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15-5-303. Exclusive issuer of revenue bonds for public facilities.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-303. Exclusive issuer of revenue bonds for public facilities.
It is the intention of the General Assembly that the Arkansas Development Finance Authority shall be the exclusive issuer of revenue bonds for public facilities acquired or constructed for the benefit of state agencies, except the respective boards of trustees of state-supported institutions of higher education, the Career Education and Workforce Development Board, the State Board of Finance, and the Arkansas Economic Development Council when issuing bonds pursuant to §§ 15-4-604, 15-4-605, and 15-4-608, and the Industrial Development Guaranty Bond Act, § 15-4-701 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-303
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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Stable record: arkansas_code:legal_authorities:15-5-303
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f3a9accb9dbe10b76fa33abb5b8d8fc8b2fb2427705fc92ff8e036b87299303b
Source location: content.xml paragraph 7681
Stored source content
15-5-303. Exclusive issuer of revenue bonds for public facilities.
It is the intention of the General Assembly that the Arkansas Development Finance Authority shall be the exclusive issuer of revenue bonds for public facilities acquired or constructed for the benefit of state agencies, except the respective boards of trustees of state-supported institutions of higher education, the Career Education and Workforce Development Board, the State Board of Finance, and the Arkansas Economic Development Council when issuing bonds pursuant to §§ 15-4-604, 15-4-605, and 15-4-608, and the Industrial Development Guaranty Bond Act, § 15-4-701 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-604. When bonds may be guaranteed — Standards and rules for evaluations.
(a) Amortization payments on Act No. 9 bonds and ADFA bonds may be guaranteed in instances when:
(1) Substantial employment is involved;
(2) The total principal amount of all outstanding Act No. 9 bonds and ADFA bonds under guaranty is not in excess of one hundred million dollars ($100,000,000);
(3) No one (1) issue or series of Act No. 9 bonds or ADFA bonds guaranteed under this section shall exceed five million dollars ($5,000,000) in principal amount;
(4) The user of the industrial project involved is not permitted to purchase or own at any time any of such bonds; and
(5) The user is found to be financially responsible and the full payment of the interest and principal amount of the bonds may reasonably be expected.
(b) The Arkansas Economic Development Council shall promulgate standards and rules for the evaluation of the financial condition and business history of users.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-604
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 15-4-604. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-605. Revenue Bond Guaranty Reserve Account — Investment of funds.
(a) The Arkansas Economic Development Council is authorized to:
(1)(A) Establish a Revenue Bond Guaranty Reserve Account, sometimes referred to in this subchapter as the “account”, in any Arkansas bank that is a member of the Federal Deposit Insurance Corporation.
(B) Each account shall be in the name of the council, and the amount thereof in excess of that insured by the Federal Deposit Insurance Corporation must be secured by direct obligations of the United States or general obligations of the State of Arkansas or political subdivisions thereof; and
(2)(A) Invest funds in the account in either direct obligations of the United States or certificates of deposit issued by an Arkansas bank or banks.
(B) All moneys received by the council under and pursuant to the provisions of this subchapter shall be deposited as and when received into the account.
(C) It is the intent of this subchapter that idle funds in the account shall be invested in direct obligations of the United States or certificates of deposit issued by an Arkansas bank or banks, as provided in this section, in order that maximum interest return may be received by the account.
(b) All moneys now or hereafter deposited into, or paid to the council for deposit into, the account are specifically declared to be cash funds, received from sources other than taxes, restricted in their use. These moneys shall not be deposited into the State Treasury but shall be deposited into one (1) or more banks, as set forth in subsection (a) of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-605
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 15-4-605. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-608. Guaranty agreement provisions.
Guaranty agreements entered into by the Arkansas Economic Development Council under the provisions of this subchapter with respect to Act No. 9 bonds issued by any municipality or county or the Arkansas Development Finance Authority shall provide, among other things, that:
(1)(A) The council guarantees and the council is required to use the funds on deposit in the Revenue Bond Guaranty Reserve Account to meet amortization payments as guaranteed under this subchapter as the payments become due in the event and to the extent the issuer of the bonds is unable to meet such payments in accordance with the terms of the bond indenture when called on to do so by the trustee of the bondholders.
(B) Whenever the council, acting under the terms of the guaranty agreement, deems it necessary to assume the obligation of maintenance of any building or facility, the amortization payments of which the council has guaranteed under the provisions of this subchapter, the council may use funds on deposit in the account to pay insurance and maintenance costs required for the preservation of the building or facility and to protect the reserve account from loss or to minimize losses in such manner as deemed necessary and advisable by the council; and
(2)(A) The guaranty shall not be a general obligation of the council or of the State of Arkansas but shall be a special obligation. In no event shall the guaranty constitute an indebtedness of the council or of the State of Arkansas within the meaning of any constitutional or statutory limitation.
(B) Each guaranty agreement shall:
(i) Have plainly stated on the face thereof that:
(a) It has been entered into under the provisions of this subchapter;
(b) It does not constitute an indebtedness
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-608
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 15-4-608. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-701. Title.
This subchapter shall be known and may be cited as the “Industrial Development Guaranty Bond Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-701
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 15-4-701. This identifies an authority to review, not proof of applicability.