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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. § 15-5-315 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…

Showing 501–550 of 1,615

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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”.

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…