Title 15 — Natural Resources and Economic Development
42 chapters · 1,687 sections in this title.
Ark. Code Ann. § 15-5-302 Underwriters and experts
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(a) The Arkansas Development Finance Authority, when requested to do so by a state agency or a political subdivision, is authorized and empowered to engage an underwriter or underwriters to facilitate the issuance and sale of bonds to accomplish the financing of a specific activi…
Ark. Code Ann. § 15-5-303 Exclusive issuer of revenue bonds for public facilities
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It is the intention of the General Assembly that the Arkansas Development Finance Authority shall be the exclusive issuer of revenue bonds for public facilities acquired or constructed for the benefit of state agencies, except the respective boards of trustees of state-supported …
Ark. Code Ann. § 15-5-304 Exclusive issuer of mortgage bonds
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For purposes of compliance with the Mortgage Subsidy Bond Tax Act of 1980, the General Assembly finds and declares that the Arkansas Development Finance Authority shall be the exclusive issuer of mortgage bonds as defined in the Mortgage Subsidy Bond Tax Act of 1980, and the auth…
Ark. Code Ann. § 15-5-305 Authorized investors
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(a) Any municipality or any board, commission, or other authority duly established by ordinance of any municipality or the boards of trustees, respectively, of the firemen's relief and pension funds and the policemen's pension and relief fund of any such municipality or the board…
Ark. Code Ann. § 15-5-306 Tax exemption
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Any bonds issued under the provisions of this subchapter and §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, and 15-5-213 and the interest paid thereon, unless specifically declared to be taxable in the authorizing resolution, shall be exempt from all state, county, and municipal ta…
Ark. Code Ann. § 15-5-307 Request to issue certain bonds
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(a) When gubernatorial approval is required by the provisions of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. L. No. 97-248, or any other federal or state law, the Governor is authorized to approve the issuance of bonds by the Arkansas Development Finance Authority …
Ark. Code Ann. § 15-5-308 Notice of issue — Disapproval
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(a) Not less than thirty (30) days prior to the issuance of any bonds authorized under this subchapter and §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, and 15-5-213 with respect to any project or activity which is to be undertaken for the direct benefit of any person or entity wh…
Ark. Code Ann. § 15-5-309 Authorizing resolution and trust indenture — Terms and qualities of bonds
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(a) (1) Bonds issued in accordance with this subchapter shall be authorized by resolution of the Arkansas Development Finance Authority.(2) The bonds may be issued as registered bonds or coupon bonds, payable to bearer, and if coupon bonds, may be registerable as to principal onl…
Ark. Code Ann. § 15-5-310 Sale
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(a) The bonds may be sold in such manner, either at public or private sale, and upon such terms as the Arkansas Development Finance Authority shall determine to be reasonable and expedient for effectuating the purposes for which the authority was created. (b) The bonds may be sol…
Ark. Code Ann. § 15-5-311 Execution
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(a) The bonds shall be executed by manual or facsimile signature of the Chair of the Board of Directors of the Arkansas Development Finance Authority and the manual or facsimile signature of the President of the Arkansas Development Finance Authority or any other director or offi…
Ark. Code Ann. § 15-5-312 Statement on face of bond — Security
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(a) It shall be plainly stated on the face of each bond that it has been issued under this subchapter, that the bonds shall be obligations only of the Arkansas Development Finance Authority, and that in no event shall the bonds constitute an indebtedness of the State of Arkansas …
Ark. Code Ann. § 15-5-313 Pledge valid and binding — Lien
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(a) Any pledge of revenues, moneys, funds, or other property made by the Arkansas Development Finance Authority shall be valid and binding from the time when the pledge is made and the revenues, moneys, funds, or other property so pledged and thereafter received by the authority …
Ark. Code Ann. § 15-5-314 Refunding bonds
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(a) Bonds may be issued for the purpose of refunding, either at maturity or in advance of maturity, any:(1) Bonds issued under this subchapter; or(2) Bonds or other obligations issued or incurred by a state agency or a political subdivision to finance a purpose for which the Arka…
Ark. Code Ann. § 15-5-315 Securing deposit of public funds
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Bonds issued under this subchapter shall be eligible to secure the deposit of public funds.
Ark. Code Ann. § 15-5-316 No personal liability
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No director or officer of the Arkansas Development Finance Authority shall be liable personally for any reason arising from the issuance of bonds under this subchapter unless he or she shall have acted with a corrupt intent.
Ark. Code Ann. § 15-5-317 Power to enter into an interest rate exchange agreement or similar agreement or contract
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(a) In connection with bonds issued before, on, or after March 18, 2003, the Arkansas Development Finance Authority shall have the power to:(1) (A) Enter into an interest rate exchange agreement or similar agreement or contract with any person on a competitive or negotiated basis…
Ark. Code Ann. § 15-5-318 Primary administration of federal allocations of private activity and governmental volume cap
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(a) (1) Except as provided in subsection (b) of this section, the Arkansas Development Finance Authority is hereby recognized as the primary administrator of federal allocations of private activity and governmental volume cap that are and may be allocated to the State of Arkansas…
Ark. Code Ann. § 15-5-401 Title
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This subchapter may be referred to and cited as the “Arkansas Development Finance Authority Bond Guaranty Act of 1985”.
Ark. Code Ann. § 15-5-402 Legislative findings and declaration of public necessity
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(a) The General Assembly finds:(1) That there exists severe economic instability in traditional national and international markets for goods and services produced by the citizens of the State of Arkansas. This instability has caused serious economic distress among the citizens of…
Ark. Code Ann. § 15-5-403 Definitions
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(1) As used in this subchapter:(1) “Act” means this subchapter;(2) “ADFA Act” means the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316;(3) “Amortization payments” means the periodic, that is, monthly, sem…
Ark. Code Ann. § 15-5-404 Power of authority to grant or deny guaranty bonds
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The Arkansas Development Finance Authority, in addition to all the duties and functions defined in the Arkansas Development Finance Authority Act, §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316, is empowered to approve or deny by majority vote of t…
Ark. Code Ann. § 15-5-405 When bonds may be guaranteed
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(1) Amortization payments on qualified bonds may be guaranteed in instances when:(1) The Arkansas Development Finance Authority deems the utilization of the guaranty is in the best interest of the economic development of the State of Arkansas;(2) The total amount of qualified bon…
Ark. Code Ann. § 15-5-406 Standards and rules for evaluations
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The Arkansas Development Finance Authority shall promulgate standards and rules for the evaluation of the financial condition and business history of developers and may require the attachment to each application for guaranty under this subchapter of a financial report and evaluat…
Ark. Code Ann. § 15-5-407 Bond Guaranty Reserve Account — Investment of funds
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(a) (1) The Arkansas Development Finance Authority may establish a Bond Guaranty Reserve Account in an Arkansas financial institution or institutions that are members of the Federal Deposit Insurance Corporation.(2) The account shall be in the name of the authority, and the amoun…
Ark. Code Ann. § 15-5-408 Evidence to support guaranty — Premium payment
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(a) Each borrower requesting a guaranty under this subchapter shall submit to the Arkansas Development Finance Authority supporting documents, instruments, contractor's costs or estimated cost of improvements, land costs, and other evidence showing conformity with the Arkansas De…
Ark. Code Ann. § 15-5-409 Review of applications
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(a) All applications filed with the Arkansas Development Finance Authority under the provisions of this subchapter shall first be reviewed by the appropriate designated staff officials of the authority or by a committee consisting of members of the authority for preliminary revie…
Ark. Code Ann. § 15-5-410 No private right against authority under §§ 15-5-408 and 15-5-409
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No provision of §§ 15-5-408 and 15-5-409 shall be interpreted to create any private right against any member of the Arkansas Development Finance Authority or any member of the staff thereof.
Ark. Code Ann. § 15-5-411 Grants to fund
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The Arkansas Development Finance Authority is authorized to accept grants to its Bond Guaranty Reserve Account from any state or federal agencies, municipalities, corporations, foundations, individual donees, or authorities, specifically including, but not limited to, allocations…
Ark. Code Ann. § 15-5-412 Guaranty agreement provision
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(1) Guaranty agreements entered into by the Arkansas Development Finance Authority under the provisions of this subchapter with respect to qualified bonds issued on behalf of any borrower shall provide, among other things:(1) (A) That the authority guarantees and the authority is…
Ark. Code Ann. § 15-5-413 Rules — Remedies
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(a) The Arkansas Development Finance Authority 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. The rules shall include the restricti…
Ark. Code Ann. § 15-5-414 Authority to use money committed to other projects
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(a) If the Arkansas Development Finance Authority shall at any time determine that the moneys in the Bond Guaranty Reserve Account are not or will not be sufficient to meet the obligations of the Bond Guaranty Reserve Account, the authority is authorized to use the necessary amou…
Ark. Code Ann. § 15-5-415 Issuance of bonds to provide additional moneys
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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 Bond Guaranty Reserve Account, the Arkansas Development Finance Authority shall proceed promptly to issue bonds as authorized in this subchapter in such prin…
Ark. Code Ann. § 15-5-416 Authorizing resolution
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(a) The bonds shall be authorized by resolution of the Arkansas Development Finance Authority. (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 …
Ark. Code Ann. § 15-5-417 Trust indenture
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(a) The resolution authorizing the issuance of bonds may provide for the execution by the Arkansas Development Finance Authority with a financial institution within or without the State of Arkansas of a trust indenture. (b) The trust indenture may contain any terms, covenants, an…
Ark. Code Ann. § 15-5-418 Execution of bonds and coupons — Temporary notes or bonds
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(a) The bonds shall be executed by the facsimile or manual signature of the Chair of the Board of Directors of the Arkansas Development Finance Authority and by the facsimile or manual signature of the Secretary of the Board of Directors of the Arkansas Development Finance Author…
Ark. Code Ann. § 15-5-419 Sale of bonds — Statement on face of bond
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(a) The bonds may be sold in such manner, either at public or private sale, and upon such terms as the Arkansas Development Finance Authority shall determine to be reasonable and expedient for effectuating the purposes for which the authority was created. (b) The bonds may be sol…
Ark. Code Ann. § 15-5-420 Obligation of authority — Disposition of proceeds
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(a) All bonds issued under this subchapter shall be obligations of the Arkansas Development Finance Authority 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 fro…
Ark. Code Ann. § 15-5-421 Bond debt service amount
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(a) The Arkansas Development Finance Authority shall notify the Treasurer of State when it has determined to issue bonds under this subchapter and the amount that will be needed each month after the bonds are issued to provide for the payment, when due, of interest, principal, tr…
Ark. Code Ann. § 15-5-422 Moneys for Correction Facilities Construction Fund
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The Arkansas Development Finance Authority is authorized to accept moneys for the Correction Facilities Construction Fund from any source, including, but not limited to, allocations from the Treasurer of State as provided in this section.
Ark. Code Ann. § 15-5-601 Bonds affected — Definitions
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(a) This subchapter shall be effective for the calendar year 2001 and thereafter and may be relied upon by issuers of affected bonds, beneficiaries of the proceeds from and owners of the bonds, and other participants in the issuance of the bonds with respect to all affected bonds…
Ark. Code Ann. § 15-5-602 Delegation of functions
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The President of the Arkansas Development Finance Authority may delegate in writing functions under this subchapter to other officers and employees within the Arkansas Development Finance Authority.
Ark. Code Ann. § 15-5-603 Aggregate percentages allocated
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(a) The aggregate of the state ceiling for the State of Arkansas for each calendar year shall be allocated on a percentage basis as follows:(1) The Arkansas Development Finance Authority is allocated for calendar year 2001 and for each year thereafter the following amounts for th…
Ark. Code Ann. § 15-5-604 Filing by issuer of reservation of volume cap and notice of issuance of bonds
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(a) In order to reserve an allocation of the state ceiling to an issue of affected bonds prior to the issuance by delivery and payment of those affected bonds, a reservation filing by or on behalf of the issuer must be made with the President of the Arkansas Development Finance A…
Ark. Code Ann. § 15-5-605 Special rules for allocation of volume cap for multifamily residential housing bonds
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(a) Notwithstanding § 15-5-604(c), the priority allocation of volume cap to multifamily residential housing bonds, whether the bonds are issued by the Arkansas Development Finance Authority or by any other issuer, shall not be determined based solely on the date of the reservatio…
Ark. Code Ann. § 15-5-606 Balance of state ceiling — Carryforwards
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(a) (1) (A) Volume cap that has not been allocated by the end of the calendar year may be allocated by the President of the Arkansas Development Finance Authority for one (1) or more carryforward purposes, and the issuer receiving such allocation shall carry forward the allocatio…
Ark. Code Ann. § 15-5-607 Records of filings
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(a) The Arkansas Development Finance Authority shall maintain continuous cumulative records of the filings made under this subchapter. (b) For such a purpose, the filings under this subchapter shall be dated and numbered by the President of the Arkansas Development Finance Author…
Ark. Code Ann. § 15-5-608 Acceptable forms
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Filings made under this subchapter and notice of issuance of bonds given under this subchapter and carryforward elections shall be substantially in the forms established by the Arkansas Development Finance Authority.
Ark. Code Ann. § 15-5-609 Filing fee
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The Arkansas Development Finance Authority may charge each issuer of affected bonds a filing fee for establishing its compliance with the Internal Revenue Code, 26 U.S.C. § 1 et seq., by appropriate resolution of the authority and may modify its filing fee from time to time by su…
Ark. Code Ann. § 15-5-610 Allocation of 2008 Housing Act Volume Cap
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(a) The 2008 Housing Act Volume Cap shall be allocated one hundred percent (100%) to the Arkansas Development Finance Authority to finance qualified housing issues. (b) The authority may carry forward the 2008 Housing Act Volume Cap as provided in 26 U.S.C. § 146(f)(6), as in eff…
Ark. Code Ann. § 15-5-701 Title
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This subchapter may be referred to and cited as the “Arkansas Development Finance Authority Small Business Act of 1989”.