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15-4-3205. Penalties.
Arkansas Code — all titles (historical 2020) · legal_authorities
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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3205
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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Stable record: arkansas_code:legal_authorities:15-4-3205
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f10ccf3aebfad60d7448ffb3ee3c32811b0dc27d2056d9d353c86dfd3a48da9d
Source location: content.xml paragraph 5633
Stored source content
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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3203. Amendment 82 project qualification.
(a)(1)(A) In exercising its responsibilities under Arkansas Constitution, Amendment 82, § 1, the General Assembly delegates, authorizes, and directs the Arkansas Economic Development Commission, the Arkansas Development Finance Authority, and the Chief Fiscal Officer of the State to undertake a review of all proposed projects following the procedures described in this section.
(B) In order to be considered for qualification, a sponsor must fall within the definition of an “eligible business”, as defined in § 15-4-2703.
(2) If the Governor refers a proposed project to the General Assembly under subsection (h) of this section, the commission and the authority shall prepare and provide to each member of the General Assembly the reports described in subsection (i) of this section, after which the General Assembly shall make the final and definitive decisions concerning the proposed project as set forth in subsection (j) of this section.
(b)(1) As the lead economic development agency for the State of Arkansas, the commission may propose the use of Amendment 82 bonds to finance infrastructure and other needs in any combination in order to attract proposed projects to the State of Arkansas.
(2) In addition to powers conferred under other laws, the commission may take any reasonable action necessary to carry out the purposes of Arkansas Constitution, Amendment 82, and this subchapter.
(3) The proposed use of Amendment 82 financing by the commission shall not prohibit the commission, the state, or any local entity from using any other available economic incentives in connection with a proposed project.
(c) The commission shall initiate the process of selecting a proposed project for referral to the General Assembly by
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3203
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 15-4-3203. This identifies an authority to review, not proof of applicability.