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15-4-606. Evidence to support guaranty — Review of applications.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-606. Evidence to support guaranty — Review of applications.
(a)(1)(A) Each county or municipality requesting a guaranty under this subchapter shall submit to the Arkansas Economic Development Council evidence showing conformity with §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224 and such other supporting documents as the council shall require. The application and documentation may be submitted by the user of the industrial project involved.
(B) When a guaranty is requested with respect to ADFA bonds, the Arkansas Development Finance Authority shall submit to the council evidence showing conformity with §§ 15-5-101 — 15-5-105, 15-5-201 — 15-5-211, and 15-5-301 — 15-5-316 and such other supporting documents as the council shall reasonably require.
(2)(A) All applications for guaranties shall be accompanied by a one-time premium payment to the Revenue Bond Guaranty Reserve Account in an amount equal to whichever is the larger amount of either:
(i) Three percent (3%) of the amount of the total principal and interest requirements from date of issuance to maturity of the Act No. 9 bonds or ADFA bonds guaranteed; or
(ii) Five percent (5%) of the principal amount of the Act No. 9 bonds or ADFA bonds guaranteed.
(B) The premium payment may be collected by the county or municipality or the authority from the lessee of the industrial project involved.
(b)(1) All applications filed with the council under the provisions of this subchapter shall first be reviewed by the appropriate designated staff officials of the council or by a committee consisting of members of the council for preliminary review and recommendation prior to being submitted for consideration by the council.
(2)(A) All applications submitted to the council and all supporting documents, i
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-606
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:15-4-606
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 559d629aa941a1c4524e23f3886333c54153b94853047aaff31b4829dbb7e2e7
Source location: content.xml paragraph 2335
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15-4-606. Evidence to support guaranty — Review of applications.
(a)(1)(A) Each county or municipality requesting a guaranty under this subchapter shall submit to the Arkansas Economic Development Council evidence showing conformity with §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224 and such other supporting documents as the council shall require. The application and documentation may be submitted by the user of the industrial project involved.
(B) When a guaranty is requested with respect to ADFA bonds, the Arkansas Development Finance Authority shall submit to the council evidence showing conformity with §§ 15-5-101 — 15-5-105, 15-5-201 — 15-5-211, and 15-5-301 — 15-5-316 and such other supporting documents as the council shall reasonably require.
(2)(A) All applications for guaranties shall be accompanied by a one-time premium payment to the Revenue Bond Guaranty Reserve Account in an amount equal to whichever is the larger amount of either:
(i) Three percent (3%) of the amount of the total principal and interest requirements from date of issuance to maturity of the Act No. 9 bonds or ADFA bonds guaranteed; or
(ii) Five percent (5%) of the principal amount of the Act No. 9 bonds or ADFA bonds guaranteed.
(B) The premium payment may be collected by the county or municipality or the authority from the lessee of the industrial project involved.
(b)(1) All applications filed with the council under the provisions of this subchapter shall first be reviewed by the appropriate designated staff officials of the council or by a committee consisting of members of the council for preliminary review and recommendation prior to being submitted for consideration by the council.
(2)(A) All applications submitted to the council and all supporting documents, instruments, proposed contracts, estimated costs, or other evidence submitted therewith shall be confidential and shall not be open to public review except as provided in this section.
(B) All staff meetings or meetings of the review committee of members of the council established for the purpose of giving preliminary review of such applications shall be confidential and shall not be open to the public.
(3) Upon conclusion of the preliminary review of each request for a guaranty under this subchapter, if the request for guaranty is submitted to the council with a recommendation that it be approved, the application and all supporting documents, including the findings and the recommendations resulting from the staff or review committee thereof, shall be an open public record available for inspection during all regular business hours.
(4) In the event that an application from a municipality or county or the authority requesting a guaranty under this subchapter is not recommended for approval by the council, that application and all supporting documents, including all findings and recommendations in regard thereto by the staff or review committee, shall continue to be confidential and not open to public inspection.
(5) The municipality or county or the authority shall be notified in writing of any staff or review committee determination that the application is not being submitted to the council with a recommendation that it be approved. This notice shall advise the municipality or county or the authority that the application will be kept confidential unless the municipality or county or the authority, within thirty (30) days from the date of receipt of the written notice, shall file a petition with the council requesting that the council hold a hearing in regard to the application. In this event, the application and all supporting documents shall become public information available for public inspection.
(c) The membership of a review committee, when acting in that capacity, shall never be considered to constitute a quorum of the council for the purpose of approving an application for guaranty under this subchapter.
(d) No provision of this section shall be interpreted to create any private right against any member of the council or any member of its staff.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-201. Title.
This subchapter shall be referred to and may be cited as the “Municipalities and Counties Industrial Development Revenue Bond Law.”
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-201
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 14-164-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-206. Authority to issue revenue bonds.
(a) Municipalities and counties are authorized to use any available revenues for the accomplishment of the purposes set forth in § 14-164-205 and are authorized to issue revenue bonds and to loan and otherwise use the proceeds thereof for the accomplishment of the purposes set forth in § 14-164-205, either alone or together with other available funds and revenues.
(b)(1) The proceeds of bonds issued may be used or loaned to pay:
(A) All or any portion of the costs of accomplishing the specified purposes;
(B) All or any portion of the costs of issuing the bonds;
(C) The amount necessary for a reserve, if desirable;
(D) The amount necessary to provide debt service on the bonds until revenues for payment of the bonds are available; and
(E) Any other costs of whatever nature necessarily incidental to the accomplishment of the specified purposes.
(2)(A) In addition, revenue bonds are authorized for the purpose of refunding any bonds issued and outstanding by a municipality or county under the provisions of Arkansas Constitution, Amendment 49 [repealed], it being declared that the refunding will be in the best interest of the municipality or county involved and will be in furtherance of the purpose of securing and developing industry in that the tax levied for Arkansas Constitution, Amendment 49 [repealed] bonds being refunded will, by virtue of the refunding, be released and thereby made available for a subsequent bond issue under Arkansas Constitution, Amendment 49 [repealed].
(B) The bonds issued under this subchapter for the purpose of refunding Arkansas Constitution, Amendment 49 [repealed] bonds may be issued solely for that purpose or may be issued for that purpose and for the accomplishment of any other p
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-206
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 14-164-206. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-208. Adoption of bond ordinance or order.
(a)(1) Revenue bonds authorized by this subchapter may be issued by a municipality upon the adoption of an ordinance for that purpose by the governing body of the municipality.
(2) Revenue bonds authorized by this subchapter may be issued by a county upon the entry of an order of the county court of the county.
(b) The ordinance or order shall state the purpose for which the revenue bonds are to be issued and the total principal amount of the issue.
(c)(1) No ordinance or order shall be adopted or entered until after a public hearing is held before the governing body of the municipality or the county court of the county. However, no public hearing shall be required for the issuance of bonds for the purpose of refunding any obligations issued under this subchapter.
(2) At least ten (10) days prior to the date of the hearing, notice of it shall be published one (1) time in a newspaper of general circulation in the municipality or county.
(d) After the hearing, which may be adjourned from time to time, the ordinance or order as introduced or as modified or amended may be adopted or entered.
(e)(1) The notice provided for in this section shall be published by the mayor, clerk, or recorder of the municipality or by the county judge or county clerk of the county.
(2) It shall not be necessary that the action be taken by the governing body or county court to direct publication of the notice.
(f)(1)(A) A municipal ordinance authorizing bonds shall be published one (1) time in a newspaper of general circulation in the municipality.
(B) It shall not be necessary to publish a county court order authorizing bonds.
(C) It shall not be necessary to comply with general provisions of other laws dealing with the publ
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-208
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 14-164-208. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-224. No utility acquisition by municipality.
Nothing in this subchapter shall be construed to authorize any municipality to issue or sell revenue bonds, or use the proceeds thereof, to purchase, condemn, or otherwise acquire a utility plant or distribution system owned or operated by a regulated public utility.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-224
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 14-164-224. This identifies an authority to review, not proof of applicability.