(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 to issue bonds to fund superprojects.
(2) The authority shall be responsible for developing the bond financing portion of the plan required by ยง 15-4-3005.
(b) (1) As the lead economic development agency for the State of Arkansas, the Arkansas Economic Development Commission is authorized to utilize the superproject funding in attracting superprojects to Arkansas.
(2) The commission shall:
(A) Utilize economic impact and cost-benefit analysis to evaluate proposed superprojects;
(B) Be responsible for developing the portion of the plan concerning the selection and funding of the superprojects; and
(C) Be responsible for monitoring and reporting to the authority, the Governor, and the Legislative Council on the ongoing economic impact of the project and the sponsor's progress in meeting the requirement for their economic development investment.
Section: Previous 15-4-3002 15-4-3003 15-4-3004 15-4-3005 15-4-3006 15-4-3007 15-4-3008 15-4-3009 15-4-3010 15-4-3011 15-4-3012 15-4-3013 15-4-3014 15-4-3015 NextLast modified: November 15, 2016