Browse Arkansas Code titles and sections
22-3-1403. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
22-3-1403. Definitions.
As used in this subchapter:
(1) “Agency” or “state agency” means any agency, board, office, commission, department, division, or institution of the State of Arkansas;
(2) “Authority” means the Arkansas Development Finance Authority created pursuant to the Arkansas Development Finance Authority Act, § 15-5-101 et seq., §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316;
(3) “Bonds” or “revenue bonds” means any bonds, notes, debentures, interim certificates, grant and revenue anticipation notes, interest in a lease, lease certificates of participation, or evidences of indebtedness, whether or not the interest on them is subject to federal income taxation; and
(4) “Construct” means to acquire, construct, reconstruct, remodel, install, and equip any lands, buildings, structures, improvements, or other property, real, personal, or mixed, useful in connection therewith and to make other necessary expenditures in connection therewith by such methods and in such manner as the Building Authority Division shall determine to be necessary or desirable to accomplish the powers, purposes, and authority set forth in this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 22-3-1403
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:22-3-1403
Source file: gov.ar.code.title.22.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4b71e5a096519dd8c373118b3c9b33b3143cabf16b0815975f9b0743b755f1c8
Source location: content.xml paragraph 2579
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22-3-1403. Definitions.
As used in this subchapter:
(1) “Agency” or “state agency” means any agency, board, office, commission, department, division, or institution of the State of Arkansas;
(2) “Authority” means the Arkansas Development Finance Authority created pursuant to the Arkansas Development Finance Authority Act, § 15-5-101 et seq., §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316;
(3) “Bonds” or “revenue bonds” means any bonds, notes, debentures, interim certificates, grant and revenue anticipation notes, interest in a lease, lease certificates of participation, or evidences of indebtedness, whether or not the interest on them is subject to federal income taxation; and
(4) “Construct” means to acquire, construct, reconstruct, remodel, install, and equip any lands, buildings, structures, improvements, or other property, real, personal, or mixed, useful in connection therewith and to make other necessary expenditures in connection therewith by such methods and in such manner as the Building Authority Division shall determine to be necessary or desirable to accomplish the powers, purposes, and authority set forth in this subchapter.
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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
15-5-201. 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.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-213. Correction Facilities Construction Fund.
(a) There is established on the books of the Arkansas Development Finance Authority a special restricted fund to be known as the “Correction Facilities Construction Fund”. This fund shall be administered in accordance with the provisions of this section.
(b) The fund shall receive moneys payable from the Treasurer of State in accordance with § 15-5-422. All moneys deposited into the fund and all income, interest, and earnings therefrom are declared to be cash funds restricted in their use and dedicated and are to be used solely for acquisition and construction of regional correction facilities for use by the Division of Correction, specifically including a regional correction facility in Chicot County, which facility will be leased to and utilized by the division.
(c) The fund shall be held and the amounts therein invested by the authority only in accordance with this section. The moneys in the fund shall be invested by the authority in accordance with the restrictions established for the Bond Guaranty Reserve Account provided for in § 15-5-407. The fund and the moneys in the fund shall not be part of the general funds of the authority subject to claims of the general creditors of the authority. The fund may be pledged by the authority upon proper authorization of the Board of Directors of the Arkansas Development Finance Authority only to secure repayment of obligations of the authority, the proceeds of which are used to construct or acquire correction facilities as specified in subsection (b) of this section.
(d) After July 1, 2008, as the authority no longer has outstanding obligations, the proceeds of which have been used to construct and acquire correction facilities as specified in subsection (b) of this s
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-213
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 15-5-213. This identifies an authority to review, not proof of applicability.