Title 15, Natural Resources and Economic Development

(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 …

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…

(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…

(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…

(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…

(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…

(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…

(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) …

(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…

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 …

(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…

(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…

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…

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…

(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…

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 …

This subchapter shall be known and may be cited as the “Arkansas Amendment 82 Implementation Act”.

(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 …

(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…

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…

(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 …

(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…

(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…

(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…

(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 …

(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…

(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 …

(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…

(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…

(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 …

(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…

(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…

(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…

(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…

(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…

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…

(a) The Arkansas Economic Development Commission shall require audits of all accounts related to construction, operation, or maintenance of any qualified Amendment 82 project funded by this subchapter. (b) The Arkansas Economic Development Commission is responsible for monitoring…

(a) (1) Except as otherwise required to be disclosed under this subchapter, all information of the type identified in § 25-19-105(b)(9)(A) and related to a proposed project or a qualified Amendment 82 project that is provided to, compiled by or for, or developed by or for the Ark…

(a) In connection with their duties and powers under this subchapter, the Arkansas Economic Development Commission and the Arkansas Development Finance Authority, acting independently or jointly, shall have the following powers and duties, in addition to and not in replacement or…

(a) The reports delivered to the General Assembly under § 15-4-3203(i)(2) and (3) shall be available to the general public under the same policies and procedures that generally apply with respect to reports to the General Assembly. (b) (1) During the term of an Amendment 82 agree…

This subchapter shall be known and may be cited as the “Equity Investment Incentive Act of 2007”.

(a) Equity investment incentives in the form of tax credits to persons or companies investing in certain types of eligible businesses are created. (b) The equity investment incentives shall:(1) Encourage capital investment in certain types of businesses including:(A) Early-stage …

(a) Eligibility for the equity investment incentive tax credit under this subchapter is limited to investments in:(1) Targeted businesses as defined in § 15-4-2703; or(2) A business that receives assistance in the form of equity investments from capital investment funds that targ…

(a) A business that seeks eligibility for an equity investment incentive tax credit under this subchapter shall file an application with the Arkansas Economic Development Commission. (b) The application shall include:(1) A business plan describing the proposed business for which …

(a) A person or company that purchases an equity interest in a qualified business under § 15-4-3303(a) in any of the calendar years 2007 — 2028 is entitled to a credit against any state income tax liability that may be imposed on the person or company for any tax year, beginning …

The Arkansas Economic Development Commission and the Arkansas Development Finance Authority shall promulgate jointly rules to implement this subchapter.