Arkansas Code Title 15, Subtitle 1, Chapter 4, Subchapter 4 - Jobs Creation by Stimulating Small Business Growth Act of 1985

• § 15-4-401 - Title.
  This subchapter shall be known and may be cited as the "Jobs Creation by Stimulating Small Business Growth Act of 1985".
• § 15-4-402 - Legislative Findings and Purpose.
  The General Assembly finds that: (1) It would be in the best interest of the population of the State of Arkansas to promote the...
• § 15-4-403 - Definitions.
  As used in this subchapter: (1) "Council" means the Arkansas Economic Development Council; (2) "Division" means the Division of Minority Business Enterprise within the...
• § 15-4-404 - Promulgation of Rules and Regulations Generally.
  The Arkansas Economic Development Council shall promulgate rules, regulations, and procedures to be followed by the Division of Minority Business Enterprise of the Arkansas...
• § 15-4-405 - Companies Qualified for Loan Application and Sale -- Apportioning Available Funds.
  (a) Any small business investment company which qualifies and is licensed by the Small Business Administration as a small business investment company authorized to...
• § 15-4-406 - Authority to Issue Revenue Bonds -- Loan Funds.
  To stimulate the flow of private funds for capital improvements to small business concerns, the Arkansas Economic Development Council is authorized to: (1) Issue...
• § 15-4-407 - Limits on Bond Issuance and Loan Purchases.
  (a) The Arkansas Economic Development Council is authorized and empowered to issue revenue bonds in such amounts as may be determined by the council.(b)...
• § 15-4-408 - Prerequisites to Issuance.
  Before the Arkansas Economic Development Council shall issue its revenue bonds, the commission, acting through the Division of Minority Business Enterprise of the Arkansas...
• § 15-4-409 - Authorizing Resolution and Trust Indenture.
  (a) Before revenue bonds shall be issued, the Arkansas Economic Development Council shall adopt an authorizing resolution and trust indenture which, together with this...
• § 15-4-410 - Issuance and Redemption Procedures.
  (a) The bonds to be issued by the Arkansas Economic Development Council shall be issued in accordance with the same procedures provided for the...
• § 15-4-411 - Security.
  (a) The principal of, interest on, and trustees' and paying agents' fees in connection with the revenue bonds issued by the Arkansas Economic Development...
• § 15-4-412 - Expenses.
  The Arkansas Economic Development Council may require the small business investment company borrowing money from the commission or selling small business concern investment loans...
• § 15-4-413 - Tax Exemption.
  Bonds issued under the provisions of this subchapter and the interest on those bonds shall be exempt from all state, county, and municipal taxes,...
• § 15-4-414 - No Personal Liability.
  Neither the members of the Arkansas Economic Development Council nor officials or employees of the Arkansas Economic Development Commission or the Division of Minority...
• § 15-4-415 - Authority to Use Bond Proceeds.
  The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to...
• § 15-4-416 - Deposit and Use of Revenues.
  (a) All revenues received by the Division of Minority Business Enterprise of the Arkansas Economic Development Commission in behalf of the Arkansas Economic Development...

Last modified: November 15, 2016