(a) This subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be liberally construed.
(b) Nothing contained in this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be construed as a restriction or limitation upon any powers which the Arkansas Development Finance Authority might otherwise have under any other law of this state, and the provisions of this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 are cumulative to such powers. The provisions of this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be construed to provide a complete, additional, and alternative method for the doing of the things authorized and shall be regarded as supplemental and additional to powers conferred by any other laws.
(c) The issuance of bonds under the provisions of this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 need not comply with the requirements of any other state laws applicable to the issuance of bonds, notes, and other obligations, and it shall not be necessary to comply with general provisions of other laws dealing with public facilities, their acquisition, construction, leasing, encumbering, or disposition.
(d) No proceedings, notice, or approval shall be required for the issuance of any bonds or any instrument or the security therefor except as provided for in this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316.
(e) This chapter is intended to aid the state by creating an independent instrumentality of the state that exercises essential functions of the state with the power to fulfill the duties of the authority.
(f) Except as expressly provided in this chapter:(1) Action by the authority to conduct a proceeding, provide notice, or obtain approval is not required for the:(A) Purchase of a mortgage loan;(B) Making of a loan to a mortgage lender;(C) Acquisition of a mortgage;(D) Acquisition of or any dealing with respect to a mortgage property;(E) Issuance of bonds;(F) Execution of a mortgage, deed of trust, or trust indenture; or(G) Exercise of any other power given to the authority under this chapter; and(2) Rules adopted by the authority are exempt from the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
(1) Action by the authority to conduct a proceeding, provide notice, or obtain approval is not required for the:(A) Purchase of a mortgage loan;(B) Making of a loan to a mortgage lender;(C) Acquisition of a mortgage;(D) Acquisition of or any dealing with respect to a mortgage property;(E) Issuance of bonds;(F) Execution of a mortgage, deed of trust, or trust indenture; or(G) Exercise of any other power given to the authority under this chapter; and
(A) Purchase of a mortgage loan;
(B) Making of a loan to a mortgage lender;
(C) Acquisition of a mortgage;
(D) Acquisition of or any dealing with respect to a mortgage property;
(E) Issuance of bonds;
(F) Execution of a mortgage, deed of trust, or trust indenture; or
(G) Exercise of any other power given to the authority under this chapter; and
(2) Rules adopted by the authority are exempt from the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
(g) Upon request, the President of the Arkansas Development Finance Authority shall appear before the Legislative Council, or if the General Assembly is in session, the Joint Budget Committee, to report on any contract or procurement matter identified by the Legislative Council or the Joint Budget Committee.
(h) The authority and all records and other data of the authority are subject to inspection and audit by Arkansas Legislative Audit under § 10-4-416.