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15-4-3004. Authority to issue bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3004. Authority to issue bonds.
(a)(1) The Arkansas Development Finance Authority, exercising an essential public function as the State of Arkansas's bond-issuing authority, is authorized by this subchapter to issue bonds to fund superprojects.
(2) The authority shall be responsible for developing the bond financing portion of the plan required by § 15-4-3005.
(b)(1) As the lead economic development agency for the State of Arkansas, the Arkansas Economic Development Commission is authorized to utilize the superproject funding in attracting superprojects to Arkansas.
(2) The commission shall:
(A) Utilize economic impact and cost-benefit analysis to evaluate proposed superprojects;
(B) Be responsible for developing the portion of the plan concerning the selection and funding of the superprojects; and
(C) Be responsible for monitoring and reporting to the authority, the Governor, and the Legislative Council on the ongoing economic impact of the superproject and the sponsor's progress in meeting the requirement for their economic development investment.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3004
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:15-4-3004
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0c7b8cfe205b42aa1ba033e5b662f0383dfb2a040b4b5fd6b4e1b186a2b858ed
Source location: content.xml paragraph 5155
Stored source content
15-4-3004. Authority to issue bonds.
(a)(1) The Arkansas Development Finance Authority, exercising an essential public function as the State of Arkansas's bond-issuing authority, is authorized by this subchapter to issue bonds to fund superprojects.
(2) The authority shall be responsible for developing the bond financing portion of the plan required by § 15-4-3005.
(b)(1) As the lead economic development agency for the State of Arkansas, the Arkansas Economic Development Commission is authorized to utilize the superproject funding in attracting superprojects to Arkansas.
(2) The commission shall:
(A) Utilize economic impact and cost-benefit analysis to evaluate proposed superprojects;
(B) Be responsible for developing the portion of the plan concerning the selection and funding of the superprojects; and
(C) Be responsible for monitoring and reporting to the authority, the Governor, and the Legislative Council on the ongoing economic impact of the superproject and the sponsor's progress in meeting the requirement for their economic development investment.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3005. State of Arkansas Economic Development General Obligation Bonds.
(a) The Arkansas Development Finance Authority may issue bonds of the State of Arkansas, to be known as “State of Arkansas Economic Development General Obligation Bonds”, in total principal amount not to exceed four hundred million dollars ($400,000,000) for the purposes authorized in this subchapter.
(b) The bonds may be issued in one (1) or more series, as required, subject to the conditions and in compliance with the procedures provided by this subchapter.
(c) The total principal amount of bonds to be issued during any fiscal biennium shall not exceed sixty million dollars ($60,000,000) unless the General Assembly shall have authorized by law a greater principal amount to be issued during a fiscal biennium.
(d) Before any bonds may be issued during any fiscal biennium, the Arkansas Economic Development Commission and the authority shall submit the plan to the Legislative Council and the Governor.
(e)(1) Upon receipt of the plan, the Governor shall confer with the Chief Fiscal Officer of the State concerning whether, after utilization of the balance in the Economic Development Superprojects Project Fund, any amount of general revenues will be required to be set aside for payment of debt service requirements in connection with the bonds during either year of the fiscal biennium in which the bonds are to be issued and, if any general funds are required to be used, whether such a use would cause an undue hardship upon any agency or program supported from the general revenues under the Revenue Stabilization Law, § 19-5-101 et seq.
(2) The commission's written plan shall set forth:
(A) A description of the project or projects to be financed with the proceeds derived from the sale of t
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3005
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 15-4-3005. This identifies an authority to review, not proof of applicability.