Title 15 — Natural Resources and Economic Development

42 chapters · 1,687 sections in this title.

1,687 sectionsFiltered byTitle 15

Ark. Code Ann. § 15-4-408 Prerequisites to issuance
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Before the Arkansas Economic Development Council shall issue its revenue bonds, the council, acting through the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission, shall have received from small business investment companies i…
Ark. Code Ann. § 15-4-409 Authorizing resolution and trust indenture
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(a) Before revenue bonds shall be issued, the Arkansas Economic Development Council shall adopt an authorizing resolution and trust indenture which, together with this subchapter, shall constitute a contract between the council and the holders and registered owners of the bonds. …
Ark. Code Ann. § 15-4-410 Issuance and redemption procedures
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(a) The bonds to be issued by the Arkansas Economic Development Council shall be issued in accordance with the same procedures provided for the issuance of revenue bonds by the Arkansas Development Finance Authority. (b) All other provisions of the Arkansas Housing Development Ag…
Ark. Code Ann. § 15-4-411 Security
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(a) The principal of, interest on, and trustees' and paying agents' fees in connection with the revenue bonds issued by the Arkansas Economic Development Council under the provisions of this subchapter shall be secured by a lien and pledge of the loans made or the investment loan…
Ark. Code Ann. § 15-4-412 Expenses
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The Arkansas Economic Development Council may require the small business investment company borrowing money from the council or selling small business concern investment loans to the council to pay all or part of the incidental expenses in connection therewith and all or part of …
Ark. Code Ann. § 15-4-413 Tax exemption
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Bonds issued under the provisions of this subchapter and the interest on those bonds shall be exempt from all state, county, and municipal taxes, and the exemption shall include income, inheritance, and estate taxes.
Ark. Code Ann. § 15-4-414 No personal liability
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Neither the members of the Arkansas Economic Development Council nor officials or employees of the Arkansas Economic Development Commission or the Division of Minority Business and Women-owned Enterprise of the Arkansas Economic Development Commission executing bonds or notes pur…
Ark. Code Ann. § 15-4-415 Authority to use bond proceeds
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(1) The Arkansas Economic Development Council, acting through the Division of Minority Business and Women-owned Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any…
Ark. Code Ann. § 15-4-416 Deposit and use of revenues
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(a) All revenues received by the Division of Minority Business and Women-owned Enterprise of the Arkansas Economic Development Commission on behalf of the Arkansas Economic Development Council under the authority of this subchapter, except revenues derived from appropriations, ar…
Ark. Code Ann. § 15-4-501 Purpose — Incorporators
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In order to encourage and promote the economic, agricultural, and industrial development of any city, town, or county in this state, not fewer than fifteen (15) natural persons of twenty-one (21) years of age or more who are residents of the city, town, or county may act as incor…
Ark. Code Ann. § 15-4-502 Articles of incorporation — Contents
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(a) The articles of incorporation shall state:(1) The name of the corporation. The name shall include the name of the city, town, or county and the words “industrial development” or “economic development” and the word “corporation”, “incorporated”, “inc.”, or “company”. The name …
Ark. Code Ann. § 15-4-503 Articles — Signatures and acknowledgment of incorporators
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The original copy of the articles of incorporation shall be signed by the incorporators and acknowledged before any officer authorized by the laws of this state to acknowledge the execution of deeds and conveyances.
Ark. Code Ann. § 15-4-504 [Repealed.]
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A.C.A. § 15-4-504Current 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. § 15-4-505 Articles — Filing
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(a) The original executed articles of incorporation shall be filed in the office of the Secretary of State. (b) If the Secretary of State finds that the articles of incorporation conform to law, he or she shall, when the fees prescribed by this act have been paid:(1) Endorse on t…
Ark. Code Ann. § 15-4-506 Beginning of corporate existence
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(a) Upon the issuance of a certificate of incorporation by the Secretary of State, the corporate existence of the corporation shall begin. (b) The certificate of incorporation shall be conclusive evidence, except as against the state, that all conditions precedent required to be …
Ark. Code Ann. § 15-4-507 Meeting
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(a) After the issuance of the certificate of incorporation, an organization meeting shall be held at the call of a majority of the incorporators for the purpose of adopting bylaws and electing officers and for the transaction of such other business as may properly come before the…
Ark. Code Ann. § 15-4-508 Filing corrected articles of incorporation
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(a) In the event any corporation has filed defective articles of incorporation or has failed to do all things necessary to perfect its corporate organization, it may, nevertheless, file corrected articles of incorporation or amend the original articles and do and perform all acts…
Ark. Code Ann. § 15-4-509 Corporate powers
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(1) Each corporation organized under this act shall have power:(1) To sue and be sued, complain, and defend in its corporate name;(2) To have perpetual succession, unless a limited period of duration is stated in its articles of incorporation;(3) To adopt a corporate seal, which …
Ark. Code Ann. § 15-4-510 Bylaws
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(a) The power to make, alter, amend, or repeal the bylaws of the corporation shall be vested in the board of directors. (b) The bylaws may contain any provision for the regulation and management of the affairs of the corporation not inconsistent with law or the articles of incorp…
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.