Title 15 — Natural Resources and Economic Development
42 chapters · 1,687 sections in this title.
Ark. Code Ann. § 15-5-702 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. § 15-5-703 Definitions
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(1) As used in this subchapter:(1) “Agencies of the United States Government” means federal agencies empowered to make direct loans and provide guaranties backed by the United States Government;(2) “Amortization payments” means periodic, i.e., monthly, semiannual, annual, etc., p…
Ark. Code Ann. § 15-5-704 Duty of authority
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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. § 15-5-705 Funding or guarantee of loans — Conditions
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(a) Loans may be guaranteed when:(1) The Arkansas Development Finance Authority deems the utilization of a loan guaranty in the best interest of the economic development of the State of Arkansas;(2) The amount in the Small Business Revolving Loan Fund, excluding the unpaid portio…
Ark. Code Ann. § 15-5-706 Evaluation of small-business persons
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(a) The Arkansas Development Finance Authority shall promulgate standards and rules for the evaluation of the financial condition and business history of the small-business person and may require the attachment to each application for a loan or guaranty or qualified investment un…
Ark. Code Ann. § 15-5-707 Small Business Revolving Loan Fund — Investment of funds
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(a) (1) The Arkansas Development Finance Authority is authorized to establish a Bond Guaranty Reserve Account, sometimes referred to in this subchapter as the “account”, in an Arkansas financial institution or institutions that are members of the Federal Deposit Insurance Corpora…
Ark. Code Ann. § 15-5-708 Applications — Supporting documents
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Each small-business person requesting a loan or guaranty or qualified investment under this subchapter shall submit to the Arkansas Development Finance Authority an application, supporting documents, and instruments as may be required by the rules promulgated by the authority pur…
Ark. Code Ann. § 15-5-709 Applications — Review — Confidentiality and public disclosure — Notice
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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 Board of Directors of the Arkan…
Ark. Code Ann. § 15-5-710 Liability of authority's members and staff
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No provision of §§ 15-5-708 and 15-5-709 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. § 15-5-711 Grants to fund
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The Arkansas Development Finance Authority may accept grants to its Small Business Revolving Loan Fund and its Direct Fund from any source.
Ark. Code Ann. § 15-5-712 Power to make grants and loans
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(1) The Arkansas Development Finance Authority may make grants, direct loans, or loan guaranties to:(1) New or existing:(A) Title IX revolving loan funds;(B) Small business investment companies; and(C) Specialized small business investment companies;(2) The Division of Minority a…
Ark. Code Ann. § 15-5-713 Funding of qualified investments
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(a) The Arkansas Development Finance Authority may approve the use of funds for qualified investments upon such terms and conditions and for such periods of time as shall be recommended by the President of the Arkansas Development Finance Authority and approved by the Board of Di…
Ark. Code Ann. § 15-5-714 Entrepreneur Fee Waiver Pilot Program — Definition
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(a) There is created a program to be known as the “Entrepreneur Fee Waiver Pilot Program”. (b) The program shall be developed, implemented, and administered by the Arkansas Development Finance Authority. (c) The purpose of the program is to encourage and assist entrepreneurs by p…
Ark. Code Ann. § 15-5-901 Fund — Establishment — Uses — Accounts
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(a) (1) (A) There is established on the books of the Arkansas Natural Resources Commission a special restricted fund to be known as the “Construction Assistance Revolving Loan Fund”.(B) The Construction Assistance Revolving Loan Fund shall be maintained in perpetuity and administ…
Ark. Code Ann. § 15-5-902 Fund — Administration
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(a) (1) The Construction Assistance Revolving Loan Fund shall be administered by the Arkansas Natural Resources Commission.(2) The commission may establish procedures and adopt rules required to administer the fund and programs financed, in whole or in part, with moneys in the fu…
Ark. Code Ann. § 15-5-903 Fund — Grants — Deposits — Cash funds
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(a) The Arkansas Natural Resources Commission and the Arkansas Development Finance Authority as agent for the commission are authorized to accept grants for the use of the Construction Assistance Revolving Loan Fund from any state or federal agencies, municipalities, corporations…
Ark. Code Ann. § 15-5-904 Fees for technical and administrative services
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(a) (1) The Arkansas Natural Resources Commission may establish and collect fees for its technical and administrative services in connection with the planning, design, acquisition, construction, expansion, equipping, or rehabilitation of wastewater systems, water systems, solid a…
Ark. Code Ann. § 15-5-905 Federal grants deposited into fund
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(a) The Arkansas Natural Resources Commission and the Arkansas Development Finance Authority may accept moneys for deposit into the Construction Assistance Revolving Loan Fund from allocations from the Treasurer of State under this section. (b) Notwithstanding the provisions of §…
Ark. Code Ann. § 15-5-906 Security for bonds
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(a) The Arkansas Natural Resources Commission and, with the approval of the commission, the Arkansas Development Finance Authority may use the moneys in the Construction Assistance Revolving Loan Fund, excluding the State Grants Account, and use the assets acquired with moneys in…
Ark. Code Ann. § 15-5-907 Substitution of loans — Forgiveness of principal
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(a) The Arkansas Natural Resources Commission may remove any loan, bond, note, or other evidence of indebtedness purchased with moneys in the Construction Assistance Revolving Loan Fund Account from the account and substitute another loan, bond, note, or other evidence of indebte…
Ark. Code Ann. § 15-5-908 Withholding general revenue turnback
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(a) Should any city, town, county, or political subdivision receiving general revenue turnback funds, as defined in the Revenue Stabilization Law, § 19-20-101 et seq., fail, neglect, or refuse to pay any installment of principal, interest, or financing fee for a period of more th…
Ark. Code Ann. § 15-5-909 Definitions
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(1) As used in this subchapter:(1) “Administrative account” means the Construction Assistance Administrative Account established by this subchapter within the Construction Assistance Revolving Loan Fund;(2) “Authority” means the Arkansas Development Finance Authority or any succe…
Ark. Code Ann. § 15-5-910 Interest rates on loans
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(a) The loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the Construction Assistance State Revolving Loan Fund shall bear interest at rates of interest, including without limitation negative rates of interest, established by the Arkansas N…