Arkansas Code Title 15, Subtitle 1, Chapter 4, Subchapter 32 - Arkansas Amendment 82 Implementation Act

• § 15-4-3201 - Title.
  This subchapter shall be known and may be cited as the "Arkansas Amendment 82 Implementation Act".
• § 15-4-3202 - Definitions.
  As used in this subchapter: (1) "Amendment 82 agreement" means a contract between the state and a sponsor under which the state is to...
• § 15-4-3203 - Amendment 82 Project Qualification.
  (a) (1) (A) In exercising its responsibilities under Arkansas Constitution, Amendment 82, the General Assembly delegates, authorizes, and directs the Arkansas Economic Development Commission,...
• § 15-4-3204 - Amendment 82 Agreement.
  As soon as practicable after the General Assembly's approval of the issuance of bonds and before the Arkansas Development Finance Authority issues bonds, the...
• § 15-4-3205 - Penalties.
  The sponsor shall be subject to specific penalties set forth in the Amendment 82 agreement and enacted in related legislation under § 15-4-3203(j) if...
• § 15-4-3206 - Compliance Time Period -- Audit Requirements.
  (a) (1) The Amendment 82 agreement shall specify a time period in which the sponsor must comply with the terms and conditions specified in...
• § 15-4-3207 - Maximum Ceiling on Bond Principal.
  (a) In determining the maximum amount of Amendment 82 bonds that may be issued, the sum of the outstanding bonded indebtedness plus the principal...
• § 15-4-3208 - Amendment 82 Bonds.
  (a) After the General Assembly's approval in regular session, fiscal session, or special session and the execution of the Amendment 82 agreement, the Arkansas...
• § 15-4-3209 - Series of Bonds.
  (a) The bonds shall be issued, whether or not the interest on the bonds is subject to federal taxation, in series in amounts sufficient...
• § 15-4-3210 - Authorization of Bonds.
  (a) (1) Prior to the issuance of any series of bonds, the Arkansas Development Finance Authority shall adopt a resolution authorizing the issuance of...
• § 15-4-3211 - 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...
• § 15-4-3212 - Sale and Price of Bonds.
  (a) The bonds may be sold in the manner, either at public or private sale, and upon terms determined by the Arkansas Development Finance...
• § 15-4-3213 - Deposit of Bond Proceeds.
  (a) The proceeds from the sale of the bonds, together with any revenues derived by the Arkansas Development Finance Authority from a qualified Amendment...
• § 15-4-3214 - General Obligation 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...
• § 15-4-3215 - 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...
• § 15-4-3216 - Exemption From Taxes.
  (a) All bonds issued under Arkansas Constitution, Amendment 82, and this subchapter and interest on the bonds are exempt from all state and local...
• § 15-4-3217 - Refunding Bonds.
  (a) After bonds have been issued under Arkansas Constitution, Amendment 82, and this subchapter, the Arkansas Development Finance Authority may issue bonds for the...
• § 15-4-3218 - Contractual Obligations of State -- Enforcement.
  (a) This subchapter shall constitute a contract between the state and the registered owners of all bonds issued under Arkansas Constitution, Amendment 82, and...
• § 15-4-3219 - 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...
• § 15-4-3220 - Legal Actions Heard As Preferred Cause -- Appeals.
  Any case involving the validity of this subchapter or involving the bonds issued under Arkansas Constitution, Amendment 82, and this subchapter shall be deemed...
• § 15-4-3221 - Monitoring and Reporting.
  (a) The Arkansas Economic Development Commission shall require audits of all accounts related to construction, operation, or maintenance of any qualified Amendment 82 project...
• § 15-4-3222 - Release of Information.
  (a) (1) Except as otherwise required to be disclosed under this subchapter, all information of the type identified in § 25-19-105(b)(9)(A) and related to...
• § 15-4-3223 - Power and Duties of the Arkansas Economic Development Commission and the Arkansas Development Finance Authority.
  (a) In connection with their duties and powers under this subchapter, the Arkansas Economic Development Commission and the Arkansas Development Finance Authority, acting independently...
• § 15-4-3224 - Public Reporting Requirements.
  (a) The reports delivered to the General Assembly under § 15-4-3203(i)(2) and (3) shall be available to the general public under the same policies...

Last modified: November 15, 2016