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15-4-3224. Public reporting requirements.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3224. Public reporting requirements.
(a) The reports delivered to the General Assembly under § 15-4-3203(i)(2) and (3) shall be available to the general public under the same policies and procedures that generally apply with respect to reports to the General Assembly.
(b)(1) During the term of an Amendment 82 agreement, the Arkansas Economic Development Commission shall provide a report to the Legislative Council no less frequently than annually with respect to the status of the applicable qualified Amendment 82 project which details the sponsor's compliance with the provisions of the Amendment 82 agreement.
(2) At a minimum, the commission's report shall address:
(A) A description of the infrastructure needs and other needs provided by the state under Arkansas Constitution, Amendment 82, and this subchapter and costs associated with each item;
(B) A description of how the sponsor has satisfied the investment and job creation requirements of the Amendment 82 agreement, including performance benchmarks and economic goals as specifically defined in the Amendment 82 agreement;
(C) The number of jobs created by each qualified Amendment 82 project and average hourly wages for each project;
(D) A description of the benefits package, including, without limitation, health and retirement benefits received by hourly employees;
(E) A comparison of the total number of new jobs and annual payroll by the sponsor pertaining to the qualified Amendment 82 project on the date the Amendment 82 agreement was executed and the end date of the calendar year before the filing of this report; and
(F) The application of any penalties for failure of the sponsor to satisfy its commitments under an Amendment 82 agreement.
(c) At the end of a ten-year period following the be
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3224
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:15-4-3224
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8afbd4d6896afc052f109a3f4256944b29ad96b0f2ef6a984049e97cc470e184
Source location: content.xml paragraph 5885
Stored source content
15-4-3224. Public reporting requirements.
(a) The reports delivered to the General Assembly under § 15-4-3203(i)(2) and (3) shall be available to the general public under the same policies and procedures that generally apply with respect to reports to the General Assembly.
(b)(1) During the term of an Amendment 82 agreement, the Arkansas Economic Development Commission shall provide a report to the Legislative Council no less frequently than annually with respect to the status of the applicable qualified Amendment 82 project which details the sponsor's compliance with the provisions of the Amendment 82 agreement.
(2) At a minimum, the commission's report shall address:
(A) A description of the infrastructure needs and other needs provided by the state under Arkansas Constitution, Amendment 82, and this subchapter and costs associated with each item;
(B) A description of how the sponsor has satisfied the investment and job creation requirements of the Amendment 82 agreement, including performance benchmarks and economic goals as specifically defined in the Amendment 82 agreement;
(C) The number of jobs created by each qualified Amendment 82 project and average hourly wages for each project;
(D) A description of the benefits package, including, without limitation, health and retirement benefits received by hourly employees;
(E) A comparison of the total number of new jobs and annual payroll by the sponsor pertaining to the qualified Amendment 82 project on the date the Amendment 82 agreement was executed and the end date of the calendar year before the filing of this report; and
(F) The application of any penalties for failure of the sponsor to satisfy its commitments under an Amendment 82 agreement.
(c) At the end of a ten-year period following the beginning of operation of the Amendment 82 project, the General Assembly may request a third party cost-benefit analysis to accurately determine the total project costs and the total benefits received by the state from the qualified Amendment 82 project.
(d) While Amendment 82 bonds are outstanding, the Arkansas Development Finance Authority shall provide a report to the Legislative Council, no less frequently than annually, with respect to the status of the Amendment 82 bonds. The report shall contain the information required by § 19-9-502.
(e) During the term of an Amendment 82 agreement, the Chief Fiscal Officer of the State shall provide a report to the Legislative Council, no less frequently than annually, with respect to the dates and costs of all economic incentives received by each qualified Amendment 82 project except as restricted by law.
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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.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-9-502. Annual report.
(a) All state and local agencies, boards, commissions, institutions of higher education, and authorities authorized by the state and cities and counties shall annually file a report with the State Board of Finance, on or before October 1, reflecting any and all revenue bonds which have been issued and have not been liquidated as of the preceding July 1 by such governmental units.
(b) The report shall contain:
(1) The purpose for which the revenue bonds were issued;
(2) The total dollar amount issued;
(3) The percentage interest rate payable under the revenue bonds;
(4) The total dollar amount outstanding;
(5) The repayment schedule; and
(6) The source, type, and amount of pledged revenues for the bonds.
(c) The Secretary of the State Board of Finance shall compile a summary report of all revenue bonds from information provided under this section and present the summary report to the Legislative Council as soon as practicable after each October 1.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-9-502
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 19-9-502. This identifies an authority to review, not proof of applicability.