Title 15 — Natural Resources and Economic Development
42 chapters · 1,687 sections in this title.
Ark. Code Ann. § 15-4-511 Amendments to articles of incorporation
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(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…
Ark. Code Ann. § 15-4-512 Filing charges
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(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…
Ark. Code Ann. § 15-4-513 Nonprofit operation — Payment of indebtedness
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(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…
Ark. Code Ann. § 15-4-514 Authority to borrow money, issue bonds, etc
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(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…
Ark. Code Ann. § 15-4-515 Exemption from Arkansas Securities Act
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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.
Ark. Code Ann. § 15-4-516 [Repealed.]
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A.C.A. § 15-4-516Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 15-4-517 Bond issue — Terms
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(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…
Ark. Code Ann. § 15-4-518 Security for bonds
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(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…
Ark. Code Ann. § 15-4-519 [Repealed.]
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A.C.A. § 15-4-519Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 15-4-520 Excess funds
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(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…
Ark. Code Ann. § 15-4-521 Sale of obligations
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(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 …
Ark. Code Ann. § 15-4-522 Refunding obligations
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(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…
Ark. Code Ann. § 15-4-523 Authorized investors
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(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…
Ark. Code Ann. § 15-4-524 Tax exemptions
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Interest on bonds or other obligations issued in accordance with the provisions of this act shall be exempt from all state income taxes and the principal thereof from inheritance taxation.
Ark. Code Ann. § 15-4-525 Dissolution
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(a) Any corporation organized under this act, after the payment in full and cancellation of its bonds and other obligations issued under the provisions of this act or the deposit in trust with the trustee provided in the deed of trust given to secure the payment of all such oblig…
Ark. Code Ann. § 15-4-601 Title
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This subchapter shall be referred to and may be designated as the “Industrial Revenue Bond Guaranty Law”.
Ark. Code Ann. § 15-4-602 Definitions
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(1) As used in this subchapter:(1) “Act No. 9 bonds” means revenue bonds issued in accordance with the provisions of the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq.;(2) “ADFA bonds” means revenue bonds and direct loans, including bond…
Ark. Code Ann. § 15-4-603 Arkansas Economic Development Council empowered to grant or deny guaranty bonds
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The Arkansas Economic Development Council, called the “council”, in addition to all the duties and functions defined in §§ 15-4-101, 15-4-102, 15-4-201 — 15-4-204, 15-4-206, 15-4-209 — 15-4-212, and 15-4-501 — 15-4-525, is empowered to approve or deny by majority vote of the memb…
Ark. Code Ann. § 15-4-604 When bonds may be guaranteed — Standards and rules for evaluations
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(a) Amortization payments on Act No. 9 bonds and ADFA bonds may be guaranteed in instances when:(1) Substantial employment is involved;(2) The total principal amount of all outstanding Act No. 9 bonds and ADFA bonds under guaranty is not in excess of one hundred million dollars (…
Ark. Code Ann. § 15-4-605 Revenue Bond Guaranty Reserve Account — Investment of funds
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(a) The Arkansas Economic Development Council is authorized to:(1) (A) Establish a Revenue Bond Guaranty Reserve Account, sometimes referred to in this subchapter as the “account”, in any Arkansas bank that is a member of the Federal Deposit Insurance Corporation.(B) Each account…
Ark. Code Ann. § 15-4-606 Evidence to support guaranty — Review of applications
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(a) (1) (A) Each county or municipality requesting a guaranty under this subchapter shall submit to the Arkansas Economic Development Council evidence showing conformity with §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224 and such other supporting documents as the council…
Ark. Code Ann. § 15-4-607 Power to accept grants
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The Arkansas Economic Development Council is authorized to accept grants to its Revenue Bond Guaranty Reserve Account from any federal agencies, municipalities, corporations, foundations, individual donees, or authorities.
Ark. Code Ann. § 15-4-608 Guaranty agreement provisions
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(1) Guaranty agreements entered into by the Arkansas Economic Development Council under the provisions of this subchapter with respect to Act No. 9 bonds issued by any municipality or county or the Arkansas Development Finance Authority shall provide, among other things, that:(1)…
Ark. Code Ann. § 15-4-609 Rules
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(a) The Arkansas Economic Development Council is authorized and directed to conduct such investigation as it may determine necessary for the promulgation of rules to govern the operation of the guaranty program authorized by this subchapter. (b) These rules shall include the rest…
Ark. Code Ann. § 15-4-701 Title
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This subchapter shall be known and may be cited as the “Industrial Development Guaranty Bond Act”.
Ark. Code Ann. § 15-4-702 Authority to use Arkansas Economic Development Council moneys if account is insufficient
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If the Arkansas Economic Development Council shall at any time determine that the moneys in the Revenue Bond Guaranty Reserve Account, sometimes referred to in this subchapter as “account”, created and being maintained pursuant to the provisions of the Industrial Revenue Bond Gua…
Ark. Code Ann. § 15-4-703 Authority to issue bonds — Arkansas Economic Development Council determinations
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(a) If at the time there are no other available moneys to meet the then-present or reasonably projected obligations of the Revenue Bond Guaranty Reserve Account, the Arkansas Economic Development Council shall proceed promptly to issue bonds, as authorized in this subchapter, in …
Ark. Code Ann. § 15-4-704 Authorizing resolution — Bond issuance, form, and contents
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(a) The bonds shall be authorized by resolution of the Arkansas Economic Development Council. (b) The bonds may be issued at one (1) time or in series from time to time. If in series, the initial series shall be designated “Series A” and subsequent series shall be designated in a…
Ark. Code Ann. § 15-4-705 Trust indenture
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(a) The resolution authorizing the issuance of bonds may provide for the execution of a trust indenture by the Arkansas Economic Development Council with a bank or trust company within or without the State of Arkansas. (b) The trust indenture may contain any terms, covenants, and…
Ark. Code Ann. § 15-4-706 Execution and delivery of bonds
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(a) The bonds shall be executed by the facsimile signature of the Chair of the Arkansas Economic Development Council and by the manual signature of the Director of the Arkansas Economic Development Commission. (b) Interest coupons attached to the bonds shall be executed with the …
Ark. Code Ann. § 15-4-707 Temporary notes or bonds
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Temporary notes or bonds conforming generally to the provisions of this subchapter, exchangeable for definitive bonds, may be issued in the discretion of the Arkansas Economic Development Council.
Ark. Code Ann. § 15-4-708 Sale of bonds
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(a) The bonds shall be sold at public sale on sealed bids. (b) Notice of the sale shall be published one (1) time a week for three (3) consecutive weeks in a newspaper published in the City of Little Rock and having a general circulation throughout the State of Arkansas, with the…
Ark. Code Ann. § 15-4-709 Arkansas Economic Development Council obligations — Deposit of revenues and net proceeds
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(a) All bonds issued under this subchapter shall be obligations of the Arkansas Economic Development Council only and shall not be obligations of the State of Arkansas and shall not be secured by a lien on any revenues of the State of Arkansas. (b) The bonds shall be payable from…
Ark. Code Ann. § 15-4-710 Notice to State Board of Finance — Disposition of bond debt service amount
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(a) The Arkansas Economic Development Council shall notify the State Board of Finance or the appropriate officer, board, or agency then having jurisdiction over the moneys involved when it has determined to issue bonds under this subchapter and the amount that will be needed each…