Browse Arkansas Code titles and sections
15-5-104. Construction.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-104. Construction.
(a) This subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be liberally construed.
(b) Nothing contained in this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be construed as a restriction or limitation upon any powers which the Arkansas Development Finance Authority might otherwise have under any other law of this state, and the provisions of this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 are cumulative to such powers. The provisions of this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be construed to provide a complete, additional, and alternative method for the doing of the things authorized and shall be regarded as supplemental and additional to powers conferred by any other laws.
(c) The issuance of bonds under the provisions of this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 need not comply with the requirements of any other state laws applicable to the issuance of bonds, notes, and other obligations, and it shall not be necessary to comply with general provisions of other laws dealing with public facilities, their acquisition, construction, leasing, encumbering, or disposition.
(d) No proceedings, notice, or approval shall be required for the issuance of any bonds or any instrument or the security therefor except as provided for in this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-104
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:15-5-104
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c9e38dd9be2482d90542c8401ac0dadea7540ae5d0efc62299b633f3a59c559e
Source location: content.xml paragraph 7307
Stored source content
15-5-104. Construction.
(a) This subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be liberally construed.
(b) Nothing contained in this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be construed as a restriction or limitation upon any powers which the Arkansas Development Finance Authority might otherwise have under any other law of this state, and the provisions of this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 are cumulative to such powers. The provisions of this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be construed to provide a complete, additional, and alternative method for the doing of the things authorized and shall be regarded as supplemental and additional to powers conferred by any other laws.
(c) The issuance of bonds under the provisions of this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 need not comply with the requirements of any other state laws applicable to the issuance of bonds, notes, and other obligations, and it shall not be necessary to comply with general provisions of other laws dealing with public facilities, their acquisition, construction, leasing, encumbering, or disposition.
(d) No proceedings, notice, or approval shall be required for the issuance of any bonds or any instrument or the security therefor except as provided for in this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-201. Creation of authority.
There is created, with such duties and powers as are hereinafter set forth to carry out the provisions of this subchapter and §§ 15-5-101 — 15-5-106 and 15-5-301 — 15-5-316, a public body politic and corporate, with corporate succession, to be an independent instrumentality exercising essential public functions, and to be known as the “Arkansas Development Finance Authority”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-201
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 15-5-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-211. Dissolution of the authority.
(a) The Arkansas Development Finance Authority may be dissolved by act of the General Assembly on condition that the authority has no debts or obligations outstanding or provision has been made for the payment or retirement of such debts or obligations.
(b) Upon any such dissolution of the authority, all property, funds, and assets thereof shall be vested in the state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-211
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 15-5-211. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-213. Correction Facilities Construction Fund.
(a) There is established on the books of the Arkansas Development Finance Authority a special restricted fund to be known as the “Correction Facilities Construction Fund”. This fund shall be administered in accordance with the provisions of this section.
(b) The fund shall receive moneys payable from the Treasurer of State in accordance with § 15-5-422. All moneys deposited into the fund and all income, interest, and earnings therefrom are declared to be cash funds restricted in their use and dedicated and are to be used solely for acquisition and construction of regional correction facilities for use by the Division of Correction, specifically including a regional correction facility in Chicot County, which facility will be leased to and utilized by the division.
(c) The fund shall be held and the amounts therein invested by the authority only in accordance with this section. The moneys in the fund shall be invested by the authority in accordance with the restrictions established for the Bond Guaranty Reserve Account provided for in § 15-5-407. The fund and the moneys in the fund shall not be part of the general funds of the authority subject to claims of the general creditors of the authority. The fund may be pledged by the authority upon proper authorization of the Board of Directors of the Arkansas Development Finance Authority only to secure repayment of obligations of the authority, the proceeds of which are used to construct or acquire correction facilities as specified in subsection (b) of this section.
(d) After July 1, 2008, as the authority no longer has outstanding obligations, the proceeds of which have been used to construct and acquire correction facilities as specified in subsection (b) of this s
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-213
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 15-5-213. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-301. Power to issue bonds.
(a) The Arkansas Development Finance Authority is authorized and empowered to issue bonds, whether or not the interest on the bonds is subject to federal income taxation, either for a specific activity or for a particular project or on a pooled or consolidated basis for a series of related or unrelated activities or projects in such amounts as shall be determined by the authority for the purpose of enhancing the Public School Fund or financing qualified agricultural business enterprises, capital improvement facilities, educational facilities, healthcare facilities, housing developments, industrial enterprises, exports of goods and short-term advance funding of local government obligations, scientific and technical services businesses, technology-based enterprises, tourism enterprises, nonprofit organizations, energy efficiency projects, or any combination of those facilities or enterprises, or any interest in facilities, including without limitation leasehold interests in and mortgages on those facilities.
(b) However, nothing in this subchapter and §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, and 15-5-213 shall be construed to authorize the authority 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) · 15-5-301
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 15-5-301. This identifies an authority to review, not proof of applicability.