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15-5-1503. Brownfield Revolving Loan Fund — Establishment — Uses.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1503. Brownfield Revolving Loan Fund — Establishment — Uses.
(a)(1) There is established on the books of the Arkansas Development Finance Authority a special restricted fund to be known as the “Brownfield Revolving Loan Fund”, which shall be maintained by the authority and administered by the Division of Environmental Quality for the purposes stated under this subchapter.
(2) The authority may create subaccounts within the fund, as necessary.
(b) Moneys in the fund shall be expended in a manner consistent with the terms and conditions of applicable federal and state grants and may be used to:
(1) Provide loans to prospective and actual purchasers of abandoned industrial, commercial, or agricultural sites for assessments, investigations, and remedial actions under § 8-7-1101 et seq.;
(2) Provide grants for assessments, investigations, and remedial actions under § 8-7-1101 et seq. or as consistent with federal law;
(3) Secure the payment of the principal, premium, and interest on and to pay costs incurred in connection with bonds issued by the authority if the net proceeds of the bonds are deposited into the fund;
(4) Fund administrative expenses relating to implementing this subchapter; and
(5) Provide for any other expenditures consistent with applicable federal or state law.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1503
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:15-5-1503
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c1b1f8cc85f8ad521dd7e05d4737c121e73cd8cfc8185f87a9d517118fba7a25
Source location: content.xml paragraph 9430
Stored source content
15-5-1503. Brownfield Revolving Loan Fund — Establishment — Uses.
(a)(1) There is established on the books of the Arkansas Development Finance Authority a special restricted fund to be known as the “Brownfield Revolving Loan Fund”, which shall be maintained by the authority and administered by the Division of Environmental Quality for the purposes stated under this subchapter.
(2) The authority may create subaccounts within the fund, as necessary.
(b) Moneys in the fund shall be expended in a manner consistent with the terms and conditions of applicable federal and state grants and may be used to:
(1) Provide loans to prospective and actual purchasers of abandoned industrial, commercial, or agricultural sites for assessments, investigations, and remedial actions under § 8-7-1101 et seq.;
(2) Provide grants for assessments, investigations, and remedial actions under § 8-7-1101 et seq. or as consistent with federal law;
(3) Secure the payment of the principal, premium, and interest on and to pay costs incurred in connection with bonds issued by the authority if the net proceeds of the bonds are deposited into the fund;
(4) Fund administrative expenses relating to implementing this subchapter; and
(5) Provide for any other expenditures consistent with applicable federal or state law.
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Arkansas Code — all titles (historical 2020) · legal_authorities
8-7-1101. Declaration of policy.
The General Assembly finds and declares as follows:
(1) The redevelopment of abandoned industrial, commercial, or agricultural sites or abandoned residential property should be encouraged as a sound land use management policy to prevent the needless development of prime farmland, open spaces, and natural and recreation areas and to prevent urban sprawl;
(2) The redevelopment of abandoned sites should be encouraged so that these abandoned sites can be returned to useful, tax-producing properties to protect existing jobs and provide new job opportunities;
(3) Persons interested in redeveloping abandoned sites should have a method of determining what their legal liabilities and cleanup responsibilities will be as they plan the reuse of abandoned sites;
(4) Incentives should be put in place to encourage prospective purchasers to voluntarily develop and implement cleanup plans of abandoned sites without the need for adversarial enforcement actions by the Division of Environmental Quality;
(5) The division now routinely determines, through its permitting policies, when contamination will and will not pose unacceptable risks to public health or the environment, and similar concepts are used in establishing cleanup policies for abandoned sites;
(6) Parties and persons responsible under the law for pollution at abandoned sites should perform remedial responses which are fully consistent with existing requirements;
(7) As an incentive to promote the redevelopment of abandoned industrial sites, persons not responsible for preexisting pollution at or contamination on abandoned industrial sites should meet alternative cleanup requirements if they acquire title after the nature of conditions at the abandoned industrial site has been dis
Source: Arkansas Code — historical release 78 (November 6, 2020) · 8-7-1101
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 8-7-1101. This identifies an authority to review, not proof of applicability.