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15-5-204. Prohibition on personal interests in contracts.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-204. Prohibition on personal interests in contracts.
(a)(1) No officer or employee of the Arkansas Development Finance Authority for purpose of personal gain shall have or attempt to have, directly or indirectly, any interest in any contract or agreement of the authority in connection with the sale or purchase of any bonds or investments of the authority.
(2) The General Assembly finds and declares, in furtherance of the public purposes set forth in § 15-5-201, that it shall not be deemed a violation of the provisions of this section if any member of the Board of Directors of the Arkansas Development Finance Authority or any firm owned by a member or by which a member is employed, shall participate in any program of the authority, provided that such participation shall be on the same terms and subject to the same conditions governing all other participants in the program.
(b) Any member, officer, employee, or agent of the authority who is found guilty of violating this section is barred from public employment in the state in any capacity for a period of five (5) years from the date he or she was found guilty of violating this section, in addition to such other penalties as may be provided by law.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-204
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:15-5-204
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 345ce55005a52c78374e3cfa0d948190c0da9f0447d7056d4c2884f6293e084d
Source location: content.xml paragraph 7417
Stored source content
15-5-204. Prohibition on personal interests in contracts.
(a)(1) No officer or employee of the Arkansas Development Finance Authority for purpose of personal gain shall have or attempt to have, directly or indirectly, any interest in any contract or agreement of the authority in connection with the sale or purchase of any bonds or investments of the authority.
(2) The General Assembly finds and declares, in furtherance of the public purposes set forth in § 15-5-201, that it shall not be deemed a violation of the provisions of this section if any member of the Board of Directors of the Arkansas Development Finance Authority or any firm owned by a member or by which a member is employed, shall participate in any program of the authority, provided that such participation shall be on the same terms and subject to the same conditions governing all other participants in the program.
(b) Any member, officer, employee, or agent of the authority who is found guilty of violating this section is barred from public employment in the state in any capacity for a period of five (5) years from the date he or she was found guilty of violating this section, in addition to such other penalties as may be provided by law.
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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.