Browse Arkansas Code titles and sections
15-5-209. Disposition and use of funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-209. Disposition and use of funds.
(a) All revenues received by the Arkansas Development Finance Authority, except revenues derived from appropriations, are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided in this subchapter and §§ 15-5-101 — 15-5-106 and 15-5-301 — 15-5-316.
(b) The authority is authorized and empowered to use the proceeds of any bond issues, together with any other available funds, for the making of loans, purchasing mortgages, security interests in loan participations as herein authorized and paying all incidental expenses in connection therewith, paying expenses of authorizing and issuing the bonds, paying interest on the bonds until revenues thereof are available in sufficient amounts, and funding such reserves as the authority deems necessary and desirable.
(c) All moneys received by the authority, other than moneys received by virtue of an appropriation, are specifically declared to be cash funds restricted in their use and to be used solely as provided herein.
(d) No moneys of the authority other than moneys received by appropriation shall be deposited into the State Treasury.
(e) No part of the funds of the authority shall inure to the benefit of or be distributed to its employees or officers or the Board of Directors of the Arkansas Development Finance Authority, except that the authority shall be authorized and empowered to pay its employees reasonable compensation.
(f) The revenues pledged to any bonds of the authority shall not be deposited into the State Treasury but when received shall be deposited by the authority into an account or accounts in a depository or depositories specified by resolution of the authority and used by the authority solely for the purpos
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-209
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:15-5-209
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 470020879f248727cc792512053843c726a1fb56f9c026d47e6ef4b06c22f26e
Source location: content.xml paragraph 7549
Stored source content
15-5-209. Disposition and use of funds.
(a) All revenues received by the Arkansas Development Finance Authority, except revenues derived from appropriations, are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided in this subchapter and §§ 15-5-101 — 15-5-106 and 15-5-301 — 15-5-316.
(b) The authority is authorized and empowered to use the proceeds of any bond issues, together with any other available funds, for the making of loans, purchasing mortgages, security interests in loan participations as herein authorized and paying all incidental expenses in connection therewith, paying expenses of authorizing and issuing the bonds, paying interest on the bonds until revenues thereof are available in sufficient amounts, and funding such reserves as the authority deems necessary and desirable.
(c) All moneys received by the authority, other than moneys received by virtue of an appropriation, are specifically declared to be cash funds restricted in their use and to be used solely as provided herein.
(d) No moneys of the authority other than moneys received by appropriation shall be deposited into the State Treasury.
(e) No part of the funds of the authority shall inure to the benefit of or be distributed to its employees or officers or the Board of Directors of the Arkansas Development Finance Authority, except that the authority shall be authorized and empowered to pay its employees reasonable compensation.
(f) The revenues pledged to any bonds of the authority shall not be deposited into the State Treasury but when received shall be deposited by the authority into an account or accounts in a depository or depositories specified by resolution of the authority and used by the authority solely for the purpose of carrying out the provisions of this subchapter and §§ 15-5-101 — 15-5-106 and 15-5-301 — 15-5-316 and in conformity with the provisions of any resolution or any indenture securing bonds of the authority or other agreement entered into by the authority pursuant to the provisions of this subchapter and §§ 15-5-101 — 15-5-106 and 15-5-301 — 15-5-316.
(g) Any revenues at any time held by the authority in excess of the amount necessary to accomplish the purposes of this subchapter and §§ 15-5-101 — 15-5-106 and 15-5-301 — 15-5-316 and to comply with all covenants and agreements of the authority relating thereto may by resolution of the board be declared to be surplus moneys and may be designated for deposit to such other fund or funds as the General Assembly may deem appropriate.
(h) The authority may create and establish one (1) or more special funds or accounts as appropriate to secure bonds issued under this subchapter and §§ 15-5-101 — 15-5-106 and 15-5-301 — 15-5-316, as determined by the authority.
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
15-5-101. Title.
This subchapter, §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be referred to as and may be cited as the “Arkansas Development Finance Authority Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-101
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 15-5-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-106. Bonds.
The Arkansas Development Finance Authority is authorized to issue bonds for residential community developments.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-106
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 15-5-106. 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.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-316. No personal liability.
No director or officer of the Arkansas Development Finance Authority shall be liable personally for any reason arising from the issuance of bonds under this subchapter unless he or she shall have acted with a corrupt intent.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-316
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 15-5-316. This identifies an authority to review, not proof of applicability.