Browse Arkansas Code titles and sections
15-5-1411. Creation of the Arkansas Venture Capital Development Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1411. Creation of the Arkansas Venture Capital Development Fund.
(a) There is established the Arkansas Venture Capital Development Fund, and within that Arkansas Venture Capital Development Fund the Arkansas Venture Capital Development Fund Account, which Arkansas Venture Capital Development Fund and Arkansas Venture Capital Development Fund Account shall be held by and maintained as a separate fund and separate account within the Venture Capital Investment Trust.
(b)(1) The Arkansas Venture Capital Development Fund is a Direct Fund, as defined in § 15-5-703, created for the purpose of providing financial assistance to technology-based enterprises located in Arkansas with the expectation of:
(A) Developing jobs paying in excess of county and state average wages;
(B) Improving the growth, development, and advancement of technology-based enterprises; and
(C) Converting research and development activities and early stage technology-based enterprises into viable and productive commercial ventures.
(2) The Arkansas Venture Capital Development Fund shall target financial assistance toward:
(A) Technology-based enterprises that are in the early stages of development and that are not yet able to attract adequate private sources of traditional financing or venture or investor-backed capital for their growth and development; and
(B) Venture capital funds that have a direct connection to Arkansas and are focused on providing equity capital or near-equity capital to technology-based enterprises.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1411
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:15-5-1411
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e553591498b67adbba7350f91df27d3bc1cf68c1196ea65519285d6a7fb1c22b
Source location: content.xml paragraph 9344
Stored source content
15-5-1411. Creation of the Arkansas Venture Capital Development Fund.
(a) There is established the Arkansas Venture Capital Development Fund, and within that Arkansas Venture Capital Development Fund the Arkansas Venture Capital Development Fund Account, which Arkansas Venture Capital Development Fund and Arkansas Venture Capital Development Fund Account shall be held by and maintained as a separate fund and separate account within the Venture Capital Investment Trust.
(b)(1) The Arkansas Venture Capital Development Fund is a Direct Fund, as defined in § 15-5-703, created for the purpose of providing financial assistance to technology-based enterprises located in Arkansas with the expectation of:
(A) Developing jobs paying in excess of county and state average wages;
(B) Improving the growth, development, and advancement of technology-based enterprises; and
(C) Converting research and development activities and early stage technology-based enterprises into viable and productive commercial ventures.
(2) The Arkansas Venture Capital Development Fund shall target financial assistance toward:
(A) Technology-based enterprises that are in the early stages of development and that are not yet able to attract adequate private sources of traditional financing or venture or investor-backed capital for their growth and development; and
(B) Venture capital funds that have a direct connection to Arkansas and are focused on providing equity capital or near-equity capital to technology-based enterprises.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-703. Definitions.
As used in this subchapter:
(1) “Agencies of the United States Government” means federal agencies empowered to make direct loans and provide guaranties backed by the United States Government;
(2) “Amortization payments” means periodic, i.e., monthly, semiannual, annual, etc., payment of interest on and installments of principal of loans guaranteed by the Small Business Revolving Loan Fund;
(3) “Arkansas Development Finance Authority guaranty” means:
(A) A special obligation of the Small Business Revolving Loan Fund; or
(B) A special obligation of the Bond Guaranty Reserve Account as defined in § 15-5-403;
(4) “Arkansas Development Finance Authority guaranty premium payment” means a premium payment or payments made to the Bond Guaranty Reserve Account by borrowers receiving guaranties;
(5) “Arkansas Development Finance Authority loans” means direct loans from the Small Business Revolving Loan Fund or from direct loans made by the authority in accordance with provisions of the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316;
(6) “Authority” means the Arkansas Development Finance Authority;
(7) “Board” means the Board of Directors of the Arkansas Development Finance Authority;
(8) “Direct Fund” means a cash fund used for qualified investments to invest exclusively in Arkansas small businesses, preferably as a co-investor with other professional venture investors or accredited investors as defined in § 15-5-1403, consisting of the total dollar amount of cash funds of the authority from any combination of:
(A) The Venture Capital Investment Trust as defined in § 15-5-1403 that is dedicated and made available by the board; and
(B) An authorized source und
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-703
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 15-5-703. This identifies an authority to review, not proof of applicability.