Title 15, Natural Resources and Economic Development

This subchapter shall be referred to and may be cited as the “County and Regional Industrial Development Company Act”.

(1) As used in this subchapter:(1) “Bank Commissioner” means the Bank Commissioner of the State of Arkansas;(2) “Board” means the State Banking Board;(3) “Company” means a county or regional industrial development corporation or limited liability company authorized to be organize…

(a) This subchapter shall be construed liberally. (b) The enumeration of any object, purpose, power, manner, method, or thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods, or things.

Any five (5) or more qualified natural persons who shall be bona fide residents of the same county or region in this state to be served by the proposed company and who desire to associate themselves for the purpose of establishing and operating a company may subscribe, acknowledg…

(a) If the Bank Commissioner is satisfied that the applicants are bona fide residents of the county or region to be served by the proposed company, that the applicants have the confidence of their respective communities, that, in the case of a regional company, the proposed regio…

Upon receipt of such certificate of preliminary approval, the applicants may proceed to complete the organization of the company, to obtain subscriptions for and payment of its stock or limited liability units of interest, and to do all other things necessarily incidental to its …

The directors and officers of a corporation organized under the provisions of this subchapter and the managers and members of a limited liability company organized under the provisions of this subchapter shall not be responsible for losses of assets of the company unless the loss…

(a) When the applicants have completed the organization of the proposed company, they shall file with the Bank Commissioner a certificate of organization executed by the chief executive officer of the company, attested by its chief financial officer, and with its seal affixed the…

(a) (1) Immediately upon the filing of the certificate of organization by the applicants, the Bank Commissioner shall submit to the State Banking Board the proposed articles of incorporation, articles of organization and operating agreement, as appropriate, and the certificate of…

(a) Upon the issuance of the certificate of incorporation or certificate of organization by the Bank Commissioner, the existence of the company shall begin. (b) The certificate of incorporation or certificate of organization shall be conclusive evidence, except as against the sta…

(a) The articles of incorporation for any corporation or the articles of organization of any limited liability company organized under the provisions of this subchapter shall state:(1) The name of the company, which shall include the words “County Industrial Development Company” …

(a) A company organized under the provisions of this subchapter may amend its articles of incorporation or its articles of organization by a majority vote of the common stock in the case of a corporation or by a majority vote of the units of interest of a limited liability compan…

(a) (1) Only the holders of common stock, through the board of directors, shall manage the affairs of a corporation.(2) Only holders of units of interest in a limited liability company shall manage the affairs of a limited liability company.(3) Each holder of common stock or each…

(a) The purposes of each company organized under the provisions of this subchapter shall be to:(1) Promote, stimulate, develop, and advance the business prosperity and economic welfare of the county or region where it is located and its citizens;(2) Encourage and assist through l…

(a) The directors of a corporation, subject to such limitations as may be set forth in the articles of incorporation or bylaws of the corporation, may declare dividends to the holders of its stock and make partial distribution of its capital surplus pursuant to the provisions of …

(a) (1) From time to time as the conduct of its business requires, any company organized under the provisions of this subchapter may issue and sell at such price and on such terms as the board of directors or the management committee shall determine its bonds and notes not to exc…

(1) Notwithstanding any rule at common law or any provision of law or any provision in their respective articles of incorporation:(1) All domestic corporations, including nonprofit corporations and associations, organized for the purpose of carrying on business within this state,…

(a) Any financial institution may request membership in the company by making application to the board of directors or the management committee on such form and in such manner as the board of directors or the management committee may require, and membership shall become effective…

(a) (1) Membership in a company shall be for an indeterminate period not to exceed the termination date of the company stated in its articles of incorporation or articles of organization.(2) Provided, however, that:(A) Upon written notice given to a company five (5) years in adva…

(a) (1) The stock, units of interest, notes, debentures, bonds, and all other securities or obligations issued by any company organized and existing under the provisions of this subchapter shall be exempt from the provisions of the Arkansas Securities Act, § 23-42-101 et seq. (2)…

All bonds, notes, debentures, and other obligations of a company authorized under and issued in compliance with the provisions of this subchapter shall be, shall have, and are declared to have all the qualities and incidents of negotiable instruments under the negotiable instrume…

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 tow…

(a) (1) County or regional industrial development companies shall be exempt from taxation under the Income Tax Act of 1929, § 26-51-101 et seq., and from the payment of any other income taxes levied by a county or a municipality.(2) Dividends on stock or distributions with respec…

(a) A company organized under the provisions of this subchapter shall not lend money when credit is readily available with comparable terms elsewhere. Before granting a loan, the directors of a corporation or the management committee of a limited liability company shall endeavor …

(a) (1) Each company organized under the provisions of this subchapter shall be subject to the general supervision and control of the Bank Commissioner.(2) In addition to the other duties imposed upon them by law, the powers of the Bank Commissioner are to:(A) Make reasonable rul…

(a) Any company organized under this subchapter, after the payment in full and cancellation of all its notes, bonds, and other obligations issued under the provisions of this subchapter or after the deposit in trust with the respective trustees designated in any deeds of trust gi…

(a) The Bank Commissioner may investigate, either upon complaint or otherwise, when it appears that a county or regional industrial development company is conducting its business in an unsafe and injurious manner or in violation of this subchapter or the rules promulgated under t…

This subchapter shall be known and may be cited as the “Inventors' Assistance Act”.

(1) As used in this subchapter:(1) “Center” means the Center for Prototype Development and Emerging Technologies to be developed and operated by the University of Arkansas at Little Rock;(2) “Commercial state” means the point at which a product has been developed beyond the theor…

(a) The Board of Trustees of the University of Arkansas, in consultation with the Arkansas Inventors Congress, Inc., is authorized to establish a Center for Prototype Development and Emerging Technologies at the University of Arkansas at Little Rock to provide assistance to inven…

(a) The Board of Trustees of the University of Arkansas, on behalf of the Center for Prototype Development and Emerging Technologies, may:(1) Enter into contracts on a competitive-bid basis or noncompetitive-bid basis, consistent with state laws and rules, with public and private…

(a) The Center for Prototype Development and Emerging Technologies shall submit an annual report based on the fiscal year on or before December 31 of each year to the Governor and shall file an electronic copy of the report with the Legislative Council to be reviewed by the House…

(a) The Center for Prototype Development and Emerging Technologies shall charge a filing fee of up to five hundred dollars ($500) for each proposal submitted for review and evaluation, depending upon the cost to research the proposal as determined by the center. (b) After review …

(a) (1) If a proposal is accepted for product development, the Center for Prototype Development and Emerging Technologies at the University of Arkansas at Little Rock shall prepare a product development plan which will include a technical plan for developing the product, time sch…

There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Inventors' Assistance Program Fund”. This fund shall consist of all moneys received by the Center for Prototype Development and …

This subchapter may be referred to and cited as the “Arkansas Economic Development Incentive Act of 1993”.

(1) As used in this subchapter:(1) “Annual payroll” means the wages of the net new full-time permanent employees based on the payroll for the previous twelve (12) months reported to the Division of Workforce Services and is computed by using the total of the net new full-time per…

There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Economic Development Incentive Fund” of the Arkansas Economic Development Commission. The fund shall consist of revenues designa…

(1) The Arkansas Economic Development Commission shall administer the provisions of this subchapter and shall have the following powers and duties in addition to those mentioned in this subchapter and in other laws of this state:(1) To promulgate rules in accordance with the Arka…

(1) To qualify for the benefits of this subchapter, the entity applying must:(1) Be classified as one (1) or more of the following types of businesses:(A) Manufacturers classified in Standard Industrial Classification codes 20-39, including semiconductor and microelectronic manuf…

(1) The following limitations shall apply to all financial incentive plans negotiated by the Arkansas Economic Development Commission:(1) (A) The term of a financial incentive plan shall not exceed one hundred twenty-six (126) months.(B) (i) For defense industry projects, as defi…

After the Department of Finance and Administration has received the certification of the number of employees and their payroll from a business that has entered into a financial incentive plan with the Arkansas Economic Development Commission, the department shall transfer the app…

(a) The Department of Finance and Administration shall have the authority to obtain whatever information necessary from participating businesses and from the Division of Workforce Services to verify that businesses which have entered into financial incentive plans with the Arkans…

Receiving benefits pursuant to this subchapter will preclude a business from participating in the incentive program of the Arkansas Economic Development Act of 1995, § 15-4-1901 et seq.

This subchapter may be referred to and cited as the “Arkansas Enterprise Zone Act of 1993”.

(1) As used in this subchapter:(1) (A) “Average hourly wage” means the average wage of the net new full-time permanent employees based on payroll for the most recent quarter reported to the Division of Workforce Services.(B) “Average hourly wage” is computed by using the total of…