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15-5-403. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-403. Definitions.
As used in this subchapter:
(1) “Act” means this subchapter;
(2) “ADFA Act” means the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316;
(3) “Amortization payments” means the periodic, that is, monthly, semiannual, annual, etc., payments of interest, whether at a fixed or variable rate, or premium, if any, and installments of principal of qualified bonds as required by the trust indenture relating to the bonds;
(4) “Authority” means the Arkansas Development Finance Authority;
(5) “Board” means the Board of Directors of the Arkansas Development Finance Authority;
(6) “Bond fund” means the Guaranty Bond Fund authorized in this subchapter from which bonds issued by the authority for the purpose of meeting the obligations of the Bond Guaranty Reserve Account are payable;
(7) “Bond Guaranty Reserve Account” means the account created in this subchapter for the purpose of:
(A) Meeting amortization payments of qualified bonds guaranteed by the authority; and
(B) Enhancing and supporting the credit of those qualified bonds;
(8) “Borrower” means the individual, entity, firm, or corporation, whether for profit or nonprofit, or city, county, other political subdivision, or state agency charged with developing the project under the terms of the trust indenture relating to qualified bonds;
(9) “Project” means the project for which the proceeds of qualified bonds are utilized;
(10) “Qualified bonds” means:
(A) Revenue bonds validly issued by the authority in accordance with the provisions of the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316;
(B) An obligation issued by the designated in
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-403
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:15-5-403
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4acf763bd9a56a133e3db36990a5fa0c23410e1ffcf2be52af2588cae4beff49
Source location: content.xml paragraph 7952
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15-5-403. Definitions.
As used in this subchapter:
(1) “Act” means this subchapter;
(2) “ADFA Act” means the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316;
(3) “Amortization payments” means the periodic, that is, monthly, semiannual, annual, etc., payments of interest, whether at a fixed or variable rate, or premium, if any, and installments of principal of qualified bonds as required by the trust indenture relating to the bonds;
(4) “Authority” means the Arkansas Development Finance Authority;
(5) “Board” means the Board of Directors of the Arkansas Development Finance Authority;
(6) “Bond fund” means the Guaranty Bond Fund authorized in this subchapter from which bonds issued by the authority for the purpose of meeting the obligations of the Bond Guaranty Reserve Account are payable;
(7) “Bond Guaranty Reserve Account” means the account created in this subchapter for the purpose of:
(A) Meeting amortization payments of qualified bonds guaranteed by the authority; and
(B) Enhancing and supporting the credit of those qualified bonds;
(8) “Borrower” means the individual, entity, firm, or corporation, whether for profit or nonprofit, or city, county, other political subdivision, or state agency charged with developing the project under the terms of the trust indenture relating to qualified bonds;
(9) “Project” means the project for which the proceeds of qualified bonds are utilized;
(10) “Qualified bonds” means:
(A) Revenue bonds validly issued by the authority in accordance with the provisions of the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316;
(B) An obligation issued by the designated investor group under the Venture Capital Investment Act of 2001, § 15-5-1401 et seq.; or
(C) Revenue bonds validly issued by a city or county under the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq.;
(11) “State” means the State of Arkansas; and
(12) “Supplemental Guaranty Reserve Account” means an account which may be established by the authority for the purpose of enhancing the Bond Guaranty Reserve Account.
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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.