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15-5-405. When bonds may be guaranteed.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-405. When bonds may be guaranteed.
Amortization payments on qualified bonds may be guaranteed in instances when:
(1) The Arkansas Development Finance Authority deems the utilization of the guaranty is in the best interest of the economic development of the State of Arkansas;
(2) The total amount of qualified bonds guaranteed at any time under this subchapter will be the lesser of:
(A) One hundred fifty million dollars ($150,000,000); or
(B) An amount equal to ten (10) times the amount on deposit at that time in the Bond Guaranty Reserve Account;
(3) The borrower involved is not permitted to purchase or own at any time any of such bonds;
(4) The borrower is found to be financially responsible and that sufficient income may reasonably be expected to amortize in an orderly manner amortization payments of the qualified bonds; and
(5)(A) A financial institution participates in the financing necessary to accomplish the project.
(B) However, the authority may waive this requirement, in the exercise of its sound discretion, upon a sufficient showing by the borrower that such participation cannot be obtained or is not feasible because of justifiable circumstances and that the project involved otherwise meets the other conditions of this section and § 15-5-406.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-405
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:15-5-405
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: dc097b25cf3624a61fd21836f905642b96cb74d3c3b55b6a97f467209b7a228b
Source location: content.xml paragraph 7988
Stored source content
15-5-405. When bonds may be guaranteed.
Amortization payments on qualified bonds may be guaranteed in instances when:
(1) The Arkansas Development Finance Authority deems the utilization of the guaranty is in the best interest of the economic development of the State of Arkansas;
(2) The total amount of qualified bonds guaranteed at any time under this subchapter will be the lesser of:
(A) One hundred fifty million dollars ($150,000,000); or
(B) An amount equal to ten (10) times the amount on deposit at that time in the Bond Guaranty Reserve Account;
(3) The borrower involved is not permitted to purchase or own at any time any of such bonds;
(4) The borrower is found to be financially responsible and that sufficient income may reasonably be expected to amortize in an orderly manner amortization payments of the qualified bonds; and
(5)(A) A financial institution participates in the financing necessary to accomplish the project.
(B) However, the authority may waive this requirement, in the exercise of its sound discretion, upon a sufficient showing by the borrower that such participation cannot be obtained or is not feasible because of justifiable circumstances and that the project involved otherwise meets the other conditions of this section and § 15-5-406.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-406. Standards and rules for evaluations.
The Arkansas Development Finance Authority shall promulgate standards and rules for the evaluation of the financial condition and business history of developers and may require the attachment to each application for guaranty under this subchapter of a financial report and evaluation by an independent certified public accounting firm, in addition to such examination and evaluation as the authority may make, in determining whether the developer meets prescribed minimum standards and qualifications before entering into any guaranty under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-406
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 15-5-406. This identifies an authority to review, not proof of applicability.