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15-4-415. Authority to use bond proceeds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-415. Authority to use bond proceeds.
The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for:
(1) The purchase of investment loans and paying of incidental expenses in connection therewith;
(2) Paying the expenses of amortizing and issuing the bonds;
(3) Paying interest on the bonds until revenues thereon are available in sufficient amounts; and
(4) Funding such debt service reserves as the council deems necessary or desirable.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-415
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:15-4-415
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 56a91c8fb2c8470dbc50595c9f57c73b263c99c0bbd3d385bc6bc58a13275157
Source location: content.xml paragraph 1959
Stored source content
15-4-415. Authority to use bond proceeds.
The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for:
(1) The purchase of investment loans and paying of incidental expenses in connection therewith;
(2) Paying the expenses of amortizing and issuing the bonds;
(3) Paying interest on the bonds until revenues thereon are available in sufficient amounts; and
(4) Funding such debt service reserves as the council deems necessary or desirable.
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