development Finance Authority is hereby authorized and empowered to issue revenue bonds, at one (1) time or from time to time, and to use the proceeds there of to:
(1) Provide urban service districts in various counties or municipalities with money for a program of capital construction, reconstruction, improvements, and services within the districts for purposes set forth in this chapter;
(2) Pay all incidental expenses in connection with those purposes;
(3) Pay the expenses of authorizing and issuing the bonds;
(4) Establish a debt service reserve to secure the payment of the bonds, if the authority deems it desirable; and
(5) Make provision for the payment of interest and trustee's fees on the bonds.
(b) The bonds outstanding under this chapter may be in such principal amount as the authority shall determine to be necessary for the accomplishment of the purposes of this chapter.
(c) The bonds shall be authorized, shall be sold by the means, shall bear the rate or rates of interest, and shall be executed and delivered in the manner as the authority may determine pursuant to the provisions of §§ 15-5-301—15-5-316, inclusive.
(d) The bonds issued shall mature over a period of not more than thirty (30) years.
(e) The authority is authorized to enter into authorizing resolutions and trust indentures as it deems necessary to secure the revenue bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-95-602
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:14-95-602
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cd4b241f137ecfbe32898bfd568731c404b4d9e4af7045dfcf8493f3a23495d1
Source location: content.xml paragraph 27137
Stored source content
14-95-602. Revenue bonds.
(a) Pursuant to the intention of the General Assembly expressed in § 15-5-303, the Arkansas Development Finance Authority is hereby authorized and empowered to issue revenue bonds, at one (1) time or from time to time, and to use the proceeds there of to:
(1) Provide urban service districts in various counties or municipalities with money for a program of capital construction, reconstruction, improvements, and services within the districts for purposes set forth in this chapter;
(2) Pay all incidental expenses in connection with those purposes;
(3) Pay the expenses of authorizing and issuing the bonds;
(4) Establish a debt service reserve to secure the payment of the bonds, if the authority deems it desirable; and
(5) Make provision for the payment of interest and trustee's fees on the bonds.
(b) The bonds outstanding under this chapter may be in such principal amount as the authority shall determine to be necessary for the accomplishment of the purposes of this chapter.
(c) The bonds shall be authorized, shall be sold by the means, shall bear the rate or rates of interest, and shall be executed and delivered in the manner as the authority may determine pursuant to the provisions of §§ 15-5-301—15-5-316, inclusive.
(d) The bonds issued shall mature over a period of not more than thirty (30) years.
(e) The authority is authorized to enter into authorizing resolutions and trust indentures as it deems necessary to secure the revenue bonds.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-301. Power to issue bonds.
(a) The Arkansas Development Finance Authority is authorized and empowered to issue bonds, whether or not the interest on the bonds is subject to federal income taxation, either for a specific activity or for a particular project or on a pooled or consolidated basis for a series of related or unrelated activities or projects in such amounts as shall be determined by the authority for the purpose of enhancing the Public School Fund or financing qualified agricultural business enterprises, capital improvement facilities, educational facilities, healthcare facilities, housing developments, industrial enterprises, exports of goods and short-term advance funding of local government obligations, scientific and technical services businesses, technology-based enterprises, tourism enterprises, nonprofit organizations, energy efficiency projects, or any combination of those facilities or enterprises, or any interest in facilities, including without limitation leasehold interests in and mortgages on those facilities.
(b) However, nothing in this subchapter and §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, and 15-5-213 shall be construed to authorize the authority to issue or sell revenue bonds or use the proceeds thereof to purchase, condemn, or otherwise acquire a utility plant or distribution system owned or operated by a regulated public utility.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-301
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-303. Exclusive issuer of revenue bonds for public facilities.
It is the intention of the General Assembly that the Arkansas Development Finance Authority shall be the exclusive issuer of revenue bonds for public facilities acquired or constructed for the benefit of state agencies, except the respective boards of trustees of state-supported institutions of higher education, the Career Education and Workforce Development Board, the State Board of Finance, and the Arkansas Economic Development Council when issuing bonds pursuant to §§ 15-4-604, 15-4-605, and 15-4-608, and the Industrial Development Guaranty Bond Act, § 15-4-701 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-303
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-303. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-316. No personal liability.
No director or officer of the Arkansas Development Finance Authority shall be liable personally for any reason arising from the issuance of bonds under this subchapter unless he or she shall have acted with a corrupt intent.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-316
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-316. This identifies an authority to review, not proof of applicability.