Title 15 — Natural Resources and Economic Development
42 chapters · 1,687 sections in this title.
Ark. Code Ann. § 15-4-3009 Authorization of bonds
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(a) (1) The bonds shall be authorized by resolution of the Arkansas Development Finance Authority.(2) Each resolution shall contain terms, covenants, and conditions as deemed desirable, including without limitation, those pertaining to:(A) The establishment and maintenance of fun…
Ark. Code Ann. § 15-4-301 Title
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This subchapter shall be known and may be cited as the “Minority and Women-Owned Business Economic Development Act”.
Ark. Code Ann. § 15-4-3010 Form and delivery of bonds
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(a) Each bond shall:(1) Be signed with the manual or facsimile signatures of the Governor, the Chair of the Board of Directors of the Arkansas Development Finance Authority, and the Treasurer of State; and(2) Have affixed, imprinted, or lithographed on the bond the Great Seal of …
Ark. Code Ann. § 15-4-3011 Sale and price of bonds
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(a) The bonds may be sold in the manner, either at public or private sale, and upon terms as determined by the Arkansas Development Finance Authority to be reasonable and expedient for effectuating the purposes of this subchapter. (b) The bonds may be sold at the price the author…
Ark. Code Ann. § 15-4-3012 Deposit of bond proceeds
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(a) The proceeds from the sale of the bonds, together with all revenues derived by the Arkansas Development Finance Authority from any superproject financed or refinanced under this subchapter shall be deposited by the recipient, as received, into trust funds either established i…
Ark. Code Ann. § 15-4-3013 Powers of Arkansas Economic Development Commission
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(1) In addition to powers conferred under other laws, the Arkansas Economic Development Commission may take any action necessary to carry out the purposes of this subchapter, including the power to:(1) Provide loans and grants from bond proceeds or project revenues to local entit…
Ark. Code Ann. § 15-4-3014 General obligations bonds
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(a) The bonds shall be direct general obligations of the state for the payment of debt service on which the full faith and credit of the state are irrevocably pledged so long as any of the bonds are outstanding. (b) The bonds shall be payable from the Economic Development Superpr…
Ark. Code Ann. § 15-4-3015 Annual determination of moneys required for bond repayment
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(a) (1) On or before commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for payment of all or a part of the debt service on the bonds issued during the fiscal year and deduct therefrom the estimated moneys to be a…
Ark. Code Ann. § 15-4-3016 Exemption from taxes
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(a) All bonds issued under this subchapter and interest on the bonds are exempt from all state and local taxes. (b) The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of bank, fiduciary, insurance company, trust, and public funds.…
Ark. Code Ann. § 15-4-3017 Refunding bonds
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(a) (1) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to this subchapter.(2) The Arkansas Development Finance Authority shall not be required to include bonds issued pursuant to this section in any written plan submit…
Ark. Code Ann. § 15-4-3018 Contractual obligations of state — Enforcement
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(a) This subchapter shall constitute a contract between the state and the registered owners of all bonds issued under this subchapter that shall never be impaired, and any violation of its terms, whether under purported legislative authority or otherwise, shall be enjoined by the…
Ark. Code Ann. § 15-4-3019 No rights until first series of bonds sold and delivered — Outstanding bonds unaffected
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(a) This subchapter shall not create any right of any character, and no right of any character shall arise under this subchapter unless and until the first series of bonds authorized by this subchapter are sold and delivered. (b) The issuance of bonds authorized by this subchapte…
Ark. Code Ann. § 15-4-302 Purpose — Goals — Notice
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(a) The General Assembly finds that it is the policy of the State of Arkansas to support equal opportunity as well as economic development in every sector. (b) The General Assembly recognizes that it is the purpose of this subchapter to support to the fullest all possible partici…
Ark. Code Ann. § 15-4-3020 Consent by qualified electors to issue bonds
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(a) No bonds shall be issued under this subchapter except by and with the consent of a majority of the qualified electors of the state voting on the question in substantially the form described in this section at a special election called by proclamation of the Governor. (b) The …
Ark. Code Ann. § 15-4-3021 Vote on issuance of bonds by qualified electors
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(a) If a majority of the qualified electors voting on the question vote for the issuance of the bonds, the Arkansas Development Finance Authority shall proceed with the sale and the issuance of the bonds as provided in this subchapter. (b) If a majority of the qualified electors …
Ark. Code Ann. § 15-4-3022 Legal actions heard as preferred cause — Appeals
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Any case involving the validity of this subchapter or involving the bonds issued under this subchapter shall be deemed of public interest and shall be advanced by all courts and heard as a preferred cause, and all appeals from judgments or decrees rendered in the cases must be ta…
Ark. Code Ann. § 15-4-3023 Construction
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(1) This subchapter shall:(1) Be liberally construed to accomplish its purposes;(2) Constitute the sole authority necessary to accomplish its purposes; and(3) (A) Be interpreted to supplement existing laws conferring rights and powers upon the Arkansas Development Finance Authori…
Ark. Code Ann. § 15-4-303 Definitions
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(1) As used in this subchapter:(1) (A) “Exempt” means goods and services classified as exempt for the purpose of administering this subchapter.(B) The classification shall be determined by the Office of State Procurement and the Division of Minority and Women-owned Business Enter…
Ark. Code Ann. § 15-4-304 Creation
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(1) The Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission:(1) Is established and confirmed within the Arkansas Economic Development Commission;(2) Shall be operated as a division within the commission; and(3) Shall perform th…
Ark. Code Ann. § 15-4-305 Administrator
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(a) The head of the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission is the Administrator of the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission. (b) The administrator…
Ark. Code Ann. § 15-4-306 Duties
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(1) The Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission shall:(1) Provide technical, managerial, and counseling services and assistance to minority business enterprises and women-owned business enterprises;(2) With the part…
Ark. Code Ann. § 15-4-307 Minority and Women-owned Business Advisory Council
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(a) The Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission shall be represented by a statewide Minority and Women-owned Business Advisory Council and shall report to that council. (b) (1) The council shall consist of nine (9) …
Ark. Code Ann. § 15-4-308 Administration
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(a) The Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission and the Office of State Procurement shall serve as the principal coordinators of the initiative to ensure the successful implementation of this subchapter. (b) The div…
Ark. Code Ann. § 15-4-309 Exempt contracts
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Upon the approval of the Minority and Women-owned Business Advisory Council, the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission and the Office of State Procurement shall determine the classifications of state contracts to …
Ark. Code Ann. § 15-4-310 Minority and women-owned business officer
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(a) Each state agency shall designate an individual as its minority and women-owned business officer. (b) The minority and women-owned business officer shall be the person within the state agency with whom the Division of Minority and Women-owned Business Enterprise of the Arkans…
Ark. Code Ann. § 15-4-311 Annual minority and women-owned purchasing plan
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(a) Prior to June 30 each year, each state agency shall submit to the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission and the Office of State Procurement a minority and women-owned purchasing plan that shall outline the sta…
Ark. Code Ann. § 15-4-312 State agencies to submit reports
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Within fifteen (15) days of the close of each six-month period, each state agency shall submit a report to the Minority and Women-owned Business Advisory Council summing up total procurement for all state contracts, except exempt state contracts of the state agency, and the dolla…
Ark. Code Ann. § 15-4-313 Accelerated payments
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To ensure that minority business enterprises and women-owned business enterprises are not financially hindered due to delays in payment by state agencies entering into state contracts with minority business enterprises and women-owned business enterprises under this subchapter, s…
Ark. Code Ann. § 15-4-314 Minority business enterprises and women-owned business enterprises certification process
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(a) The Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission shall promulgate rules to create a certification process for minority business enterprises and women-owned business enterprises. (b) The certification process shall in…
Ark. Code Ann. § 15-4-315 Small procurements
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To assist the state in ensuring that the percentages of the total amount expended in state-funded and state-directed public construction programs and procurement of commodities and services for the state each fiscal year under § 15-4-302 are paid to minority business enterprises …
Ark. Code Ann. § 15-4-3201 Title
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This subchapter shall be known and may be cited as the “Arkansas Amendment 82 Implementation Act”.
Ark. Code Ann. § 15-4-3202 Definitions
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(1) As used in this subchapter:(1) “Amendment 82 agreement” means a contract between the state and a sponsor under which the state is to provide Amendment 82 bond financing in exchange for the sponsor's agreeing to make an investment and to locate a new business or substantially …
Ark. Code Ann. § 15-4-3203 Amendment 82 project qualification
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(a) (1) (A) In exercising its responsibilities under Arkansas Constitution, Amendment 82, § 1, the General Assembly delegates, authorizes, and directs the Arkansas Economic Development Commission, the Arkansas Development Finance Authority, and the Chief Fiscal Officer of the Sta…
Ark. Code Ann. § 15-4-3204 Amendment 82 agreement
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As soon as practicable after the General Assembly's approval of the issuance of bonds and before the Arkansas Development Finance Authority issues bonds, the Governor, the Speaker of the House of Representatives, the President Pro Tempore of the Senate, the Director of the Arkans…
Ark. Code Ann. § 15-4-3205 Penalties
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(1) The sponsor shall be subject to specific penalties set forth in the Amendment 82 agreement and enacted in related legislation under § 15-4-3203(j) if the sponsor:(1) Does not satisfy the minimum job creation and investment requirements specified in the Amendment 82 agreement …
Ark. Code Ann. § 15-4-3206 Compliance time period — Audit requirements
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(a) (1) The Amendment 82 agreement shall specify a time period in which the sponsor must comply with the terms and conditions specified in the Amendment 82 agreement.(2) Except as provided in subsection (b) of this section, the time period shall not exceed four (4) years from the…
Ark. Code Ann. § 15-4-3207 Bond principal
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(1) Amendment 82 bonds may be issued to:(1) Finance project costs in an aggregate principal amount approved by the General Assembly without regard to any debt limitation; and(2) Refund outstanding Amendment 82 bonds in an aggregate principal amount approved by the Arkansas Develo…
Ark. Code Ann. § 15-4-3208 Amendment 82 bonds
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(a) After the General Assembly's approval in regular session, fiscal session, or extraordinary session and the execution of the Amendment 82 agreement, the Arkansas Development Finance Authority, on behalf of the state, may issue bonds under Arkansas Constitution, Amendment 82, a…
Ark. Code Ann. § 15-4-3209 Series of bonds
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(a) The bonds shall be issued, whether or not the interest on the bonds is subject to federal taxation, in series in amounts sufficient to finance or refinance all or any part of a qualified Amendment 82 project's costs, with the respective series to be designated by the year in …
Ark. Code Ann. § 15-4-3210 Authorization of bonds
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(a) (1) Prior to the issuance of any series of bonds, the Arkansas Development Finance Authority shall adopt a resolution authorizing the issuance of the bonds.(2) Each resolution may contain terms, covenants, and conditions as deemed desirable, including, without limitation, tho…
Ark. Code Ann. § 15-4-3211 Form and delivery of bonds
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(a) Each bond shall:(1) Be signed with the manual or facsimile signatures of the Governor, the Chair of the Board of Directors of the Arkansas Development Finance Authority, and the Treasurer of State; and(2) Have affixed, imprinted, or lithographed on the bond the Great Seal of …
Ark. Code Ann. § 15-4-3212 Sale and price of bonds
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(a) The bonds may be sold in the manner, either at public or private sale, and upon terms determined by the Arkansas Development Finance Authority to be reasonable and expedient for effectuating the purposes of Arkansas Constitution, Amendment 82, and this subchapter. (b) The bon…
Ark. Code Ann. § 15-4-3213 Deposit of bond proceeds
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(a) The proceeds from the sale of the bonds, together with any revenues derived by the Arkansas Development Finance Authority from a qualified Amendment 82 project financed or refinanced under Arkansas Constitution, Amendment 82, and this subchapter, that are required to be so de…
Ark. Code Ann. § 15-4-3214 General obligation bonds
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(a) The bonds shall be direct general obligations of the state for the payment of debt service on which the full faith and credit of the state are irrevocably pledged so long as any of the bonds are outstanding. (b) (1) The bonds shall be payable from general revenues or special …
Ark. Code Ann. § 15-4-3215 Annual determination of moneys required for bond repayment
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(a) (1) On or before commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for payment of all or a part of the debt service on the outstanding bonded indebtedness during the fiscal year and deduct therefrom the estim…
Ark. Code Ann. § 15-4-3216 Exemption from taxes — Eligible to secure deposits — Legal for investment
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(a) All bonds issued under Arkansas Constitution, Amendment 82, and this subchapter and interest on the bonds are exempt from all state and local taxes. (b) The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of bank, fiduciary, in…
Ark. Code Ann. § 15-4-3217 Refunding bonds
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(a) After bonds have been issued under Arkansas Constitution, Amendment 82, and this subchapter, the Arkansas Development Finance Authority may issue bonds for the purpose of refunding any outstanding bonds issued under Arkansas Constitution, Amendment 82, and this subchapter. (b…
Ark. Code Ann. § 15-4-3218 Contractual obligations of state — Enforcement
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(a) This subchapter shall constitute a contract between the state and the registered owners of all bonds issued under Arkansas Constitution, Amendment 82, and this subchapter that shall never be impaired, and any violation of its terms, whether under purported legislative authori…
Ark. Code Ann. § 15-4-3219 No rights until first series of bonds sold and delivered — Outstanding bonds unaffected
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(a) This subchapter shall not create any right of any character, and no right of any character shall arise under it unless and until the first series of bonds authorized by this subchapter are sold and delivered. (b) The issuance of bonds authorized by this subchapter shall not i…
Ark. Code Ann. § 15-4-3220 Legal actions heard as preferred cause — Appeals
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Any case involving the validity of this subchapter or involving the bonds issued under Arkansas Constitution, Amendment 82, and this subchapter shall be deemed of public interest and shall be advanced by all courts and heard as a preferred cause, and all appeals from judgments or…