Arkansas Code Title 15, Subtitle 1, Chapter 4, Subchapter 30 - Arkansas General Obligation Economic Development Superprojects Bond and Project Funding Act

• § 15-4-3001 - Title.
  This subchapter may be referred to and cited as the "Arkansas General Obligation Economic Development Superprojects Bond and Project Funding Act".
• § 15-4-3002 - Legislative Findings.
  The General Assembly finds that: (1) Independent studies have confirmed that the State of Arkansas and its people have not been able to participate...
• § 15-4-3003 - Definitions.
  As used in this subchapter: (1) "Authority" means the Arkansas Development Finance Authority and any successor agency or department; (2) "Bonds" means bonds issued...
• § 15-4-3004 - Authority to Issue Bonds.
  (a) (1) The Arkansas Development Finance Authority, exercising an essential public function as the State of Arkansas' bond-issuing authority, is authorized by this subchapter...
• § 15-4-3005 - State of Arkansas Economic Development General Obligation Bonds.
  (a) The Arkansas Development Finance Authority may issue bonds of the State of Arkansas, to be known as "State of Arkansas Economic Development General...
• § 15-4-3006 - Qualification As a Superproject.
  (a) (1) To qualify as a superproject, the investment and job creation requirements must be attained no later than the eighth year after the...
• § 15-4-3007 - Series of Bonds.
  (a) The bonds shall be issued in series in amounts sufficient to finance or refinance all or any part of a superproject's costs, with...
• § 15-4-3008 - Purpose of Bonds.
  (a) Bonds shall be issued for the purpose of financing superprojects.(b) The proceeds of the bonds shall be applied: (1) To the payment of...
• § 15-4-3009 - Authorization of Bonds.
  (a) (1) The bonds shall be authorized by resolution of the Arkansas Development Finance Authority. (2) Each resolution shall contain terms, covenants, and conditions...
• § 15-4-3010 - Form and Delivery of Bonds.
  (a) Each bond shall: (1) Be signed with the manual or facsimile signatures of the Governor, the Chair of the Board of Directors of...
• § 15-4-3011 - Sale and Price of Bonds.
  (a) The bonds may be sold in the manner, either at public or private sale, and upon terms as determined by the Arkansas Development...
• § 15-4-3012 - Deposit of Bond Proceeds.
  (a) The proceeds from the sale of the bonds, together with all revenues derived by the Arkansas Development Finance Authority from any superproject financed...
• § 15-4-3013 - Powers of the Arkansas Economic Development Commission.
  In addition to powers conferred under other laws, the Arkansas Economic Development Commission may take any action necessary to carry out the purposes of...
• § 15-4-3014 - General Obligations Bonds.
  (a) The bonds shall be direct general obligations of the state for the payment of debt service on which the full faith and credit...
• § 15-4-3015 - Annual Determination of Moneys Required for Bond Repayment.
  (a) (1) On or before commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for...
• § 15-4-3016 - Exemption From Taxes.
  (a) All bonds issued under this subchapter and interest on the bonds are exempt from all state and local taxes.(b) The bonds shall be...
• § 15-4-3017 - Refunding Bonds.
  (a) (1) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to this subchapter. (2) The...
• § 15-4-3018 - Contractual Obligations of State -- Enforcement.
  (a) This subchapter shall constitute a contract between the state and the registered owners of all bonds issued under this subchapter that shall never...
• § 15-4-3019 - No Rights Until First Series of Bonds Sold and Delivered -- Outstanding Bonds Unaffected.
  (a) This subchapter shall not create any right of any character, and no right of any character shall arise under it unless and until...
• § 15-4-3020 - Consent by Qualified Electors to Issue Bonds.
  (a) No bonds shall be issued under this subchapter except by and with the consent of a majority of the qualified electors of the...
• § 15-4-3021 - Vote on Issuance of Bonds by Qualified Electors.
  (a) If a majority of the qualified electors voting on the question vote for the issuance of the bonds, the Arkansas Development Finance Authority...
• § 15-4-3022 - Legal Actions Heard As Preferred Cause -- Appeals.
  Any case involving the validity of this subchapter or involving the bonds issued under this subchapter shall be deemed of public interest and shall...
• § 15-4-3023 - Construction.
  This subchapter shall: (1) Be liberally construed to accomplish its purposes; (2) Constitute the sole authority necessary to accomplish its purposes; and (3) (A)...

Last modified: November 15, 2016