Browse Arkansas Code titles and sections
15-5-308. Notice of issue — Disapproval.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-308. Notice of issue — Disapproval.
(a) Not less than thirty (30) days prior to the issuance of any bonds authorized under this subchapter and §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, and 15-5-213 with respect to any project or activity which is to be undertaken for the direct benefit of any person or entity which is not a state agency or a political subdivision, written notice of the intention of the Arkansas Development Finance Authority to provide financing and issue bonds therefor shall be given by the President of the Arkansas Development Finance Authority to the mayor of the municipality in which the project or activity is to be located, or, if the project or activity is not proposed to be located within a municipality, the notice shall be given to the county judge of the county.
(b) No bonds for the financing of the project or activity shall be issued by the authority or any other political subdivision or instrumentality of the state for a one-year period if, within fifteen (15) days after the giving of the notice, the legislative body of the political subdivision in which the project or activity is proposed to be located shall have duly enacted an ordinance or resolution stating express disapproval by the legislative body of the project or activity and the reasons therefor.
(c) Such disapproval shall not be effective unless a certified copy of the ordinance or resolution shall have been delivered to the president within twenty (20) days of the giving of notice by the president as herein required.
(d)(1) Any notice required by this section may be given by the mailing thereof or actual delivery thereof to the proper person, and it shall be conclusively presumed that any notice given by mail, with proper postage prepaid, has been timely received by
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-308
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:15-5-308
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5e683295fc14ca387ea6be7ed0051c55ae34d3cd29776bc009232a42d66a48bb
Source location: content.xml paragraph 7736
Stored source content
15-5-308. Notice of issue — Disapproval.
(a) Not less than thirty (30) days prior to the issuance of any bonds authorized under this subchapter and §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, and 15-5-213 with respect to any project or activity which is to be undertaken for the direct benefit of any person or entity which is not a state agency or a political subdivision, written notice of the intention of the Arkansas Development Finance Authority to provide financing and issue bonds therefor shall be given by the President of the Arkansas Development Finance Authority to the mayor of the municipality in which the project or activity is to be located, or, if the project or activity is not proposed to be located within a municipality, the notice shall be given to the county judge of the county.
(b) No bonds for the financing of the project or activity shall be issued by the authority or any other political subdivision or instrumentality of the state for a one-year period if, within fifteen (15) days after the giving of the notice, the legislative body of the political subdivision in which the project or activity is proposed to be located shall have duly enacted an ordinance or resolution stating express disapproval by the legislative body of the project or activity and the reasons therefor.
(c) Such disapproval shall not be effective unless a certified copy of the ordinance or resolution shall have been delivered to the president within twenty (20) days of the giving of notice by the president as herein required.
(d)(1) Any notice required by this section may be given by the mailing thereof or actual delivery thereof to the proper person, and it shall be conclusively presumed that any notice given by mail, with proper postage prepaid, has been timely received by the addressee.
(2) However, it shall not be necessary to give the notice provided for in this section if the project or activity is of such a nature that a public hearing has been held in the affected political subdivision with respect thereto and approval given in the manner required by 26 U.S.C. § 147(f).
(e) This section shall not apply to the issuance of bonds to provide financing on a pooled or consolidated basis for a series of related or unrelated activities or projects when the activities or projects have not been specifically identified prior to the issuance of the bonds.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Substantial user requirement**
(1) **In general** — Except as provided in subsection (h), a private activity bond shall not be a qualified bond for any period during which it is held by a person who is a substantial user of the facilities or by a related person of such a substantial user.
(2) **Related person** — For purposes of paragraph (1), the following shall be treated as related persons—
(A) 2 or more persons if the relationship between such persons would result in a disallowance of losses under section 267 or 707(b),
(B) 2 or more persons which are members of the same controlled group of corporations (as defined in section 1563(a), except that “more than 50 percent” shall be substituted for “at least 80 percent” each place it appears therein),
(C) a partnership and each of its partners (and their spouses and minor children), and
(D) an S corporation and each of its shareholders (and their spouses and minor children).
**(b) Maturity may not exceed 120 percent of economic life**
(1) **General rule** — Except as provided in subsection (h), a private activity bond shall not be a qualified bond if it is issued as part of an issue and—
(A) the average maturity of the bonds issued as part of such issue, exceeds
(B) 120 percent of the average reasonably expected economic life of the facilities being financed with the net proceeds of such issue.
(2) **Determination of averages** — For purposes of paragraph (1)—
(A) the average maturity of any issue shall be determined by taking into account the respective issue prices of the bonds issued as part of such issue, and
(B) the average reasonably expected economic life of the facilities being financed with any issue shall be determined by taking into account the respective cost of such facilit
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 147
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 147. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 691
TITLE 26—INTERNAL REVENUE CODE
§ 147
Subsec. (i)(2)(A). Pub. L. 100–647, § 1013(a)(28)(A),
amended subpar. (A) generally. Prior to amendment,
subpar. (A) read as follows: ‘‘the maturity date of the
bond to be refunded, or’’.
Subsec. (i)(3)(A). Pub. L. 100–647, § 1013(a)(28)(B),
amended subpar. (A) generally. Prior to amendment,
subpar. (A) read as follows: ‘‘the maturity date of the
bond to be refunded, or’’.
Subsec. (i)(4), (5). Pub. L. 100–647, § 1013(a)(28)(C),
added par. (4) and redesignated former par. (4) as (5).
Subsec. (k)(1). Pub. L. 100–647, § 1013(a)(10)(A), sub-
stituted ‘‘paragraphs (2) and (3)’’ for ‘‘paragraph (2)’’.
Subsec. (k)(3). Pub. L. 100–647, § 1013(a)(10)(B), added
par. (3).
1987—Subsec. (f)(5)(A). Pub. L. 100–203 amended sub-
par. (A) generally, as amended by Pub. L. 100–647,
§ 1013(a)(9), restating it without change. See 1988
Amendment note above.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2021 AMENDMENT
Amendment by section 80401(c) of Pub. L. 117–58 appli-
cable to obligations issued in calendar years beginning
after Nov. 15, 2021, see section 80401(d) of Pub. L. 117–58,
set out as a note under section 142 of this title.
Amendment by section 80402(c) of Pub. L. 117–58 appli-
cable to obligations issued after Dec. 31, 2021, see sec-
tion 80402(f) of Pub. L. 117–58, set out as a note under
section 45Q of this title.
EFFECTIVE DATE OF 2017 AMENDMENT
Amendment by Pub. L. 115–97 applicable to taxable
years beginning after Dec. 31, 2017, see section 11002(e)
of Pub. L. 115–97, set out as a note under section 1 of
this title.
EFFECTIVE DATE OF 2008 AMENDMENT
Amendment by section 3007(a) of Pub. L. 110–289 ap-
plicable to repayments of loans received after July 30,
2008, see section 3007(c) of Pub.
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 147
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 147. This identifies an authority to review, not proof of applicability.
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
15-5-201. 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.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-211. Dissolution of the authority.
(a) The Arkansas Development Finance Authority may be dissolved by act of the General Assembly on condition that the authority has no debts or obligations outstanding or provision has been made for the payment or retirement of such debts or obligations.
(b) Upon any such dissolution of the authority, all property, funds, and assets thereof shall be vested in the state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-211
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 15-5-211. This identifies an authority to review, not proof of applicability.