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15-4-3212. Sale and price of bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3212. Sale and price of bonds.
(a) The bonds may be sold in the manner, either at public or private sale, and upon terms determined by the Arkansas Development Finance Authority to be reasonable and expedient for effectuating the purposes of Arkansas Constitution, Amendment 82, and this subchapter.
(b) The bonds may be sold at the price the authority determines acceptable, including sale at a discount or a premium.
(c)(1) If the bonds are to be sold at public sale, the authority shall give notice of the offering of the bonds in a manner reasonably designed to notify participants in the public finance industry that the offering is being made.
(2) The authority shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.
(d) The authority may employ administrative agents, fiscal agents, underwriters, architects, accountants, engineers, and legal counsel and may pay them reasonable compensation from the proceeds of the bonds.
(e)(1) The authority may structure the sale of bonds using financing techniques recommended by its underwriters or other professional advisors in order to take advantage of market conditions and obtain the most favorable interest rates consistent with the purposes of Arkansas Constitution, Amendment 82, and this subchapter.
(2)(A) In furtherance of this authorization, the authority may enter into ancillary agreements in connection with the sale of the bonds as it deems necessary and advisable.
(B) Ancillary agreements may include, without limitation:
(i) Bond purchase agreements;
(ii) Remarketing agreements;
(iii) Letters of credit; or
(iv) Reimbursement agreements.
(3) The authority may also enter into interest rate exchange agreements or similar agreements or contracts w
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3212
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:15-4-3212
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a44793d7d5a05d516b6740a2a507e2fbe0041f8d3cbb792258ab60aea96d7b6b
Source location: content.xml paragraph 5729
Stored source content
15-4-3212. Sale and price of bonds.
(a) The bonds may be sold in the manner, either at public or private sale, and upon terms determined by the Arkansas Development Finance Authority to be reasonable and expedient for effectuating the purposes of Arkansas Constitution, Amendment 82, and this subchapter.
(b) The bonds may be sold at the price the authority determines acceptable, including sale at a discount or a premium.
(c)(1) If the bonds are to be sold at public sale, the authority shall give notice of the offering of the bonds in a manner reasonably designed to notify participants in the public finance industry that the offering is being made.
(2) The authority shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.
(d) The authority may employ administrative agents, fiscal agents, underwriters, architects, accountants, engineers, and legal counsel and may pay them reasonable compensation from the proceeds of the bonds.
(e)(1) The authority may structure the sale of bonds using financing techniques recommended by its underwriters or other professional advisors in order to take advantage of market conditions and obtain the most favorable interest rates consistent with the purposes of Arkansas Constitution, Amendment 82, and this subchapter.
(2)(A) In furtherance of this authorization, the authority may enter into ancillary agreements in connection with the sale of the bonds as it deems necessary and advisable.
(B) Ancillary agreements may include, without limitation:
(i) Bond purchase agreements;
(ii) Remarketing agreements;
(iii) Letters of credit; or
(iv) Reimbursement agreements.
(3) The authority may also enter into interest rate exchange agreements or similar agreements or contracts with any person on a competitive or negotiated basis under terms or conditions determined by the authority, but in compliance with § 15-5-317.
(f) After funding any necessary reserve or reserves, the proceeds from the sale of the bonds may be used to pay:
(1) The fees of any trustee or paying agent;
(2) The costs of publication of notices;
(3) The costs of printing the bonds;
(4) The costs of publication and printing of official statements and other documents relating to the sale of the bonds;
(5) The fees of any nationally recognized rating agency;
(6) The fees of the issuer;
(7) The fees of the guarantor;
(8) Project costs; and
(9) Other reasonable costs incurred by the authority for issuing and selling the bonds.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-317. Power to enter into an interest rate exchange agreement or similar agreement or contract.
(a) In connection with bonds issued before, on, or after March 18, 2003, the Arkansas Development Finance Authority shall have the power to:
(1)(A) Enter into an interest rate exchange agreement or similar agreement or contract with any person on a competitive or negotiated basis under the terms and conditions as the authority shall determine.
(B) The terms and conditions of the agreements under subdivision (a)(1)(A) of this section in which the authority may enter shall include terms as to default or early termination and indemnification by the authority or any other party to the agreement for loss of benefits as a result of default or early termination;
(2) Procure insurance, letters of credit, or other credit enhancement with respect to an interest rate exchange agreement or similar agreement or contract;
(3) Provide security for the payment or performance of its obligations with respect to an interest rate exchange agreement or similar agreement or contract in accordance with existing state law governing security for its bonds; and
(4) Modify, amend, or replace an interest rate exchange agreement or similar agreement or contract.
(b) Any interest rate exchange agreement or similar agreement or contract entered into under this section is subject to the following limitations, and the authority shall not enter into an interest rate exchange agreement or similar agreement or contract unless:
(1) The counterparty to the agreement has obtained a credit rating from at least one (1) nationally recognized statistical rating agency that is at least equal to the lowest investment grade rating of any of the authority's bonds by the rating agency or the payment obl
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-317
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 15-5-317. This identifies an authority to review, not proof of applicability.