Title 15, Natural Resources and Economic Development

(a) There is created the Military Affairs Division within the Arkansas Economic Development Commission to be the instrumentality of this state to promote and support military installations in the State of Arkansas. (b) (1) There is created the Military Affairs Director to head th…

(1) The Director of the Arkansas Economic Development Commission, the Military Affairs Director, and the Military Affairs Division, with the advice and assistance of the Arkansas Military Affairs Council and in coordination with the Secretary of the Department of the Military, ha…

(1) The Military Affairs Grant Program is established to provide grants for projects or programs that:(1) Support and sustain military installations and military families in Arkansas; or(2) Result in economic growth to:(A) The community hosting a military installation;(B) The reg…

(a) (1) An eligible applicant may submit an application to receive a grant provided under the Military Affairs Grant Program to the Arkansas Economic Development Commission.(2) The commission shall:(A) Solicit grant applications as funding becomes available; and(B) Assign the Gov…

(1) An eligible applicant that receives approval from the Director of the Arkansas Economic Development Commission provided under the Military Affairs Grant Program shall execute a grant agreement with the Arkansas Economic Development Commission that includes without limitation …

(1) The Military Affairs Division shall adopt rules to implement and administer this subchapter, including without limitation rules regarding the:(1) Application process for grants provided under the Military Affairs Grant Program;(2) Disbursement of grant funds; and(3) Reporting…

This subchapter shall be known and may be cited as the “Arkansas Healthy Food Retail Act of 2025”.

(a) The General Assembly finds that:(1) When fresh produce and other healthy foods are not readily available or affordable, people, particularly low-income families, children, and the elderly, face serious barriers to eating a healthy diet;(2) Research in Arkansas and the nation …

(1) As used in this subchapter:(1) “Funding” means grants, loans, or a combination of grants and loans;(2) “Healthy food retailers” means for-profit or nonprofit retailers that sell high-quality, fresh produce at competitive prices to various sellers, including without limitation…

(a) To the extent funds are available, the Arkansas Economic Development Commission, in cooperation with public and private sector partners, shall establish the Healthy Food Retailer Program that provides funding directly and indirectly to healthy food retailers that increase acc…

This subchapter shall be known and may be cited as the “Jobs Creation by Stimulating Small Business Growth Act of 1985”.

(1) The General Assembly finds that:(1) It would be in the best interest of the population of the State of Arkansas to promote the growth and development of small business concerns and concerns owned and controlled by socially and economically disadvantaged individuals, to the ex…

(1) As used in this subchapter:(1) “Council” means the Arkansas Economic Development Council;(2) “Division” means the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission;(3) “Small business concern” means small business firms i…

(1) The Arkansas Economic Development Council shall promulgate rules and procedures to be followed by the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission:(1) In administering the provisions of this subchapter; and(2) In the…

(a) Any small business investment company which qualifies and is licensed by the United States Small Business Administration as a small business investment company authorized to do business in this state and to make loans and provide investment funds for capital improvements to p…

(1) To stimulate the flow of private funds for capital improvements to small business concerns, the Arkansas Economic Development Council is authorized to:(1) Issue revenue bonds to obtain funds to be administered through the Division of Minority and Women-owned Business Enterpri…

(a) The Arkansas Economic Development Council is authorized and empowered to issue revenue bonds in such amounts as may be determined by the council. (b) For the purposes of this subchapter, the aggregate amount of revenue bonds to be issued under the provisions of this subchapte…

Before the Arkansas Economic Development Council shall issue its revenue bonds, the council, acting through the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission, shall have received from small business investment companies i…

(a) Before revenue bonds shall be issued, the Arkansas Economic Development Council shall adopt an authorizing resolution and trust indenture which, together with this subchapter, shall constitute a contract between the council and the holders and registered owners of the bonds. …

(a) The bonds to be issued by the Arkansas Economic Development Council shall be issued in accordance with the same procedures provided for the issuance of revenue bonds by the Arkansas Development Finance Authority. (b) All other provisions of the Arkansas Housing Development Ag…

(a) The principal of, interest on, and trustees' and paying agents' fees in connection with the revenue bonds issued by the Arkansas Economic Development Council under the provisions of this subchapter shall be secured by a lien and pledge of the loans made or the investment loan…

The Arkansas Economic Development Council may require the small business investment company borrowing money from the council or selling small business concern investment loans to the council to pay all or part of the incidental expenses in connection therewith and all or part of …

Bonds issued under the provisions of this subchapter and the interest on those bonds shall be exempt from all state, county, and municipal taxes, and the exemption shall include income, inheritance, and estate taxes.

Neither the members of the Arkansas Economic Development Council nor officials or employees of the Arkansas Economic Development Commission or the Division of Minority Business and Women-owned Enterprise of the Arkansas Economic Development Commission executing bonds or notes pur…

(1) The Arkansas Economic Development Council, acting through the Division of Minority Business and Women-owned Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any…

(a) All revenues received by the Division of Minority Business and Women-owned Enterprise of the Arkansas Economic Development Commission on behalf of the Arkansas Economic Development Council under the authority of this subchapter, except revenues derived from appropriations, ar…

In order to encourage and promote the economic, agricultural, and industrial development of any city, town, or county in this state, not fewer than fifteen (15) natural persons of twenty-one (21) years of age or more who are residents of the city, town, or county may act as incor…

(a) The articles of incorporation shall state:(1) The name of the corporation. The name shall include the name of the city, town, or county and the words “industrial development” or “economic development” and the word “corporation”, “incorporated”, “inc.”, or “company”. The name …

The original copy of the articles of incorporation shall be signed by the incorporators and acknowledged before any officer authorized by the laws of this state to acknowledge the execution of deeds and conveyances.

(a) The original executed articles of incorporation shall be filed in the office of the Secretary of State. (b) If the Secretary of State finds that the articles of incorporation conform to law, he or she shall, when the fees prescribed by this act have been paid:(1) Endorse on t…

(a) Upon the issuance of a certificate of incorporation by the Secretary of State, the corporate existence of the corporation shall begin. (b) The certificate of incorporation shall be conclusive evidence, except as against the state, that all conditions precedent required to be …

(a) After the issuance of the certificate of incorporation, an organization meeting shall be held at the call of a majority of the incorporators for the purpose of adopting bylaws and electing officers and for the transaction of such other business as may properly come before the…

(a) In the event any corporation has filed defective articles of incorporation or has failed to do all things necessary to perfect its corporate organization, it may, nevertheless, file corrected articles of incorporation or amend the original articles and do and perform all acts…

(1) Each corporation organized under this act shall have power:(1) To sue and be sued, complain, and defend in its corporate name;(2) To have perpetual succession, unless a limited period of duration is stated in its articles of incorporation;(3) To adopt a corporate seal, which …

(a) The power to make, alter, amend, or repeal the bylaws of the corporation shall be vested in the board of directors. (b) The bylaws may contain any provision for the regulation and management of the affairs of the corporation not inconsistent with law or the articles of incorp…

(a) A corporation organized under this act may amend its articles of incorporation by a majority vote of the members present in person or by proxy at any regular meeting or at any special meeting of its members called for that purpose. (b) The power to amend shall include the pow…

(1) The Secretary of State shall charge and collect for:(1) Filing articles of incorporation and issuing a certificate of incorporation, ten dollars ($10.00);(2) Filing articles of amendment and issuing a certificate of amendment, ten dollars ($10.00); and(3) Filing articles of d…

(a) (1) Each corporation organized under the provisions of this act shall be operated without profit to its members.(2) All revenues of the corporation derived from lands subject to mortgage or deed of trust given to secure the payment of bonds or other obligations of the corpora…

(a) Each corporation organized under this act is authorized to borrow money and to issue negotiable coupon bonds, or notes, or other obligations for the payment thereof from corporate funds to carry out the purposes for which the corporation is organized. (b) However, no first li…

Whenever any corporation organized under this act borrows money, the bonds of the corporation or its other obligations issued to evidence such indebtedness shall be exempt from the provisions of the Arkansas Securities Act, § 23-42-101 et seq.

(a) (1) Bonds, notes, or other obligations issued under the provisions of this act shall be issued by the corporation in such form as its directors may provide and shall be executed by the president and the secretary of the corporation and be sealed with its corporate seal.(2) In…

(a) (1) Such bonds, notes, or other obligations as may be issued by the corporation may be secured by a mortgage or deed of trust of any of the lands of the corporation and the improvements constructed or proposed to be constructed thereon and machinery and equipment installed or…

(a) Any funds remaining with the corporation in excess of the amount necessary to finance a project, including the cost of lands, buildings, and facilities and other expenses necessary to its completion, shall be used by the corporation to reduce the amount of its first lien obli…

(a) Obligations of the corporation may be sold at public or private sale as the corporation shall determine. (b) (1) No first lien obligations may be sold for less than par on the basis of interest thereon at the rate of ten percent (10%) per annum.(2) However, any obligation of …

(a) Any corporation organized under this act shall have the right to refund its outstanding obligations at any time. (b) All refunding obligations shall state on their face that they are refunding obligations, and no refunding obligations shall be issued until the debt refunded i…

(a) Any city or town in this state or any board, commission, or other authority duly established by ordinance of any such city or town or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such city or…