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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

1,615 sections·Filtered byTitle 15✕

Ark. Code Ann. § 15-5-1703 Definitions
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(1) As used in this subchapter:(1) “Authority” means the Arkansas Development Finance Authority;(2) “Board” means the Board of Directors of the Arkansas Development Finance Authority;(3) “Eligible activities” means activities eligible for funding by the Arkansas Housing Trust Fun…
Ark. Code Ann. § 15-5-1704 Establishment of Arkansas Housing Trust Fund
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(a) There is established on the books of the Arkansas Development Finance Authority a special restricted fund, to be known as the “Arkansas Housing Trust Fund”, which shall be maintained and administered by the authority for the purposes stated in this subchapter. (b) All moneys …
Ark. Code Ann. § 15-5-1705 Sources and deposits — Administration of Arkansas Housing Trust Fund — Responsibilities of the Arkansas Development Finance Authority
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(a) The following moneys shall be deposited into the Arkansas Housing Trust Fund:(1) Money designated by the General Assembly or by the Governor for the purpose of funding the fund;(2) Grants or other moneys from the federal government or federal agencies that can be used for the…
Ark. Code Ann. § 15-5-1708 Purposes and uses of the Arkansas Housing Trust Fund

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(a) Money held in the Arkansas Housing Trust Fund shall be used to provide assistance for eligible activities proposed by eligible applicants, including without limitation grants, loans, loan guarantees, and loan subsidies. (b) Eligible activities may include without limitation t…

Ark. Code Ann. § 15-5-1709 Minimum requirements — Distribution of funds — Application evaluation guidelines

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(a) In order for a proposal to be an activity eligible for support, the following minimum requirements must be present:(1) Beneficiaries of the activity must have household incomes equal to or less than eighty percent (80%) of the median household income;(2) Housing to be funded …

Ark. Code Ann. § 15-5-1801 Title

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This subchapter shall be known as the “State Entity Energy Efficiency Project Bond Act”.

Ark. Code Ann. § 15-5-1802 Purpose

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(a) The purpose of this subchapter is to provide financing for energy efficiency projects for state entities under Arkansas Constitution, Amendment 89. (b) It is found and determined that:(1) This subchapter is in furtherance of a public purpose; and(2) The duties imposed upon th…

Ark. Code Ann. § 15-5-1803 Definitions

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(1) As used in this subchapter:(1) “Bonds” means all bonds, notes, certificates, financing leases, or other interest-bearing instruments or evidences of indebtedness that are issued under this subchapter;(2) “Energy efficiency project” means an improvement, repair, alteration, or…

Ark. Code Ann. § 15-5-1804 Issuance of bonds

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(a) Upon the request of a state entity, the Arkansas Development Finance Authority may issue bonds for the purpose of:(1) Providing financing or refinancing for an energy efficiency project;(2) Refunding bonds issued under this subchapter; and(3) Paying the costs of issuing the b…

Ark. Code Ann. § 15-5-1805 Terms and conditions

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(a) The Arkansas Development Finance Authority shall be the issuer of bonds for energy efficiency projects under this subchapter. (b) (1) The authority shall not issue bonds under this subchapter unless:(A) A state entity has:(i) Applied for approval; and(ii) Submitted a resoluti…

Ark. Code Ann. § 15-5-1806 Tax exemption

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The interest on the bonds issued under this subchapter shall be exempt from state, county, and municipal income, inheritance, and estate taxes.

Ark. Code Ann. § 15-5-1807 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 any accrued interest on those bonds. (b) The authority may:(1) Sell the refunding bonds and use the proceeds t…

Ark. Code Ann. § 15-5-1808 Applicability

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(1) This subchapter:(1) Applies only to the following governmental units:(A) The state; and(B) An agency, board, commission, or instrumentality of the state; and(2) Does not apply to the following governmental units:(A) A county, municipality, school district, or other political …

Ark. Code Ann. § 15-5-1809 Subchapter supplemental to other laws

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(1) This subchapter is:(1) Supplemental to 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 under this subchapter; and(2) Sufficient authority for the issuance of b…

Ark. Code Ann. § 15-5-1810 Rules

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The Arkansas Development Finance Authority may promulgate rules to implement this subchapter.

Ark. Code Ann. § 15-5-1901 Title

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This subchapter shall be known and may be cited as the “Arkansas Student Loan Financing Act”.

Ark. Code Ann. § 15-5-1902 Creation of Student Loan Authority Division — Assumption of obligations of Arkansas Student Loan Authority

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(a) (1) There is established the Student Loan Authority Division of the Arkansas Development Finance Authority.(2) The division shall be the instrumentality of the state charged with a portion of the responsibility of the state to provide educational opportunities in keeping with…

Ark. Code Ann. § 15-5-1903 Definitions

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(1) As used in this subchapter:(1) (A) “Education loan” means a loan made to a student or the parent, legal guardian, or sponsor of the student or to an eligible institution for the purpose of financing a student's attendance at the eligible institution.(B) The loan may provide t…

Ark. Code Ann. § 15-5-1904 Cash funds — Sufficient redemption fund required

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(a) (1) All moneys received by the Student Loan Authority Division of the Arkansas Development Finance Authority or its trustee as repayment of principal or interest on an education loan or as repayment of principal or interest on a guaranteed educational loan, including payments…

Ark. Code Ann. § 15-5-1905 Excess funds — Allowable investments

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(1) Moneys in funds created by resolution or trust indenture of the Arkansas Development Finance Authority in excess of the amount then necessary for making education loans or guaranteed educational loans and purchasing education loan notes or guaranteed educational loan notes un…

Ark. Code Ann. § 15-5-1906 Trust indenture funds and accounts

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(a) All proceeds derived from a particular obligation under this subchapter shall be deposited into funds or accounts to be created pursuant to a trust indenture with a trustee as shall be determined by the Arkansas Development Finance Authority. (b) Funds credited to an account …

Ark. Code Ann. § 15-5-1907 Students — Power to contract

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(a) For the purpose of this subchapter, a student who is a qualified borrower is vested with full capacity to contract and is bound by any contract executed by him or her under this subchapter. (b) The fact that the student was a minor at the time he or she executed the note shal…

Ark. Code Ann. § 15-5-1908 Purchase of student loan notes

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(1) Before purchasing a guaranteed educational loan note or an education loan note under this subchapter, the Student Loan Authority Division of the Arkansas Development Finance Authority shall reasonably determine that:(1) The guaranteed educational loan note or education loan n…

Ark. Code Ann. § 15-5-201 Creation of authority

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There is created, with such duties and powers as are hereinafter set forth to carry out the provisions of this subchapter and §§ 15-5-101 — 15-5-106 and 15-5-301 — 15-5-316, a public body politic and corporate, with corporate succession, to be an independent instrumentality exerc…

Ark. Code Ann. § 15-5-202 Board of directors — Members

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(a) (1) The Board of Directors of the Arkansas Development Finance Authority shall consist of the Secretary of the Department of Finance and Administration or his or her designee, who shall serve during the Secretary of the Department of Finance and Administration's absence, elev…

Ark. Code Ann. § 15-5-203 Board officers and employees

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(a) Annually and at such other times as may be deemed appropriate by the Board of Directors of the Arkansas Development Finance Authority, the board shall elect from the public members of the board appointed by the Governor one (1) of its members as chair and one (1) of its membe…

Ark. Code Ann. § 15-5-204 Prohibition on personal interests in contracts

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(a) (1) No officer or employee of the Arkansas Development Finance Authority for purpose of personal gain shall have or attempt to have, directly or indirectly, any interest in any contract or agreement of the authority in connection with the sale or purchase of any bonds or inve…

Ark. Code Ann. § 15-5-205 Board meetings

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(a) The powers of the Arkansas Development Finance Authority shall be vested in the members of the Board of Directors of the Arkansas Development Finance Authority in office from time to time, and six (6) members of the board shall constitute a quorum at any meeting thereof. (b) …

Ark. Code Ann. § 15-5-207 Rights, powers, privileges, and duties of authority — Definitions

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(a) The Arkansas Development Finance Authority shall have such rights, powers, and privileges and shall be subject to such duties as provided by this chapter. (b) Except as otherwise limited by this chapter, the authority shall have the following powers:(1) To sue;(2) To be sued;…

Ark. Code Ann. § 15-5-208 Services of public entities to authority — Expenses

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(a) All officers, departments, boards, agencies, divisions, and commissions of the state are authorized and empowered to render any and all of such services to the Arkansas Development Finance Authority as may be within the area of their respective governmental functions as fixed…

Ark. Code Ann. § 15-5-209 Disposition and use of funds

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(a) All revenues received by the Arkansas Development Finance Authority, except revenues derived from appropriations, are:(1) Specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided in this subchapter and §§ 15-5-101 — 15-5-1…

Ark. Code Ann. § 15-5-210 Annual report

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(a) On or before January 31 of each year, the Arkansas Development Finance Authority shall make an annual report of its activities for the preceding fiscal year to the Secretary of the Department of Commerce and to the General Assembly. (b) The report shall contain an audit of th…

Ark. Code Ann. § 15-5-211 Dissolution of the authority

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(a) The Arkansas Development Finance Authority may be dissolved by act of the General Assembly on condition that the authority has no debts or obligations outstanding or provision has been made for the payment or retirement of such debts or obligations. (b) Upon any such dissolut…

Ark. Code Ann. § 15-5-212 Approval of Legislative Council for certain matters

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The Arkansas Development Finance Authority shall not employ or select any investment banker, consultant, professional financial advisor, or attorney unless the selection criteria to be used in the selection have been submitted to the Legislative Council for review.

Ark. Code Ann. § 15-5-213 Correction Facilities Construction Fund

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(a) There is established on the books of the Arkansas Development Finance Authority a special restricted fund to be known as the “Correction Facilities Construction Fund”. This fund shall be administered in accordance with the provisions of this section. (b) The fund shall receiv…

Ark. Code Ann. § 15-5-214 Criminal background check

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(a) The Arkansas Development Finance Authority may require a state and federal criminal background check, which shall conform to the applicable federal standards and shall include the taking of fingerprints of an:(1) Applicant of a program administered by the authority, including…

Ark. Code Ann. § 15-5-301 Power to issue bonds

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(a) The Arkansas Development Finance Authority is authorized and empowered to issue bonds, whether or not the interest on the bonds is subject to federal income taxation, either for a specific activity or for a particular project or on a pooled or consolidated basis for a series …

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…