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15-5-1804. Issuance of bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1804. Issuance of bonds.
(a) Upon the request of a state entity, the Arkansas Development Finance Authority may issue bonds for the purpose of:
(1) Providing financing or refinancing for an energy efficiency project;
(2) Refunding bonds issued under this subchapter; and
(3) Paying the costs of issuing the bonds.
(b)(1) The bonds may be:
(A) Secured by a pledge of the savings derived from the energy efficiency project; and
(B) Paid from general revenues, special revenues, revenues derived from taxes, or any other revenues available to the state entity.
(2) A state entity may pledge or assign any guaranteed energy savings contract to secure the bonds.
(3) A state entity may enter into a long-term loan agreement with the authority to secure the bonds.
(4) Notwithstanding any law to the contrary, a state entity may use maintenance and operations appropriations to pay for an energy efficiency project.
(c)(1)(A) Bonds issued under this subchapter shall:
(i) Be authorized by a resolution of the state entity and the Board of Directors of the Arkansas Development Finance Authority; and
(ii) Have the form and characteristics and bear the designations provided in the resolution and permitted under this chapter, including without limitation §§ 15-5-301 — 15-5-317.
(B) The resolution under subdivision (c)(1)(A)(i) of this section may include the provisions and covenants that the state entity or the board determines to be necessary.
(2) The board may:
(A) Require additional proceedings; and
(B) Approve and have executed any other proceedings, agreements, trust agreements, or other instruments necessary or convenient to the issuance of the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1804
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:15-5-1804
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 30f5103ceeff965dd15c40de8e349cf87b1bccfe9facdbe14c0333b0c28c3a51
Source location: content.xml paragraph 9761
Stored source content
15-5-1804. Issuance of bonds.
(a) Upon the request of a state entity, the Arkansas Development Finance Authority may issue bonds for the purpose of:
(1) Providing financing or refinancing for an energy efficiency project;
(2) Refunding bonds issued under this subchapter; and
(3) Paying the costs of issuing the bonds.
(b)(1) The bonds may be:
(A) Secured by a pledge of the savings derived from the energy efficiency project; and
(B) Paid from general revenues, special revenues, revenues derived from taxes, or any other revenues available to the state entity.
(2) A state entity may pledge or assign any guaranteed energy savings contract to secure the bonds.
(3) A state entity may enter into a long-term loan agreement with the authority to secure the bonds.
(4) Notwithstanding any law to the contrary, a state entity may use maintenance and operations appropriations to pay for an energy efficiency project.
(c)(1)(A) Bonds issued under this subchapter shall:
(i) Be authorized by a resolution of the state entity and the Board of Directors of the Arkansas Development Finance Authority; and
(ii) Have the form and characteristics and bear the designations provided in the resolution and permitted under this chapter, including without limitation §§ 15-5-301 — 15-5-317.
(B) The resolution under subdivision (c)(1)(A)(i) of this section may include the provisions and covenants that the state entity or the board determines to be necessary.
(2) The board may:
(A) Require additional proceedings; and
(B) Approve and have executed any other proceedings, agreements, trust agreements, or other instruments necessary or convenient to the issuance of the bonds.
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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.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-317. Power to enter into an interest rate exchange agreement or similar agreement or contract.
(a) In connection with bonds issued before, on, or after March 18, 2003, the Arkansas Development Finance Authority shall have the power to:
(1)(A) Enter into an interest rate exchange agreement or similar agreement or contract with any person on a competitive or negotiated basis under the terms and conditions as the authority shall determine.
(B) The terms and conditions of the agreements under subdivision (a)(1)(A) of this section in which the authority may enter shall include terms as to default or early termination and indemnification by the authority or any other party to the agreement for loss of benefits as a result of default or early termination;
(2) Procure insurance, letters of credit, or other credit enhancement with respect to an interest rate exchange agreement or similar agreement or contract;
(3) Provide security for the payment or performance of its obligations with respect to an interest rate exchange agreement or similar agreement or contract in accordance with existing state law governing security for its bonds; and
(4) Modify, amend, or replace an interest rate exchange agreement or similar agreement or contract.
(b) Any interest rate exchange agreement or similar agreement or contract entered into under this section is subject to the following limitations, and the authority shall not enter into an interest rate exchange agreement or similar agreement or contract unless:
(1) The counterparty to the agreement has obtained a credit rating from at least one (1) nationally recognized statistical rating agency that is at least equal to the lowest investment grade rating of any of the authority's bonds by the rating agency or the payment obl
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-317
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 15-5-317. This identifies an authority to review, not proof of applicability.