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Arkansas Statutes, Title 15

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Arkansas/Statutes

← All Arkansas coverage

Title 15, Natural Resources and Economic Development

42 chapters · 1,615 sections in this title.

All chapters in Title 151,615 Ch 4, Development of Business and Industry…321 Ch 5, Arkansas Development Finance Authority173 Ch 22, Water Resources170 Ch 20, General Provisions145 Ch 72, Oil and Gas Production and Conservation102 Ch 11, Publicity And Tourism70 Ch 3, Development of Science, Technology, …64 Ch 58, Arkansas Surface Coal Mining and Rec…46 Ch 75, Liquefied Petroleum Gases45 Ch 23, Rivers and Creeks40 Ch 32, Logging39 Ch 57, Mining and Reclamation Generally38 Ch 74, Measurement, Inspection, And Sale Of…35 Ch 21, Land32

173 sections·Filtered byTitle 15✕Ch 5✕

Ark. Code Ann. § 15-5-101 Title
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This subchapter, §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be referred to as and may be cited as the “Arkansas Development Finance Authority Act”.
Ark. Code Ann. § 15-5-102 Legislative findings and declaration of public necessity
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(a) The General Assembly finds:(1) (A) 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.(B) This instability has caused serious economic distress among the citi…
Ark. Code Ann. § 15-5-103 Definitions
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(1) As used in this subchapter, §§ 15-5-201 — 15-5-211, 15-5-213, 15-5-301 — 15-5-316, the Arkansas Development Finance Authority Bond Guaranty Act of 1985, § 15-5-401 et seq., and the Arkansas Development Finance Authority Small Business Act of 1989, § 15-5-701 et seq.:(1) “Aggr…
Ark. Code Ann. § 15-5-104 Construction
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(a) This subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be liberally construed. (b) Nothing contained in this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 shall be construed as a restriction or limitation upon any powers…

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Ark. Code Ann. § 15-5-105 Subchapters supplemental

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(a) Except as stated in § 15-5-303, it is the specific intent of this subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 — 15-5-316 that the provisions hereof are supplemental to other constitutional and statutory provisions now existing or hereafter adopted which may …

Ark. Code Ann. § 15-5-106 Bonds

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The Arkansas Development Finance Authority is authorized to issue bonds for residential community developments.

Ark. Code Ann. § 15-5-107 Arkansas Development Finance Authority — Designation as independent instrumentality of state

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(a) The Arkansas Development Finance Authority is transferred from the Department of Commerce and shall operate independently from a cabinet-level department. (b) All personnel employed by the authority before the transfer under this section are deemed to meet all employment stan…

Ark. Code Ann. § 15-5-108 Regular salaries

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There are established for the Arkansas Development Finance Authority the following titles and grades for each position. The salary for the positions assigned to each grade shall be determined in accordance with the pay level for the grade assigned in this section as established i…

Ark. Code Ann. § 15-5-109 Arkansas Development Finance Authority — Salaries

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(a) An adjustment in the annual salary rate for an employee shall be made at the discretion of the President of the Arkansas Development Finance Authority. (b) In addition to other salary payments under this section, the president may implement a merit program to reward employees…

Ark. Code Ann. § 15-5-110 Expansion pool

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(a) The Arkansas Development Finance Authority is authorized a pool of twenty (20) positions to be used to establish additional positions with the proper title and pay grade if the Arkansas Development Finance Authority does not have sufficient positions available to address grow…

Ark. Code Ann. § 15-5-1101 Title

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This subchapter may be referred to and cited as the “Arkansas Capital Access Program for Small Business Act of 1993”.

Ark. Code Ann. § 15-5-1102 Legislative findings and declaration of public necessity

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(a) The General Assembly finds:(1) There is a persistent shortage of capital available to small businesses in Arkansas, and there exists an immediate and urgent need to provide the means and methods for providing financing to:(A) Improve the viability of small businesses in the s…

Ark. Code Ann. § 15-5-1103 Definitions

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(1) As used in this subchapter:(1) “Financial institution” means all banks, savings and loan associations, corporations organized under the County and Regional Industrial Development Company Act, § 15-4-1201 et seq., and any other lending institutions approved by the Board of Dir…

Ark. Code Ann. § 15-5-1104 Contracts with financial institutions — Contents of contract

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(a) The Arkansas Development Finance Authority may contract with a financial institution for the purpose of allowing the financial institution to participate in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program. (b) A contract between t…

Ark. Code Ann. § 15-5-1105 Capital Access Fund — Use — Investment earnings — Administrative expenses

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(a) There is created within the Arkansas Development Finance Authority the Capital Access Fund. (b) (1) All moneys deposited into the fund are for the purpose of making payments to loan loss reserve accounts established under § 15-5-1106.(2) All moneys available for deposit into …

Ark. Code Ann. § 15-5-1106 Loss reserve accounts — Limitation on amount

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(a) The Arkansas Development Finance Authority shall establish a loss reserve account for each financial institution with which the authority makes a contract. (b) The loss reserve account for a financial institution shall consist of moneys paid in fees by borrowers and the finan…

Ark. Code Ann. § 15-5-1107 Enrollment of qualified loan — Procedure — Fee — Transfers to loss reserve account

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(a) (1) When a financial institution participates in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program, if the financial institution decides to enroll a qualified loan under the Arkansas Capital Access Program for Small Business or the …

Ark. Code Ann. § 15-5-1108 Claims for reimbursement of losses — Amounts subject to reimbursement

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(a) The Arkansas Development Finance Authority shall establish procedures under which financial institutions participating in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program may submit claims for reimbursement for losses incurred as a…

Ark. Code Ann. § 15-5-1109 Rules

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The Arkansas Development Finance Authority may adopt such rules as it considers necessary to carry out its duties, functions, and powers relating to the Arkansas Capital Access Program for Small Business and the Arkansas Credit Reserve Program.

Ark. Code Ann. § 15-5-1111 Arkansas Credit Reserve Program

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The Arkansas Development Finance Authority shall establish the Arkansas Credit Reserve Program within the Arkansas Capital Access Program for Small Business.

Ark. Code Ann. § 15-5-1201 Title

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This subchapter may be known and may be cited as the “Petroleum Storage Tank Trust Fund Bond Financing Act”.

Ark. Code Ann. § 15-5-1202 Purpose

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The purpose of this subchapter is to provide for the benefit of the public an additional method for financing remediation costs and costs of compensating tank owners or operators for third-party claims from the Petroleum Storage Tank Trust Fund. This financing program is made ava…

Ark. Code Ann. § 15-5-1203 Definitions

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(1) As used in this subchapter:(1) “Act” means the Arkansas Development Finance Authority Act, § 15-5-101 et seq.;(2) “Authority” means the Arkansas Development Finance Authority;(3) “Bonds” means the Arkansas Development Finance Authority Petroleum Storage Tank Trust Fund revenu…

Ark. Code Ann. § 15-5-1204 Issuance of revenue bonds by the authority

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(a) (1) Upon the request of the Director of the Division of Environmental Quality and based upon an estimate by the Department of Finance and Administration of the pledged fees to be collected, the Arkansas Development Finance Authority may issue bonds for the purpose of:(A) Prov…

Ark. Code Ann. § 15-5-1205 Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund — Pledged fees

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(a) (1) The debt service on the bonds shall be secured by a lien on and pledge of the petroleum environmental assurance fee established by § 8-7-906.(2) The pledging of such fees is authorized. (1) The debt service on the bonds shall be secured by a lien on and pledge of the petr…

Ark. Code Ann. § 15-5-1206 Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund — Payment of debt service — Tax exemption

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(a) Payment of principal and interest on the bonds shall be paid from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund when due. (b) If and so long as all payments of debt service are properly made, on the last day of each fiscal quarter the pledged fees remai…

Ark. Code Ann. § 15-5-1207 Expiration of subchapter

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The provisions of this subchapter shall expire upon payment of all principal and accrued interest due on the bonds and any refunding bonds issued.

Ark. Code Ann. § 15-5-1208 Refunding bonds

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(a) The Arkansas Development Finance Authority may provide by resolution for the issuance of refunding bonds to refund outstanding bonds issued under this subchapter and accrued interest on those bonds. (b) The authority may sell the refunding bonds and use the proceeds to retire…

Ark. Code Ann. § 15-5-1209 Eligible security

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The bonds are eligible to secure deposits of public funds of the state and cities, counties, school districts, districts, authorities, and other political subdivisions of the state.

Ark. Code Ann. § 15-5-1210 Subchapter cumulative of other laws

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This subchapter is cumulative of other laws on the subject and the Arkansas Development Finance Authority may use provisions of other applicable laws in the issuance of bonds and other obligations, but this subchapter is wholly sufficient authority for the issuance of bonds and t…

Ark. Code Ann. § 15-5-1301 Title

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This subchapter shall be known and may be cited as the “Affordable Neighborhood Housing Tax Credit Act of 1997”.

Ark. Code Ann. § 15-5-1302 Definitions

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(1) As used in this subchapter:(1) “Affordable housing assistance activities” means money, real, or personal property expended or devoted to the construction or rehabilitation of affordable housing units developed by or in conjunction with any governmental unit or not-for-profit …

Ark. Code Ann. § 15-5-1303 Affordable housing assistance activities and affordable housing units — Business firms proposing to provide — Procedure for approval and tax credit

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(a) Any business firm which engages in providing affordable housing assistance activities in the State of Arkansas shall receive a tax credit as provided in § 15-5-1304 if the Arkansas Development Finance Authority or its delegate approves a proposal submitted by one (1) or more …

Ark. Code Ann. § 15-5-1304 Tax credits authorized — Amount allowed annually — Exceeded when — Upper limits set — Carryover permitted

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(a) (1) For proposals approved under § 15-5-1303, the amount of the tax credit shall not exceed thirty percent (30%) of the total amount invested in affordable housing assistance activities by a business firm.(2) Any tax credit not used in the period for which the credit was appr…

Ark. Code Ann. § 15-5-1305 Rules

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The Secretary of the Department of Finance and Administration and the Arkansas Development Finance Authority shall promulgate rules necessary to administer the provisions of this subchapter. No rule or portion of a rule promulgated under the authority of this subchapter shall bec…

Ark. Code Ann. § 15-5-1401 Title

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This subchapter shall be known and may be cited as the “Venture Capital Investment Act of 2001”.

Ark. Code Ann. § 15-5-1402 Purpose

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The State of Arkansas desires to increase the availability of equity and near-equity capital for emerging, expanding, relocating, and restructuring enterprises in the state. Such investments will help strengthen the state's economic base and create jobs.

Ark. Code Ann. § 15-5-1403 Definitions

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(1) As used in this subchapter:(1) “Accredited investor” means an accredited investor as defined in 17 C.F.R. § 230.215, as it existed on January 1, 2013;(2) “Authority” means the Arkansas Development Finance Authority;(3) “Bond guaranty” means a special obligation of the Bond Gu…

Ark. Code Ann. § 15-5-1404 Designated investor group

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(a) (1) The Arkansas Development Finance Authority shall solicit from investor groups investment plans for the raising and investing of capital in accordance with the requirements of this subchapter.(2) Investment plans submitted shall address the investor group's:(A) Level of ex…

Ark. Code Ann. § 15-5-1405 Guaranty

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(a) The Arkansas Development Finance Authority shall have the power to extend a capital guaranty of obligations issued by the designated investor group. (b) The capital guaranty shall be secured by:(1) The authority guaranty, subject to the limits establish by the authority; and(…

Ark. Code Ann. § 15-5-1406 Tax credits

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(a) The State of Arkansas shall issue income tax credits that may be used to reduce the tax liability of a person, firm, or corporation. (b) (1) Income tax credits transferred by the Arkansas Development Finance Authority shall only be used to offset payment of reported state inc…

Ark. Code Ann. § 15-5-1407 Registration of tax credits

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(a) The Arkansas Development Finance Authority, in conjunction with the Revenue Division of the Department of Finance and Administration, shall develop a system for registration of all tax credits claimed under this subchapter. (b) The system shall verify that any:(1) Tax credit …

Ark. Code Ann. § 15-5-1409 Powers of the Arkansas Development Finance Authority

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The Arkansas Development Finance Authority shall have the power to promulgate rules and make any contract, execute any document, perform any act, or enter into any financial or other transaction necessary to implement this subchapter.

Ark. Code Ann. § 15-5-1410 Legislative findings

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(1) The General Assembly finds:(1) There is a need to strengthen and advance the infrastructure that supports and accelerates the advancement of the growth of technology-based enterprises in Arkansas;(2) There exists a shortage of risk capital and financial assistance at the earl…

Ark. Code Ann. § 15-5-1411 Creation of the Arkansas Venture Capital Development Fund

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(a) There is established the Arkansas Venture Capital Development Fund, and within that Arkansas Venture Capital Development Fund the Arkansas Venture Capital Development Fund Account, which Arkansas Venture Capital Development Fund and Arkansas Venture Capital Development Fund A…

Ark. Code Ann. § 15-5-1412 Eligibility for financial assistance — Limitation

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(a) For a technology-based enterprise or venture capital fund to be eligible for financial assistance under this subchapter, the technology-based enterprise or venture capital fund shall:(1) Demonstrate that at least one dollar ($1.00) of financial assistance provided by the Arka…

Ark. Code Ann. § 15-5-1413 Funding of Arkansas Venture Capital Development Fund

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(a) The trustees of the Venture Capital Investment Trust may accept moneys and funds for the Arkansas Venture Capital Development Fund from any source. (b) Moneys and funds received by the trustees of the trust for the fund shall be dedicated and used solely as authorized in this…

Ark. Code Ann. § 15-5-1414 Review committee

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(1) The review committee shall:(1) Recommend to the trustees of the Venture Capital Investment Trust the payment of fees and expenses out of the Arkansas Venture Capital Development Fund for the operation of the fund; and(2) Approve an investment policy under this subchapter. (1)…

Ark. Code Ann. § 15-5-1415 Annual report

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(1) The trustees of the Venture Capital Investment Trust shall publish an annual report within five (5) months after the close of each fiscal year that shall:(1) Include an annual audit of the Arkansas Venture Capital Development Fund's activities conducted by the trustees with t…

Ark. Code Ann. § 15-5-1416 Powers of trustees of Venture Capital Investment Trust

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The trustees of the Venture Capital Investment Trust may promulgate guidelines and rules and make any contract, execute any document, perform any act, or enter into any financial or other transaction necessary to implement the duties of the trustees under this subchapter.