15-4-407. Limits on bond issuance and loan purchases.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-4-407. Limits on bond issuance and loan purchases.

15-4-407. Limits on bond issuance and loan purchases. (a) The Arkansas Economic Development Council is authorized and empowered to issue revenue bonds in such amounts as may be determined by the council. (b) For the purposes of this subchapter, the aggregate amount of revenue bonds to be issued under the provisions of this subchapter shall not exceed the sum of ten million dollars ($10,000,000) for the fiscal biennium ending June 30, 1987. (c) Moneys loaned to small business companies under the provisions of this subchapter shall be used by the companies in making business loans to small business concerns, as defined in this subchapter, in amounts not to exceed an aggregate of one hundred thousand dollars ($100,000) in such moneys to the same small business concern during any fiscal biennium. (d) Small business concern loans purchased by the council from qualified small business investment companies shall not exceed an aggregate of one hundred thousand dollars ($100,000) in loans to any single business firm during any fiscal biennium.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-407

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.